Otis Worldwide Corporation (NYSE:OTIS) traded today at a new 52-week high of $88.43. So far today approximately 367,000 shares have been exchanged, 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.
Otis Worldwide Corporation (NYSE:OTIS) is currently priced 14.7% above its average consensus analyst price target of $75.30.
Otis Worldwide Corporation share prices have moved between a 52-week high of $88.43 and a 52-week low of $57.60 and are now trading 53% above that low price at $88.24 per share.
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