Carrier Global (NYSE:CARR) Price Target Cut to $89.00

Carrier Global (NYSE:CARR) had its price objective reduced by research analysts at Barclays from $90.00 to $89.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 22.05% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Wells Fargo & Company dropped their price target on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Friday. Robert W. Baird cut their price target on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday. Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Royal Bank of Canada increased their price objective on Carrier Global from $72.00 to $79.00 and gave the stock an “outperform” rating in a report on Thursday, September 5th. Finally, Stephens cut shares of Carrier Global from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $75.00 to $85.00 in a research note on Wednesday, October 16th. Seven 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.75.

Carrier Global Stock Up 0.0 %

NYSE CARR traded up $0.02 during trading on Friday, reaching $72.92. 2,401,422 shares of the company’s stock were exchanged, compared to its average volume of 4,141,092. 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 fifty-two week low of $45.68 and a fifty-two week high of $83.32. The company’s fifty day simple moving average is $76.33 and its 200-day simple moving average is $67.76. The firm has a market capitalization of $65.70 billion, a PE ratio of 51.22, a P/E/G ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last posted its quarterly 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). The company had revenue of $5.98 billion for the quarter, compared to analyst estimates of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. Sell-side analysts predict that Carrier Global will post 2.85 EPS for the current year.

Carrier Global declared that its Board of Directors has initiated a share buyback program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 4.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at Carrier Global

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction 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 sale, the vice president now directly owns 103,066 shares in the company, valued at $6,652,910.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 6.95% of the company’s stock.

Institutional Trading of Carrier Global

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Carrier Global by 0.5% in the first quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock worth $5,481,077,000 after purchasing an additional 466,829 shares during the period. Capital International Investors lifted its holdings in shares of Carrier Global by 4.6% during the 1st quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after acquiring an additional 3,763,666 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Carrier Global by 280.1% during the 1st quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock valued at $1,342,727,000 after acquiring an additional 17,021,768 shares in the last quarter. PineStone Asset Management Inc. increased its stake in Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after acquiring an additional 3,741,206 shares during the period. Finally, Victory Capital Management Inc. raised its position in Carrier Global by 1.7% in the second quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock worth $280,010,000 after purchasing an additional 72,633 shares in 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.