Carrier Global (NYSE:CARR) Price Target Cut to $70.00 by Analysts at Wells Fargo & Company

Carrier Global (NYSE:CARR) had its target price trimmed by Wells Fargo & Company from $75.00 to $70.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other analysts have also issued research reports about the company. The Goldman Sachs Group began coverage on Carrier Global in a report on Thursday, December 12th. They issued a “buy” rating and a $96.00 target price on the stock. UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective on the stock in a research note on Wednesday, November 13th. Mizuho increased their price objective on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Royal Bank of Canada decreased their price objective on Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Finally, Stephens decreased their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.64.

Carrier Global Trading Down 2.4 %

NYSE:CARR opened at $63.60 on Wednesday. The stock has a fifty day moving average price of $68.78 and a two-hundred day moving average price of $72.40. The stock has a market capitalization of $57.06 billion, a price-to-earnings ratio of 16.10, a PEG ratio of 2.11 and a beta of 1.35. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. Carrier Global has a 1 year low of $53.13 and a 1 year high of $83.32.

Carrier Global (NYSE:CARR) last released its quarterly earnings data on Tuesday, February 11th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. Carrier Global had a return on equity of 20.52% and a net margin of 14.98%. During the same period in the previous year, the business earned $0.53 earnings per share. As a group, sell-side analysts anticipate that Carrier Global will post 2.52 earnings per share for the current fiscal year.

Carrier Global Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Friday, December 20th were issued a dividend of $0.225 per share. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.90 annualized dividend and a yield of 1.42%. Carrier Global’s dividend payout ratio is currently 22.78%.

Carrier Global declared that its board has authorized a share buyback plan on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Carrier Global

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in Carrier Global during the 4th quarter worth about $588,029,000. Wealthfront Advisers LLC grew its holdings in Carrier Global by 5,840.1% during the fourth quarter. Wealthfront Advisers LLC now owns 5,000,000 shares of the company’s stock worth $341,300,000 after purchasing an additional 4,915,826 shares during the period. Artisan Partners Limited Partnership bought a new position in Carrier Global during the fourth quarter worth about $166,061,000. FMR LLC grew its holdings in Carrier Global by 36.2% during the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after purchasing an additional 2,320,909 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Carrier Global during the third quarter worth approximately $130,479,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

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.