Carrier Global (NYSE:CARR) Shares Gap Down Following Weak Earnings

Carrier Global Co. (NYSE:CARR) shares gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $79.95, but opened at $75.70. Carrier Global shares last traded at $74.01, with a volume of 1,895,592 shares traded.

The company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.04). The firm had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $6.61 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%.

Carrier Global Announces Dividend

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

Carrier Global announced that its board has authorized a stock repurchase program on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CARR. Morgan Stanley initiated coverage on shares of Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target on the stock. Oppenheimer lifted their price target on shares of Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada dropped their price objective on Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a research note on Friday. Bank of America lifted their target price on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. began coverage on Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.75.

Insider Activity

In related news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction on 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 in the company, valued at $6,652,910.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.95% of the company’s stock.

Institutional Trading of Carrier Global

Several large investors have recently bought and sold shares of the stock. Hudson Valley Investment Advisors Inc. ADV purchased a new position in shares of Carrier Global in the third quarter worth $201,000. Pinnacle Associates Ltd. increased its position in shares of Carrier Global by 3.9% in the 3rd quarter. Pinnacle Associates Ltd. now owns 40,653 shares of the company’s stock valued at $3,272,000 after acquiring an additional 1,534 shares during the period. First Trust Direct Indexing L.P. raised its stake in Carrier Global by 7.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 27,376 shares of the company’s stock worth $2,204,000 after acquiring an additional 1,893 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in Carrier Global by 18.8% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 8,339 shares of the company’s stock worth $671,000 after acquiring an additional 1,320 shares during the period. Finally, Adams Diversified Equity Fund Inc. purchased a new stake in Carrier Global during the 3rd quarter valued at about $14,046,000. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Trading Up 1.4 %

The firm has a market cap of $66.42 billion, a PE ratio of 51.55, 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 quick ratio of 0.80 and a current ratio of 1.08. The company has a 50 day simple moving average of $76.46 and a two-hundred day simple moving average of $67.87.

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.