Carrier Global (NYSE:CARR) to Buyback $3.00 billion in Stock

Carrier Global (NYSE:CARR) declared that its board has initiated a stock repurchase program on Thursday, October 24th, RTT News reports. The company plans to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have issued reports on CARR. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Oppenheimer raised their price target on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Wells Fargo & Company raised their price target on shares of Carrier Global from $73.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Finally, Bank of America lifted their price objective on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Carrier Global presently has a consensus rating of “Moderate Buy” and an average price target of $80.67.

Carrier Global Stock Down 8.8 %

Shares of NYSE CARR traded down $7.06 during mid-day trading on Thursday, reaching $72.89. 10,409,729 shares of the company’s stock traded hands, compared to its average volume of 4,149,532. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. The business has a 50-day simple moving average of $76.24 and a 200 day simple moving average of $67.73. The stock has a market cap of $65.67 billion, a P/E ratio of 51.48, a PEG ratio of 2.94 and a beta of 1.32. Carrier Global has a 1-year low of $45.68 and a 1-year high of $83.32.

Carrier Global (NYSE:CARR) last posted its earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The company had revenue of $6.70 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the prior year, the business posted $0.79 EPS. The firm’s revenue was up 11.7% compared to the same quarter last year. On average, analysts expect that Carrier Global will post 2.85 EPS for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.04%. Carrier Global’s dividend payout ratio is presently 53.15%.

Insider Buying and Selling

In related news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction dated 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 owns 103,066 shares in the company, valued at $6,652,910.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.95% of the stock is currently owned by company insiders.

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.