Carrier Global (NYSE:CARR) Stock Rating Lowered by Stephens

Carrier Global (NYSE:CARR) was downgraded by equities researchers at Stephens from an “overweight” rating to an “equal weight” rating in a report issued on Wednesday, Marketbeat reports. They currently have a $85.00 price objective on the stock, up from their previous price objective of $75.00. Stephens’ price target points to a potential upside of 4.37% from the stock’s previous close.

A number of other research analysts also recently weighed in on CARR. Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and raised their price objective for the company from $65.00 to $74.00 in a research note on Monday, June 24th. Royal Bank of Canada upped their price objective on shares of Carrier Global from $72.00 to $79.00 and gave the stock an “outperform” rating in a report on Thursday, September 5th. Robert W. Baird dropped their target price on shares of Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Baird R W raised shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 15th. Finally, Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and an average target price of $79.83.

Carrier Global Price Performance

Shares of CARR opened at $81.44 on Wednesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08. The firm has a market cap of $73.38 billion, a PE ratio of 56.95, a PEG ratio of 2.94 and a beta of 1.32. The firm’s 50 day moving average price is $74.97 and its 200 day moving average price is $66.98. Carrier Global has a twelve month low of $45.68 and a twelve month high of $83.32.

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, beating analysts’ consensus estimates of $0.85 by $0.02. The business had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $7.05 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. Carrier Global’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 EPS. As a group, research analysts expect that Carrier Global will post 2.85 EPS for the current fiscal year.

Insider Transactions at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the completion of the transaction, the vice president now directly owns 103,066 shares of the company’s stock, valued at $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 6.95% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Olistico Wealth LLC acquired a new position in shares of Carrier Global in the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. raised its stake in Carrier Global by 675.0% during the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after acquiring an additional 405 shares in the last quarter. EdgeRock Capital LLC acquired a new stake in shares of Carrier Global in the 2nd quarter valued at $32,000. Register Financial Advisors LLC acquired a new stake in shares of Carrier Global in the 1st quarter valued at $34,000. Finally, Rise Advisors LLC grew its holdings in shares of Carrier Global by 3,668.8% in the 1st quarter. Rise Advisors LLC now owns 603 shares of the company’s stock worth $35,000 after purchasing an additional 587 shares during the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

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.