Carrier Global (NYSE:CARR) Upgraded to Buy at Citigroup

Citigroup upgraded shares of Carrier Global (NYSE:CARR) from a neutral rating to a buy rating in a research note published on Monday morning, Marketbeat reports. The brokerage currently has $74.00 target price on the stock, up from their previous target price of $65.00.

Several other brokerages have also issued reports on CARR. TD Cowen raised their target price on shares of Carrier Global from $66.00 to $70.00 and gave the company a buy rating in a research note on Monday, April 29th. Barclays raised their target price on shares of Carrier Global from $79.00 to $81.00 and gave the company an overweight rating in a research note on Friday, June 14th. Robert W. Baird lifted their price objective on shares of Carrier Global from $60.00 to $64.00 and gave the stock a neutral rating in a research note on Friday, May 3rd. Wells Fargo & Company lifted their price objective on shares of Carrier Global from $59.00 to $66.00 and gave the stock an equal weight rating in a research note on Friday, April 26th. Finally, Oppenheimer lifted their price objective on shares of Carrier Global from $63.00 to $64.00 and gave the stock an outperform rating in a research note on Friday, April 26th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $63.64.

Carrier Global Stock Up 2.8 %

Shares of NYSE:CARR opened at $64.65 on Monday. The firm has a market cap of $58.25 billion, a P/E ratio of 45.21, a P/E/G ratio of 2.59 and a beta of 1.33. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.31. Carrier Global has a 12 month low of $45.68 and a 12 month high of $66.50. The company’s 50-day moving average price is $62.43 and its two-hundred day moving average price is $58.52.

Carrier Global (NYSE:CARR) last issued its earnings results on Thursday, April 25th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.12. The company had revenue of $6.18 billion for the quarter, compared to analyst estimates of $6.27 billion. Carrier Global had a net margin of 5.41% and a return on equity of 26.01%. As a group, research analysts forecast that Carrier Global will post 2.85 EPS for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 21st will be issued a $0.19 dividend. The ex-dividend date of this dividend is Friday, June 21st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.18%. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Insider Activity

In other news, insider Jurgen Timperman sold 159,915 shares of Carrier Global stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $61.95, for a total value of $9,906,734.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Jurgen Timperman sold 159,915 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $61.95, for a total transaction of $9,906,734.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Nadia Villeneuve sold 98,428 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $65.40, for a total transaction of $6,437,191.20. Following the transaction, the vice president now owns 85,028 shares in the company, valued at $5,560,831.20. The disclosure for this sale can be found here. Insiders have sold 262,954 shares of company stock worth $16,650,050 over the last ninety days. Insiders own 6.95% of the company’s stock.

Hedge Funds Weigh In On Carrier Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Manchester Capital Management LLC boosted its position in Carrier Global by 4.3% during the first quarter. Manchester Capital Management LLC now owns 4,385 shares of the company’s stock worth $255,000 after purchasing an additional 180 shares during the period. Beese Fulmer Investment Management Inc. boosted its position in Carrier Global by 0.9% during the fourth quarter. Beese Fulmer Investment Management Inc. now owns 19,474 shares of the company’s stock worth $1,119,000 after purchasing an additional 181 shares during the period. Sunbelt Securities Inc. boosted its position in Carrier Global by 2.3% during the first quarter. Sunbelt Securities Inc. now owns 8,033 shares of the company’s stock worth $467,000 after purchasing an additional 182 shares during the period. Graypoint LLC boosted its position in Carrier Global by 1.9% during the fourth quarter. Graypoint LLC now owns 9,752 shares of the company’s stock worth $560,000 after purchasing an additional 184 shares during the period. Finally, Sovereign Financial Group Inc. boosted its position in shares of Carrier Global by 4.7% in the fourth quarter. Sovereign Financial Group Inc. now owns 4,224 shares of the company’s stock valued at $243,000 after acquiring an additional 188 shares during the period. 91.00% of the stock is owned by institutional investors.

About Carrier Global

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.