Carrier Global (NYSE:CARR) Coverage Initiated at JPMorgan Chase & Co.

Stock analysts at JPMorgan Chase & Co. started coverage on shares of Carrier Global (NYSE:CARR) in a research report issued on Thursday, MarketBeat reports. The brokerage set a “neutral” rating and a $83.00 price target on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 1.70% from the stock’s previous close.

A number of other brokerages also recently issued reports on CARR. Royal Bank of Canada upped their price objective on Carrier Global from $72.00 to $79.00 and gave the company an “outperform” rating in a research note on Thursday, September 5th. Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Wells Fargo & Company boosted their target price on shares of Carrier Global from $73.00 to $82.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley began coverage on shares of Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 target price for the company. Finally, Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.36.

Carrier Global Price Performance

CARR opened at $81.61 on Thursday. The firm’s fifty day moving average price is $73.54 and its two-hundred day moving average price is $66.32. The company has a market capitalization of $73.67 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 2.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. Carrier Global has a 1 year low of $45.68 and a 1 year high of $82.16.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $6.70 billion for the quarter, compared to analysts’ expectations of $7.05 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.79 earnings per share. As a group, analysts anticipate that Carrier Global will post 2.85 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $64.55, for a total value of $4,026,758.10. Following the sale, the vice president now directly owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.95% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Carrier Global by 280.1% during the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after buying an additional 17,021,768 shares in the last quarter. Capital International Investors grew its holdings in shares of Carrier Global by 4.6% during the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after purchasing an additional 3,763,666 shares in the last quarter. PineStone Asset Management Inc. increased its position in shares of Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after purchasing an additional 3,741,206 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Carrier Global in the second quarter valued at approximately $58,415,000. Finally, Los Angeles Capital Management LLC lifted its position in Carrier Global by 62.3% during the first quarter. Los Angeles Capital Management LLC now owns 1,586,408 shares of the company’s stock valued at $92,218,000 after purchasing an additional 609,071 shares during the last quarter. 91.00% of the stock is currently owned by hedge funds and other 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.