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Based in Farmington, Connecticut, Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators. 2.6% gain over the same time frame.
In the longer term, OTIS stock is up marginally on a YTD basis but lagged behind XLI’s 9.8% gains. Shares of OTIS have gained 8.9% over the past 52 weeks, underperforming XLI’s 18.5% returns over the same time frame.
OTIS has recently been trading below its 50-day moving average, representing a bearish trend.
On Jul. 24, shares of OTIS fell 7.1% after its Q2 earnings release. The company reported revenues of $3.6 billion, missing the Wall Street estimates by 2.9%. However, the company reported adjusted EPS of $1.06, surpassing Street’s $1.03 per share estimates. Moreover, it expects full-year earnings from $3.85 to $3.90 per share, with revenue from $14.3 billion to $14.5 billion.
OTIS' underperformance becomes more evident compared to its rival, Carrier Global Corporation’s 23.2% gain on a YTD basis and 20% returns over the past 52 weeks.
Despite OTIS’ underperformance relative to the broader sector, analysts remain moderately optimistic about its prospects. The stock has a consensus rating of “Moderate Buy” from the 11 analysts in coverage, and the mean price target of $98.78 suggests a premium of 9.3% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
In Otis' Made to Move Communities™ global competition, students will apply Artificial Intelligence to enable more inclusive and sustainable mobility solutions.
FARMINGTON, CT / ACCESSWIRE / September 10, 2024 / Artificial Intelligence is revolutionizing the speed, accuracy and scale at which complex challenges are addressed. Over the next several months, more than 250 students from dozens of schools representing more than 15 countries and territories around the world will participate in the Made to Move Communities challenge to propose innovative ways AI can improve urban mobility. They'll be guided by volunteer mentors from Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company.
"We believe that the next generation of innovation will use AI to make moving in and around cities easier and more efficient for all," said Randi Tanguay, Otis Senior Vice President & Chief Communications Officer. "Today's students are growing up as AI technology matures. They are actively engaged and quickly developing the skills to effectively use and apply it. With their innate curiosity and imagination, combined with the guidance of expert Otis volunteer mentors, I can't wait to see the solutions these students come up with."
Why AI According to the World Bank, more than 56% of the world population currently lives in cities, and that number is expected to grow to nearly 70% by 2050. The current pace of rapid urbanization and global population growth has the potential to strain urban infrastructure, resulting in increased congestion, pollution, and inadequate public transit. These challenges can be even more acute in underserved neighborhoods and for people with special needs.
"AI is already reshaping transportation. It's enabling self-driving cars, optimizing traffic flows, and even helping drones deliver packages and medicines to those in need," said Ezhil Nanjappan, Otis Senior Vice President and Chief Technology Officer. "As we stand on the brink of the AI revolution, I'm excited to bring this transformational technology to the Made to Move Communities program - to brainstorm solutions to the mobility issues of today and tomorrow, while inspiring young minds and helping to close the STEM skills gap."
For the first time - a global winner
Since 2020, Otis' annual Made to Move Communities global student competition has engaged over 750 students and hundreds of Otis colleagues with the goal of addressing urban mobility challenges while sparking a lifelong interest in STEM. Participating schools have received nearly $1 million (USD) in grants from Otis to further STEM learning and programs in their schools.
Until now, students used to compete regionally, with a winning team selected in each of the four Otis regions. This year, for the first time, the four regional winning teams will compete in a final round to determine a global team champion. Student teams will need to share how their solutions to local challenges can be scaled globally, and the global team champion will receive an additional grant for their school.
Watch this video to learn more about Made to Move Communities and this year's challenge: https://youtu.be/c1FwYeGhLp4 Visit otis.com/mtmc to learn more and follow Otis for updates from participating student teams.
About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.3 billion people a day and maintain approximately 2.3 million customer units worldwide - the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 71,000 people strong, including 42,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo.
Contact Info: Spokesperson: Otis Worldwide Corporation Website: https://www.3blmedia.com/profiles/otis-worldwide-corporation Email: info@3blmedia.com
SOURCE: Otis Worldwide Corporation
View the original press release on accesswire.comTaking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
While good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum Score
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM Score
If you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Otis Worldwide (OTIS)
Incorporated on Mar 1, 2019, Otis Worldwide Corporation is one of the leading elevator and escalator manufacturing, installation and service companies. Otis has expanded business in more than 200 countries and territories across the world. Also, it has global scale and local focus with more than 1,400 branches and offices, and a direct physical presence in approximately 80 countries.
OTIS is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. OTIS has a Growth Style Score of B, forecasting year-over-year earnings growth of 9.6% for the current fiscal year.
For fiscal 2024, one analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0 to $3.88 per share. OTIS boasts an average earnings surprise of 3.9%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, OTIS should be on investors' short list.
Zacks Investment Research
The Taiwan subsidiary of Otis Worldwide Corporation OTIS has acquired Jardine Schindler Lifts Limited (Taiwan) from the Jardine Schindler Group.
This buyout will strengthen the company’s position in the Taiwan market with the expanded customer reach and operational capacity of Jardine Schindler Lifts. Otis is optimistic about introducing its products and service offerings, including the recently launched Otis ONE platform and the connected Gen3 elevators, to the new customer base.
This strategic transaction, a milestone for Otis, will enable it to better serve the region and its customers.
Other Growth Initiatives of OTIS
Apart from inorganic growth strategies, Otis also focuses on organic ways of fostering its growth. The primary organic growth strategy is innovation. The company seems to be invested in seeking innovation opportunities and capitalizing on them for its upcoming prospects.
Otis invested $144 million in R&D in 2023. Furthermore, during the first six months of 2024, it invested $75 million in R&D, up 5.6% year over year. The year-over-year increase in R&D investments showcases the company’s intent focus on amalgamating recent technologies into its products to stay well-positioned in the market.
As of 2023-end, it had 11 R&D centers and 17 factories across the world, primarily in China, India, Japan, France, Germany, Spain and the United States. These centers are strategically placed to enable the efficient development of engineering solutions. Also, the company’s approximately 1,200 global engineers focus intently on digital initiatives, software, design user interfaces and experience.
Shares of this leading manufacturer of elevators, escalators and moving walkways have gained 2.5% in the year-to-date period compared with the Zacks Building Products - Miscellaneous industry’s 9.2% growth. Although the company’s shares have underperformed the industry, it intends to continue innovating and expanding the digital ecosystem and undergo inorganic initiatives to foster its prospects in the upcoming period.
OTIS’ Zacks Rank & Key Picks
Otis Worldwide currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
Comfort Systems USA, Inc. FIX currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FIX delivered a trailing four-quarter earnings surprise of 20.6%, on average. The stock has risen 64.4% in the past year. The Zacks Consensus Estimate for FIX’s 2024 sales and earnings per share (EPS) indicates growth of 29.4% and 57.8%, respectively, from the prior-year levels.
Sterling Infrastructure, Inc. STRL currently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 17.4%, on average. Shares of STRL gained 42% in the past year.
The consensus estimate for STRL’s 2024 sales and EPS implies an increase of 9.7% and 26.6%, respectively, from the prior-year levels.
Frontdoor, Inc. FTDR presently sports a Zacks Rank of 1. FTDR delivered a trailing four-quarter earnings surprise of 279%, on average. The stock has gained 47.7% in the past year.
The Zacks Consensus Estimate for FTDR’s 2024 sales and EPS indicates an increase of 3% and 18.7%, respectively, from a year ago.
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