Royal Bank of Canada Lowers Carrier Global (NYSE:CARR) Price Target to $86.00

Carrier Global (NYSE:CARR) had its price objective trimmed by Royal Bank of Canada from $87.00 to $86.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms have also recently commented on CARR. Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Bank of America increased their target price on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company lowered their price target on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Barclays increased their price objective on Carrier Global from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Finally, Northcoast Research began coverage on shares of Carrier Global in a research note on Friday, November 22nd. They set a “neutral” rating on the stock. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Carrier Global presently has an average rating of “Moderate Buy” and a consensus price target of $83.43.

Carrier Global Price Performance

Shares of NYSE CARR opened at $69.26 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The firm has a fifty day moving average of $73.22 and a 200 day moving average of $71.83. The firm has a market cap of $62.14 billion, a PE ratio of 17.53, a PEG ratio of 2.73 and a beta of 1.33. Carrier Global has a one year low of $53.13 and a one year high of $83.32.

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

Carrier Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, December 20th will be given a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.30%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s dividend payout ratio is presently 22.78%.

Hedge Funds Weigh In On Carrier Global

Large investors have recently modified their holdings of the business. FSM Wealth Advisors LLC raised its holdings in Carrier Global by 2.2% in the 3rd quarter. FSM Wealth Advisors LLC now owns 6,373 shares of the company’s stock valued at $513,000 after buying an additional 136 shares during the period. Meridian Wealth Management LLC boosted its stake in Carrier Global by 2.3% during the third quarter. Meridian Wealth Management LLC now owns 6,030 shares of the company’s stock worth $485,000 after buying an additional 137 shares during the period. Essex Savings Bank increased its position in shares of Carrier Global by 2.2% during the third quarter. Essex Savings Bank now owns 6,608 shares of the company’s stock valued at $532,000 after acquiring an additional 144 shares during the last quarter. Boston Financial Mangement LLC raised its stake in shares of Carrier Global by 1.7% in the 3rd quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company’s stock valued at $741,000 after acquiring an additional 150 shares during the period. Finally, Sittner & Nelson LLC lifted its holdings in shares of Carrier Global by 4.9% in the 3rd quarter. Sittner & Nelson LLC now owns 3,187 shares of the company’s stock worth $257,000 after acquiring an additional 150 shares during the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

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.