Otis Worldwide Corporation (OTIS) posted mixed results for Q2, resulting in a fluctuating stock performance, even though it slightly underperformed the market for some days. Various firms such as CreativeOne Wealth LLC, Acadian Asset Management LLC and Natixis have bought shares, though certain entities like Price T Rowe Associates Inc. and Clearbridge Investments LLC have sold theirs. Moreover, Wells Fargo and Company have lowered OTIS’s price target to $95.00.
Despite the mixed Q2 results, OTIS has managed to beat estimates, raising its adjusted EPS outlook. Furthermore, its Brazilian factory has been awarded the ISO 45001 certification. However, OTIS also lowered its 2024 sales forecast due to weak demand. Despite challenging market conditions and sales slowdown, Otis has successfully navigated and even announced a $0.39 quarterly dividend per share.
OTIS has pursued strategic initiatives such as SWOT insights and plans to offer equipment and services in Hanoi. Furthermore, it announced a CFO transition, a new compensation plan, and the appointment of new board directors.
Otis Worldwide Corporation OTIS News Analytics from Tue, 24 Oct 2023 07:00:00 GMT to Sun, 28 Jul 2024 23:54:01 GMT - Rating 7 - Innovation 6 - Information 8 - Rumor 4
