Carrier Global (NYSE:CARR) Price Target Cut to $90.00 by Analysts at Citigroup

Carrier Global (NYSE:CARR) had its target price reduced by Citigroup from $94.00 to $90.00 in a report issued on Monday,Benzinga reports. They currently have a buy rating on the stock.

CARR has been the topic of a number of other research reports. Bank of America lifted their price target on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Robert W. Baird dropped their target price on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price target for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group began coverage on shares of Carrier Global in a research report on Thursday, December 12th. They set a “buy” rating and a $96.00 price objective on the stock. Finally, Oppenheimer increased their target price on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $84.36.

Carrier Global Stock Performance

CARR opened at $67.18 on Monday. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. The firm has a market cap of $60.28 billion, a PE ratio of 17.01, a P/E/G ratio of 2.73 and a beta of 1.36. The business has a fifty day simple moving average of $72.45 and a 200-day simple moving average of $72.13. Carrier Global has a fifty-two week low of $53.13 and a fifty-two week high of $83.32.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.225 per share. The ex-dividend date is Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.34%. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio (DPR) is currently 22.78%.

Carrier Global announced that its Board of Directors has initiated a share buyback program on Thursday, October 24th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase 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 stock is undervalued.

Hedge Funds Weigh In On Carrier Global

Several institutional investors have recently bought and sold shares of the stock. Frank Rimerman Advisors LLC raised its stake in shares of Carrier Global by 54,708.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock valued at $864,000 after acquiring an additional 13,677 shares in the last quarter. Cerity Partners LLC grew its holdings in Carrier Global by 39.0% during the third quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock valued at $11,013,000 after purchasing an additional 38,365 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Carrier Global by 12.3% in the third quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock valued at $8,084,000 after purchasing an additional 11,032 shares during the period. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Carrier Global in the third quarter worth $1,068,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Carrier Global during the 3rd quarter worth $793,000. 91.00% of the stock is currently owned by institutional investors.

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.