Barclays Cuts Carrier Global (NYSE:CARR) Price Target to $90.00

Carrier Global (NYSE:CARR) had its price target decreased by Barclays from $92.00 to $90.00 in a research report released on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the stock.

CARR has been the subject of several other research reports. Robert W. Baird reduced their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. initiated coverage on Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price for the company. Royal Bank of Canada dropped their price objective on Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Oppenheimer boosted their target price on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Finally, Stephens lowered their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Carrier Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.21.

Carrier Global Price Performance

CARR opened at $66.56 on Wednesday. The company has a market capitalization of $59.72 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 2.73 and a beta of 1.36. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. Carrier Global has a 12-month low of $53.13 and a 12-month high of $83.32. The business’s fifty day simple moving average is $72.55 and its 200-day simple moving average is $71.98.

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

Carrier Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.35%. The ex-dividend date is Friday, December 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s payout ratio is presently 22.78%.

Institutional Investors Weigh In On Carrier Global

Several hedge funds have recently bought and sold shares of the stock. FSA Wealth Management LLC purchased a new stake in Carrier Global during the third quarter worth $28,000. Meeder Asset Management Inc. raised its position in shares of Carrier Global by 675.0% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after acquiring an additional 405 shares during the period. McClarren Financial Advisors Inc. boosted its stake in shares of Carrier Global by 246.0% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after acquiring an additional 310 shares in the last quarter. Coastline Trust Co acquired a new stake in shares of Carrier Global during the 3rd quarter valued at about $37,000. Finally, Country Trust Bank purchased a new position in Carrier Global during the third quarter worth approximately $40,000. Hedge funds and other institutional investors own 91.00% of the company’s stock.

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.