Carrier Global (NYSE:CARR) Reaches New 52-Week High – Here’s Why

Carrier Global Co. (NYSE:CARR) shares reached a new 52-week high on Wednesday . The stock traded as high as $81.82 and last traded at $81.78, with a volume of 1501311 shares traded. The stock had previously closed at $80.84.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CARR. Morgan Stanley started coverage on Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective for the company. Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Oppenheimer lifted their price target on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Robert W. Baird dropped their price objective on shares of Carrier Global from $75.00 to $74.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Finally, Wells Fargo & Company boosted their price target on Carrier Global from $73.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.80.

Carrier Global Stock Up 1.5 %

The company has a market capitalization of $73.96 billion, a PE ratio of 56.86, a price-to-earnings-growth ratio of 3.23 and a beta of 1.32. The company’s fifty day moving average is $72.63 and its 200-day moving average is $65.94. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, beating 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 business had revenue of $6.70 billion for the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter in the previous year, the business posted $0.79 earnings per share. The business’s revenue was up 11.7% compared to the same quarter last year. As a group, analysts predict that Carrier Global Co. will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction on 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 of the company’s stock, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.95% of the stock is currently owned by corporate insiders.

Institutional Trading of Carrier Global

Several large investors have recently added to or reduced their stakes in the stock. Olistico Wealth LLC purchased a new position in shares of Carrier Global during the 2nd quarter worth $25,000. Meeder Asset Management Inc. increased its position in shares of Carrier Global by 675.0% during the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after acquiring an additional 405 shares during the last quarter. Country Trust Bank acquired a new position in shares of Carrier Global in the 3rd quarter worth approximately $40,000. EdgeRock Capital LLC acquired a new position in shares of Carrier Global in the 2nd quarter worth approximately $32,000. Finally, Hantz Financial Services Inc. purchased a new position in shares of Carrier Global during the 2nd quarter worth approximately $35,000. 91.00% of the stock is currently owned by hedge funds and other 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.