Carrier Global (NYSE:CARR) Hits New 12-Month High – What’s Next?

Carrier Global Co. (NYSE:CARR)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $82.99 and last traded at $82.99, with a volume of 1269 shares traded. The stock had previously closed at $82.67.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CARR shares. Robert W. Baird dropped their price target on shares of Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Bank of America lifted their price target on Carrier Global from $72.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. JPMorgan Chase & Co. assumed coverage on Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price objective on the stock. Oppenheimer lifted their target price on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley initiated coverage on shares of Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target on the stock. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.00.

Carrier Global Price Performance

The business’s 50 day moving average is $74.63 and its two-hundred day moving average is $66.88. The firm has a market capitalization of $73.03 billion, a PE ratio of 56.68, a P/E/G ratio of 2.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80.

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

Carrier Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be given a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a yield of 0.94%. Carrier Global’s payout ratio is 53.15%.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were 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 directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.95% of the stock is owned by insiders.

Institutional Investors Weigh In On Carrier Global

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Marathon Capital Management increased its stake in Carrier Global by 4.1% in the 2nd quarter. Marathon Capital Management now owns 3,923 shares of the company’s stock worth $247,000 after purchasing an additional 156 shares during the period. Savant Capital LLC increased its stake in shares of Carrier Global by 0.5% in the second quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock worth $2,044,000 after buying an additional 162 shares during the period. Founders Capital Management LLC raised its holdings in Carrier Global by 3.4% during the 2nd quarter. Founders Capital Management LLC now owns 5,250 shares of the company’s stock valued at $331,000 after buying an additional 175 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in Carrier Global by 1.5% during the 3rd quarter. Valeo Financial Advisors LLC now owns 12,244 shares of the company’s stock valued at $986,000 after buying an additional 179 shares during the period. Finally, Manchester Capital Management LLC grew its holdings in Carrier Global by 4.3% in the 1st quarter. Manchester Capital Management LLC now owns 4,385 shares of the company’s stock worth $255,000 after acquiring an additional 180 shares during the last quarter. 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.