Carrier Global (NYSE:CARR) Price Target Lowered to $87.00 at Royal Bank of Canada

Carrier Global (NYSE:CARR) had its price target cut by Royal Bank of Canada from $91.00 to $87.00 in a research note published on Friday, Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. Robert W. Baird decreased their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. JPMorgan Chase & Co. initiated coverage on shares of Carrier Global in a research report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price target for the company. Bank of America increased their price target on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Mizuho raised their price objective on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Seven 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.75.

Carrier Global Trading Up 1.4 %

Carrier Global stock opened at $73.72 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08. The stock has a 50-day simple moving average of $76.46 and a 200 day simple moving average of $67.87. The stock has a market capitalization of $66.42 billion, a P/E ratio of 51.55, a PEG ratio of 2.94 and a beta of 1.32. Carrier Global has a 52 week low of $45.68 and a 52 week high of $83.32.

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

Carrier Global announced that its board has authorized a share repurchase 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 an indication that the company’s board believes its stock is undervalued.

Carrier Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.03%. The ex-dividend date is Friday, October 25th. Carrier Global’s payout ratio is 53.15%.

Insider Activity

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction dated 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 transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.95% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carrier Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Boston Financial Mangement LLC lifted its holdings in shares of Carrier Global by 1.7% during the third quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company’s stock worth $741,000 after purchasing an additional 150 shares during the period. Marathon Capital Management lifted its holdings in Carrier Global by 4.1% during the 2nd quarter. Marathon Capital Management now owns 3,923 shares of the company’s stock worth $247,000 after buying an additional 156 shares during the period. Arkadios Wealth Advisors grew its position in shares of Carrier Global by 1.3% in the 3rd quarter. Arkadios Wealth Advisors now owns 12,199 shares of the company’s stock valued at $982,000 after buying an additional 159 shares during the last quarter. Savant Capital LLC raised its position in shares of Carrier Global by 0.5% during the second quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock worth $2,044,000 after acquiring an additional 162 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in Carrier Global by 2.9% in the third quarter. Foundations Investment Advisors LLC now owns 5,779 shares of the company’s stock valued at $465,000 after acquiring an additional 163 shares during the last quarter. 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.