Carrier Global (NYSE:CARR) Board Authorizes Stock Repurchase Plan

Carrier Global (NYSE:CARR) declared that its board has approved a share repurchase program on Thursday, October 24th, RTT News reports. The company plans to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Bank of America lifted their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Stephens cut shares of Carrier Global from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $75.00 to $85.00 in a research report on Wednesday, October 16th. Royal Bank of Canada lowered their price objective on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research report on Friday. JPMorgan Chase & Co. initiated coverage on shares of Carrier Global in a research report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective for the company. Finally, Morgan Stanley initiated coverage on shares of Carrier Global in a research report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Carrier Global presently has an average rating of “Moderate Buy” and an average target price of $81.75.

Carrier Global Price Performance

Shares of CARR opened at $73.72 on Friday. The company has a 50 day moving average price of $76.33 and a 200-day moving average price of $67.76. Carrier Global has a fifty-two week low of $45.68 and a fifty-two week high of $83.32. The stock has a market capitalization of $66.42 billion, a PE ratio of 51.22, a PEG ratio of 2.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.77 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.04). The firm had revenue of $5.98 billion for the quarter, compared to the consensus estimate of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. Equities analysts predict that Carrier Global will post 2.85 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.03%. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Insider Buying and Selling

In related news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the transaction, the vice president now owns 103,066 shares in the company, valued at $6,652,910.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 6.95% of the stock is currently owned by company insiders.

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.