Otis Worldwide (NYSE:OTIS) Updates FY 2023 Earnings Guidance

Posted by Lauren Steadman on Feb 1st, 2023

Otis Worldwide (NYSE:OTIS – Get Rating) updated its FY 2023 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.35-$3.50 for the period, compared to the consensus earnings per share estimate of $3.44. The company issued revenue guidance of $13.80 billion-$14.10 billion, compared to the consensus revenue estimate of $13.88 billion. Otis Worldwide also updated its FY23 guidance to $3.35-3.50 EPS.

Analyst Ratings Changes

Several brokerages have commented on OTIS. Wells Fargo & Company raised their price target on shares of Otis Worldwide from $71.00 to $76.00 and gave the company an underweight rating in a research report on Thursday, January 19th. Barclays lowered shares of Otis Worldwide from an overweight rating to an equal weight rating and set a $80.00 price objective on the stock. in a report on Thursday, December 1st. Argus lowered shares of Otis Worldwide from a buy rating to a hold rating in a report on Monday, November 7th. Credit Suisse Group raised their price objective on shares of Otis Worldwide from $73.00 to $76.00 and gave the company a neutral rating in a report on Thursday, October 27th. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, January 6th. They issued an equal weight rating and a $84.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $78.80.

Otis Worldwide Price Performance

OTIS traded up $1.17 during midday trading on Wednesday, reaching $83.40. 1,452,748 shares of the company’s stock were exchanged, compared to its average volume of 1,719,321. The stock has a market capitalization of $34.74 billion, a PE ratio of 28.62 and a beta of 0.96. The business’s 50-day moving average price is $79.83 and its 200 day moving average price is $75.02. Otis Worldwide has a 1-year low of $62.49 and a 1-year high of $85.11.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OTIS. Vanguard Group Inc. grew its stake in Otis Worldwide by 2.2% in the first quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock worth $3,010,837,000 after purchasing an additional 829,784 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after buying an additional 1,484,963 shares during the period. Lazard Asset Management LLC boosted its position in shares of Otis Worldwide by 33.8% during the first quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock worth $299,840,000 after buying an additional 984,793 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Otis Worldwide by 66.9% during the first quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock worth $265,764,000 after buying an additional 1,384,353 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Otis Worldwide by 2.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,040,045 shares of the company’s stock worth $156,982,000 after buying an additional 52,261 shares during the period. 83.95% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Company Profile

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Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.