Wells Fargo & Company Issues Pessimistic Forecast for Carrier Global (NYSE:CARR) Stock Price

Carrier Global (NYSE:CARR) had its price objective reduced by investment analysts at Wells Fargo & Company from $80.00 to $75.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 9.75% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. Robert W. Baird cut their price target on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Stephens cut their target price on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. UBS Group upgraded Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price for the company in a research report on Wednesday, November 13th. Mizuho upped their price target on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Bank of America lifted their price objective on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued 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 $83.21.

Carrier Global Trading Up 0.2 %

CARR opened at $68.34 on Tuesday. Carrier Global has a fifty-two week low of $53.13 and a fifty-two week high of $83.32. The company has a market cap of $61.32 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 2.73 and a beta of 1.36. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The firm has a 50 day simple moving average of $72.76 and a 200 day simple moving average of $71.99.

Carrier Global announced that its board has initiated 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 purchase 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.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CARR. FSA Wealth Management LLC bought a new position in shares of Carrier Global in the 3rd quarter valued at about $28,000. Meeder Asset Management Inc. grew its stake in Carrier Global by 675.0% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after purchasing an additional 405 shares in the last quarter. McClarren Financial Advisors Inc. increased its position 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 purchasing an additional 310 shares during the last quarter. Coastline Trust Co bought a new stake in shares of Carrier Global during the 3rd quarter worth approximately $37,000. Finally, Country Trust Bank acquired a new stake in shares of Carrier Global in the 3rd quarter valued at approximately $40,000. 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.