Carrier Global (NYSE:CARR) Price Target Cut to $76.00

Carrier Global (NYSE:CARR) had its price target dropped by analysts at Wells Fargo & Company from $82.00 to $76.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 4.27% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada boosted their target price on Carrier Global from $72.00 to $79.00 and gave the stock an “outperform” rating in a report on Thursday, September 5th. Morgan Stanley assumed coverage on shares of Carrier Global in a report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective for the company. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Baird R W raised shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 15th. Finally, JPMorgan Chase & Co. assumed coverage on Carrier Global in a research report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.17.

Carrier Global Stock Performance

Shares of CARR opened at $72.89 on Friday. The firm has a market cap of $65.67 billion, a price-to-earnings ratio of 50.97, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. The company’s fifty day moving average is $76.24 and its 200-day moving average is $67.73. The company has a quick ratio of 0.80, a current ratio of 1.08 and a debt-to-equity ratio of 0.80. Carrier Global has a 12 month low of $45.68 and a 12 month high of $83.32.

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

Carrier Global announced that its Board of Directors has authorized a stock repurchase plan on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 4.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of Carrier Global 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 transaction, the vice president now owns 103,066 shares in the company, valued at approximately $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.95% of the company’s stock.

Hedge Funds Weigh In On Carrier Global

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Carrier Global by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock worth $5,481,077,000 after buying an additional 466,829 shares in the last quarter. Capital International Investors boosted its holdings in 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 acquiring an additional 3,763,666 shares during the last quarter. JPMorgan Chase & Co. increased its position in Carrier Global by 280.1% in the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after purchasing an additional 17,021,768 shares during the period. PineStone Asset Management Inc. raised its holdings 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 purchasing an additional 3,741,206 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Carrier Global by 1.7% during the 2nd quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock valued at $280,010,000 after purchasing an additional 72,633 shares during the period. 91.00% of the stock is currently owned by institutional investors and hedge funds.

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.