Wells Fargo & Company Cuts Carrier Global (NYSE:CARR) Price Target to $75.00

Carrier Global (NYSE:CARR) had its target price lowered by Wells Fargo & Company from $80.00 to $75.00 in a report published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. initiated coverage on shares of Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price objective for the company. Robert W. Baird decreased their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Northcoast Research initiated coverage on shares of Carrier Global in a report on Friday, November 22nd. They set a “neutral” rating on the stock. Mizuho raised their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price target on the stock in a research note on Wednesday, November 13th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and a consensus price target of $83.21.

Carrier Global Trading Up 0.2 %

NYSE CARR opened at $68.34 on Tuesday. The stock has a market capitalization of $61.32 billion, a P/E ratio of 17.30, a P/E/G ratio of 2.73 and a beta of 1.36. The business has a 50 day simple moving average of $72.67 and a 200 day simple moving average of $71.97. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. Carrier Global has a one year low of $53.13 and a one year high of $83.32.

Carrier Global declared that its board has authorized a share repurchase plan on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.32%. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s payout ratio is currently 22.78%.

Institutional Trading of Carrier Global

Institutional investors and hedge funds have recently modified their holdings of the business. FSA Wealth Management LLC bought a new position in Carrier Global in the 3rd quarter valued at $28,000. Meeder Asset Management Inc. boosted its holdings in shares of Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after buying an additional 405 shares during the last quarter. McClarren Financial Advisors Inc. grew its position in Carrier Global by 246.0% during the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after buying an additional 310 shares during the period. Coastline Trust Co purchased a new stake in Carrier Global during the third quarter worth about $37,000. Finally, Country Trust Bank bought a new stake in Carrier Global in the third quarter worth about $40,000. 91.00% of the stock is owned by hedge funds and other 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.