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

Carrier Global (NYSE:CARR) had its price target decreased by Citigroup from $94.00 to $90.00 in a research note released on Monday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research firms have also recently issued reports on CARR. Robert W. Baird decreased their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group initiated coverage on shares of Carrier Global in a research note on Thursday, December 12th. They issued a “buy” rating and a $96.00 target price for the company. UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price target on the stock in a research note on Wednesday, November 13th. Bank of America lifted their price objective on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Mizuho increased their target price on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Carrier Global presently has an average rating of “Moderate Buy” and an average price target of $83.93.

Carrier Global Stock Up 0.8 %

Shares of NYSE:CARR opened at $68.93 on Monday. The company has a market capitalization of $61.85 billion, a P/E ratio of 17.45, a P/E/G ratio of 2.73 and a beta of 1.36. The stock’s fifty day simple moving average is $72.34 and its 200-day simple moving average is $72.17. Carrier Global has a 52-week low of $53.13 and a 52-week high of $83.32. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69.

Carrier Global Increases Dividend

The firm also recently disclosed 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 is an increase from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s payout ratio is currently 22.78%.

Carrier Global declared that its Board of Directors 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 reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Carrier Global

Institutional investors have recently added to or reduced their stakes in the business. HB Wealth Management LLC boosted its position in shares of Carrier Global by 1.2% in the fourth quarter. HB Wealth Management LLC now owns 32,000 shares of the company’s stock worth $2,184,000 after buying an additional 371 shares during the period. Trust Co. of Vermont grew its position in Carrier Global by 0.4% in the fourth quarter. Trust Co. of Vermont now owns 38,929 shares of the company’s stock valued at $2,657,000 after acquiring an additional 163 shares in the last quarter. InTrack Investment Management Inc raised its stake in shares of Carrier Global by 132.1% during the fourth quarter. InTrack Investment Management Inc now owns 19,893 shares of the company’s stock valued at $1,361,000 after purchasing an additional 11,323 shares during the period. Brooklyn Investment Group grew its holdings in Carrier Global by 16.3% during the 4th quarter. Brooklyn Investment Group now owns 3,611 shares of the company’s stock valued at $246,000 after purchasing an additional 505 shares in the last quarter. Finally, Professional Advisory Services Inc. increased its stake in Carrier Global by 4.1% during the 4th quarter. Professional Advisory Services Inc. now owns 295,627 shares of the company’s stock worth $20,179,000 after buying an additional 11,585 shares during the period. 91.00% of the stock is owned by hedge funds and other institutional investors.

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.