JPMorgan Chase & Co. Begins Coverage on Carrier Global (NYSE:CARR)

JPMorgan Chase & Co. started coverage on shares of Carrier Global (NYSE:CARR) in a report published on Thursday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $83.00 price target on the stock.

A number of other equities research analysts also recently issued reports on CARR. Wolfe Research raised shares of Carrier Global from an underperform rating to a peer perform rating in a report on Friday, September 6th. Royal Bank of Canada increased their target price on shares of Carrier Global from $72.00 to $79.00 and gave the stock an outperform rating in a research note on Thursday, September 5th. Morgan Stanley initiated coverage on shares of Carrier Global in a research report on Friday, September 6th. They set an equal weight rating and a $75.00 price target for the company. Oppenheimer increased their price objective on Carrier Global from $74.00 to $88.00 and gave the stock an outperform rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company boosted their target price on Carrier Global from $73.00 to $82.00 and gave the stock an equal weight rating in a research report on Monday, October 7th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $79.50.

Carrier Global Stock Up 1.5 %

Carrier Global stock opened at $81.61 on Thursday. The firm has a 50 day simple moving average of $73.54 and a 200 day simple moving average of $66.38. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. Carrier Global has a 1-year low of $45.68 and a 1-year high of $82.16. The firm has a market capitalization of $73.67 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. The company had revenue of $6.70 billion during the quarter, compared to analysts’ expectations of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 earnings per share. On average, analysts predict that Carrier Global will post 2.85 earnings per share for the current year.

Carrier Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Friday, October 25th. Carrier Global’s payout ratio is currently 20.27%.

Insider Activity at Carrier Global

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the vice president now owns 103,066 shares of the company’s stock, valued at $6,652,910.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 6.95% of the stock is currently owned by insiders.

Institutional Trading of Carrier Global

Several institutional investors have recently added to or reduced their stakes in CARR. Olistico Wealth LLC purchased a new stake in shares of Carrier Global during the second quarter valued at approximately $25,000. Meeder Asset Management Inc. boosted its position in Carrier Global by 675.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after buying an additional 405 shares during the period. EdgeRock Capital LLC bought a new stake in Carrier Global in the 2nd quarter worth $32,000. Register Financial Advisors LLC bought a new stake in Carrier Global in the 1st quarter worth $34,000. Finally, Rise Advisors LLC increased its position in shares of Carrier Global by 3,668.8% in the first quarter. Rise Advisors LLC now owns 603 shares of the company’s stock valued at $35,000 after acquiring an additional 587 shares during the period. 91.00% of the stock is currently 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.