Carrier Global Co. (NYSE:CARR) Receives Average Recommendation of “Moderate Buy” from Brokerages

Carrier Global Co. (NYSE:CARR) has been assigned an average rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, Marketbeat reports. Seven research 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 company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $80.67.

A number of equities research analysts have recently weighed in on the company. Bank of America boosted their target price on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Robert W. Baird decreased their price objective on Carrier Global from $75.00 to $74.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. initiated coverage on Carrier Global in a research note on Thursday, October 10th. They issued a “neutral” rating and a $83.00 target price for the company. Finally, Barclays boosted their price target on Carrier Global from $81.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd.

Insider Transactions at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the transaction, the vice president now directly owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

Several institutional investors and hedge funds have recently made changes to their positions in the company. Olistico Wealth LLC purchased a new position in shares of Carrier Global during the 2nd quarter worth $25,000. Meeder Asset Management Inc. grew its holdings in Carrier Global by 675.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after purchasing an additional 405 shares during the last quarter. EdgeRock Capital LLC bought a new position in Carrier Global in the 2nd quarter worth about $32,000. Register Financial Advisors LLC purchased a new stake in shares of Carrier Global in the 1st quarter worth approximately $34,000. Finally, Hantz Financial Services Inc. purchased a new stake in shares of Carrier Global in the 2nd quarter worth approximately $35,000. Institutional investors own 91.00% of the company’s stock.

Carrier Global Price Performance

Shares of NYSE:CARR opened at $72.89 on Friday. Carrier Global has a 1-year low of $45.68 and a 1-year high of $83.32. The firm has a market capitalization of $65.67 billion, a PE ratio of 50.97, a PEG ratio of 2.94 and a beta of 1.32. The business’s 50 day moving average is $76.24 and its 200-day moving average is $67.73. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80.

Carrier Global (NYSE:CARR) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The firm had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter in the previous year, the company posted $0.79 EPS. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. Sell-side analysts predict that Carrier Global will post 2.85 earnings per share for the current year.

Carrier Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s dividend payout ratio is presently 53.15%.

Carrier Global declared that its board has approved a stock repurchase plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 4.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Carrier Global Company Profile

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.