Carrier Global (NYSE:CARR) Lifted to Buy at Citigroup

Carrier Global (NYSE:CARR) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, Briefing.com reports. The brokerage presently has a $74.00 target price on the stock, up from their previous target price of $65.00. Citigroup’s price target points to a potential upside of 17.68% from the company’s current price.

Several other brokerages also recently issued reports on CARR. Barclays increased their price objective on Carrier Global from $79.00 to $81.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. TD Cowen upped their price objective on shares of Carrier Global from $66.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, April 29th. Wells Fargo & Company lifted their target price on shares of Carrier Global from $59.00 to $66.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Robert W. Baird upped their price target on shares of Carrier Global from $60.00 to $64.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Finally, Oppenheimer lifted their price objective on Carrier Global from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, Carrier Global has an average rating of “Hold” and a consensus price target of $63.64.

Carrier Global Trading Down 2.1 %

Shares of NYSE CARR opened at $62.88 on Monday. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.31. Carrier Global has a 12 month low of $45.68 and a 12 month high of $66.50. The company has a market cap of $56.66 billion, a price-to-earnings ratio of 43.97, a P/E/G ratio of 2.59 and a beta of 1.33. The business has a fifty day simple moving average of $62.25 and a 200-day simple moving average of $58.44.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, April 25th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.12. Carrier Global had a return on equity of 26.01% and a net margin of 5.41%. The firm had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $6.27 billion. Sell-side analysts predict that Carrier Global will post 2.85 EPS for the current year.

Insider Activity at Carrier Global

In related news, insider Jurgen Timperman sold 159,915 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $61.95, for a total transaction of $9,906,734.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Carrier Global news, CAO Kyle Crockett sold 4,611 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $66.39, for a total value of $306,124.29. Following the completion of the transaction, the chief accounting officer now owns 2,042 shares of the company’s stock, valued at approximately $135,568.38. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jurgen Timperman sold 159,915 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $61.95, for a total value of $9,906,734.25. The disclosure for this sale can be found here. Insiders sold a total of 262,954 shares of company stock worth $16,650,050 in the last 90 days. 6.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carrier Global

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in 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 purchasing an additional 17,021,768 shares in the last quarter. Norges Bank acquired a new stake in Carrier Global during the 4th quarter valued at $444,487,000. Capital International Investors boosted its position in Carrier Global by 4.6% in the 1st quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock valued at $4,931,001,000 after buying an additional 3,763,666 shares during the last quarter. Capital Research Global Investors boosted its position in Carrier Global by 3.3% in the 4th quarter. Capital Research Global Investors now owns 92,829,907 shares of the company’s stock valued at $5,333,084,000 after buying an additional 2,961,923 shares during the last quarter. Finally, Bristol Gate Capital Partners Inc. bought a new position in Carrier Global in the 4th quarter valued at $92,651,000. Institutional investors and hedge funds 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.