Otis Worldwide Corporation (NYSE:OTIS) traded at a new 52-week high today of $85.87. This new high was reached on below average trading volume as 392,000 shares traded hands, while the average 30-day volume is approximately 1.9 million shares.
In the past 52 weeks, shares of Otis Worldwide Corporation have traded between a low of $57.60 and a high of $85.87 and is now at $85.59, which is 49% above that low price.
Otis Worldwide Corporation (NYSE:OTIS) is currently priced 14.5% above its average consensus analyst price target of $73.22.
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.
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