Carrier Global (NYSE:CARR) Price Target Lowered to $76.00 at Wells Fargo & Company

Carrier Global (NYSE:CARR) had its price target reduced by Wells Fargo & Company from $82.00 to $76.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms also recently commented on CARR. Barclays boosted their price target on shares of Carrier Global from $81.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Morgan Stanley assumed coverage on Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 target price on the stock. Royal Bank of Canada raised their price objective on Carrier Global from $72.00 to $79.00 and gave the stock an “outperform” rating in a report on Thursday, September 5th. Robert W. Baird decreased their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Mizuho increased their price objective on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.75.

Carrier Global Stock Performance

CARR opened at $73.72 on Friday. Carrier Global has a twelve month low of $45.68 and a twelve month high of $83.32. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $66.42 billion, a PE ratio of 51.55, a PEG ratio of 2.94 and a beta of 1.32. The firm’s 50-day moving average price is $76.46 and its 200 day moving average price is $67.87.

Carrier Global (NYSE:CARR) last posted its earnings results on Thursday, October 24th. The company reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.04). Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The business had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $6.61 billion. As a group, sell-side analysts expect that Carrier Global will post 2.85 EPS for the current fiscal year.

Carrier Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be issued a $0.19 dividend. The ex-dividend date is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. Carrier Global’s payout ratio is 53.15%.

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

Insider Buying and Selling

In other news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CARR. Vanguard Group Inc. increased its holdings in Carrier Global by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock valued at $5,481,077,000 after purchasing an additional 466,829 shares in the last quarter. Capital International Investors grew its stake in shares of Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock valued at $4,931,001,000 after buying an additional 3,763,666 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Carrier Global by 280.1% during the 1st quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock valued at $1,342,727,000 after buying an additional 17,021,768 shares during the period. PineStone Asset Management Inc. lifted its position in Carrier Global by 139.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after acquiring an additional 3,741,206 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Carrier Global by 1.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock worth $280,010,000 after acquiring an additional 72,633 shares during the period. Hedge funds and other institutional investors 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.