Royal Bank of Canada Cuts Carrier Global (NYSE:CARR) Price Target to $76.00

Carrier Global (NYSE:CARR) had its price target trimmed by Royal Bank of Canada from $86.00 to $76.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages also recently weighed in on CARR. Mizuho boosted their target price on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company dropped their price target on Carrier Global from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Wednesday. UBS Group raised shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group started coverage on shares of Carrier Global in a research report on Thursday, December 12th. They set a “buy” rating and a $96.00 target price on the stock. Finally, Stephens decreased their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $82.64.

Carrier Global Price Performance

CARR opened at $65.19 on Wednesday. The firm has a market capitalization of $58.49 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. The business’s 50-day moving average is $68.34 and its two-hundred day moving average is $72.28. Carrier Global has a 1 year low of $53.13 and a 1 year high of $83.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82.

Carrier Global (NYSE:CARR) last posted its earnings results on Tuesday, February 11th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Carrier Global had a net margin of 14.98% and a return on equity of 20.52%. During the same quarter in the previous year, the business earned $0.53 earnings per share. Research analysts anticipate that Carrier Global will post 2.52 earnings per share for the current fiscal year.

Carrier Global Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Friday, December 20th were paid a $0.225 dividend. 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 dividend on an annualized basis and a dividend yield of 1.38%. Carrier Global’s dividend payout ratio is presently 22.78%.

Carrier Global announced that its board has approved a stock 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 purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Carrier Global

Hedge funds have recently bought and sold shares of the stock. FSM Wealth Advisors LLC boosted its holdings in Carrier Global by 2.2% during the third quarter. FSM Wealth Advisors LLC now owns 6,373 shares of the company’s stock worth $513,000 after buying an additional 136 shares in the last quarter. Meridian Wealth Management LLC raised its position in shares of Carrier Global by 2.3% in the third quarter. Meridian Wealth Management LLC now owns 6,030 shares of the company’s stock worth $485,000 after acquiring an additional 137 shares during the period. UMB Bank n.a. boosted its stake in shares of Carrier Global by 1.1% during the 4th quarter. UMB Bank n.a. now owns 13,293 shares of the company’s stock worth $907,000 after acquiring an additional 143 shares in the last quarter. Essex Savings Bank grew its position in shares of Carrier Global by 2.2% during the 3rd quarter. Essex Savings Bank now owns 6,608 shares of the company’s stock valued at $532,000 after acquiring an additional 144 shares during the period. Finally, Chicago Partners Investment Group LLC increased its stake in shares of Carrier Global by 2.6% in the 4th quarter. Chicago Partners Investment Group LLC now owns 5,887 shares of the company’s stock valued at $403,000 after purchasing an additional 147 shares in the last quarter. Hedge funds and other institutional investors 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.