Wells Fargo & Company Trims Carrier Global (NYSE:CARR) Target Price to $76.00

Carrier Global (NYSE:CARR) had its price target decreased by Wells Fargo & Company from $82.00 to $76.00 in a research report report published on Friday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other research firms have also issued reports on CARR. JPMorgan Chase & Co. began coverage on Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Royal Bank of Canada boosted their price objective on Carrier Global from $72.00 to $79.00 and gave the stock an “outperform” rating in a report on Thursday, September 5th. Bank of America boosted their price objective on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Finally, Morgan Stanley began coverage on Carrier Global in a report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective on the stock. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Carrier Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.75.

Carrier Global Price Performance

Shares of NYSE CARR opened at $73.72 on Friday. Carrier Global has a fifty-two week low of $45.68 and a fifty-two week high of $83.32. The firm’s 50-day simple moving average is $76.46 and its 200 day simple moving average is $68.02. The company has a quick ratio of 0.80, a current ratio of 1.08 and a debt-to-equity ratio of 0.80. The stock has a market cap of $66.42 billion, a P/E ratio of 51.55, a P/E/G ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last issued 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 period in the previous year, the business earned $0.79 earnings per share. The company’s revenue was up 11.7% on a year-over-year basis. Equities analysts expect that Carrier Global will post 2.85 EPS for the current year.

Carrier Global announced that its Board of Directors has initiated a share repurchase program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be given a dividend of $0.19 per share. The ex-dividend date is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. Carrier Global’s payout ratio is currently 53.15%.

Insider Activity

In other news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $6,652,910.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carrier Global

Several hedge funds have recently modified their holdings of the business. Olistico Wealth LLC acquired a new position in shares of Carrier Global in the second quarter valued at $25,000. McClarren Financial Advisors Inc. raised its stake in shares of Carrier Global by 246.0% in the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after purchasing an additional 310 shares in the last quarter. Meeder Asset Management Inc. raised its stake in Carrier Global by 675.0% during the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after acquiring an additional 405 shares in the last quarter. Country Trust Bank acquired a new position in Carrier Global during the third quarter worth $40,000. Finally, EdgeRock Capital LLC acquired a new position in Carrier Global during the second quarter worth $32,000. 91.00% of the stock is owned by institutional investors.

About Carrier Global

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.