Carrier Global (NYSE:CARR) Given New $80.00 Price Target at Stephens

Carrier Global (NYSE:CARR) had its price target reduced by Stephens from $85.00 to $80.00 in a research report report published on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other analysts have also weighed in on the company. Oppenheimer raised their target price on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Morgan Stanley initiated coverage on Carrier Global in a report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on Carrier Global in a research report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective on the stock. Baird R W upgraded Carrier Global from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 15th. Finally, Wells Fargo & Company decreased their price target on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Seven equities 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.33.

Carrier Global Trading Down 1.2 %

CARR stock opened at $72.72 on Monday. The business has a fifty day moving average price of $76.86 and a 200 day moving average price of $68.35. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. Carrier Global has a fifty-two week low of $47.12 and a fifty-two week high of $83.32. The stock has a market capitalization of $65.65 billion, a price-to-earnings ratio of 50.85, a P/E/G ratio of 2.94 and a beta of 1.32.

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. This represents a $0.76 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s payout ratio is 53.15%.

Carrier Global announced that its Board of Directors has approved a stock buyback plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Carrier Global

Institutional investors and hedge funds have recently modified their holdings of the business. Brookstone Capital Management increased its position in shares of Carrier Global by 14.4% during the first quarter. Brookstone Capital Management now owns 5,683 shares of the company’s stock worth $330,000 after acquiring an additional 715 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in shares of Carrier Global by 18.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 6,847 shares of the company’s stock valued at $398,000 after purchasing an additional 1,088 shares in the last quarter. Cullinan Associates Inc. boosted its position in shares of Carrier Global by 126.1% during the first quarter. Cullinan Associates Inc. now owns 9,498 shares of the company’s stock worth $552,000 after buying an additional 5,298 shares during the period. Farmers & Merchants Investments Inc. grew its holdings in shares of Carrier Global by 1.4% during the first quarter. Farmers & Merchants Investments Inc. now owns 74,762 shares of the company’s stock worth $4,346,000 after buying an additional 997 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV acquired a new stake in Carrier Global in the 1st quarter valued at approximately $1,665,000. 91.00% of the stock is currently owned by institutional investors and hedge funds.

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.