Stephens Lowers Carrier Global (NYSE:CARR) Price Target to $80.00

Carrier Global (NYSE:CARR) had its target price reduced by equities researchers at Stephens from $85.00 to $80.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Stephens’ price objective would suggest a potential upside of 7.24% from the company’s previous close.

Several other brokerages have also recently issued reports on CARR. Wells Fargo & Company decreased their target price on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Morgan Stanley initiated coverage on Carrier Global in a research report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective on the stock. Barclays reduced their target price on Carrier Global from $90.00 to $89.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Finally, Mizuho lifted their price objective on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.33.

Carrier Global Price Performance

CARR opened at $74.60 on Monday. The firm has a market cap of $67.35 billion, a PE ratio of 52.17, a P/E/G ratio of 2.94 and a beta of 1.32. The stock has a 50-day moving average price of $76.72 and a 200-day moving average price of $68.28. Carrier Global has a 1 year low of $46.77 and a 1 year high of $83.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80.

Carrier Global declared that its board has authorized a stock buyback program on Thursday, October 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction on 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 sale, the vice president now directly 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 document filed with the SEC, which is available at this link. Corporate insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARR. Intact Investment Management Inc. purchased a new stake in shares of Carrier Global in the third quarter worth $969,000. Kanawha Capital Management LLC boosted its holdings in Carrier Global by 0.7% in the 3rd quarter. Kanawha Capital Management LLC now owns 134,480 shares of the company’s stock worth $10,824,000 after buying an additional 913 shares during the period. Harbour Investment Management LLC purchased a new stake in Carrier Global in the 3rd quarter worth $245,000. Fernwood Investment Management LLC bought a new stake in Carrier Global during the third quarter valued at about $214,000. Finally, Whitener Capital Management Inc. purchased a new position in shares of Carrier Global in the third quarter valued at about $215,000. Institutional investors 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.