Shares of Otis Worldwide Corporation (NYSE:OTIS) traded today at $84.65, eclipsing its 52-week high. So far today approximately 614,000 shares have been exchanged, as compared to an average 30-day volume of 2 million shares.
Otis Worldwide Corporation (NYSE:OTIS) defies analysts with a current price ($84.55) 16.1% above its average consensus price target of $70.93.
In the past 52 weeks, Otis Worldwide Corporation share prices are bracketed by a low of $56.03 and a high of $84.65 and is now at $84.55, 51% above that low price.
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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