Shares of Otis Worldwide Corporation (NYSE:OTIS) traded today at $87.23, eclipsing its 52-week high. Approximately 472,000 shares have changed hands today, as compared to an average 30-day volume of 1.9 million shares.
Otis is the largest global elevator and escalator supplier by revenue. In 1854 Otis’ founder and namesake, Elisha Graves Otis, invented a safety mechanism that prevented elevators from falling if the hoisting cable failed. As the largest global OEM, over decades Otis has built a base of 2 million elevators under service. Its business model is much the same as that of its competitors Kone, Schindler, and Thyssenkrupp. Otis operates a razor and blade model where it manufactures and installs elevators at a low profit to build an installed base that will provide high profits from service in the years thereafter.
Based on a current price of $86.88, Otis Worldwide Corporation is currently 13.8% above its average consensus analyst price target of $74.88.
Over the past year, Otis Worldwide Corporation has traded in a range of $57.60 to $87.23 and is now at $86.88, 51% above that low.
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