Carrier Global (NYSE:CARR) Price Target Cut to $86.00

Carrier Global (NYSE:CARR) had its target price cut by Robert W. Baird from $88.00 to $86.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s target price would indicate a potential upside of 17.99% from the stock’s previous close.

Several other research analysts also recently commented on CARR. Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Mizuho lifted their target price on shares of Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Barclays upped their price target on shares of Carrier Global from $81.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Stephens downgraded Carrier Global from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $75.00 to $85.00 in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. assumed coverage on Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Carrier Global has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Carrier Global Stock Down 8.8 %

Shares of NYSE:CARR opened at $72.89 on Friday. The firm has a market capitalization of $65.67 billion, a PE ratio of 50.97, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. 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 has a 52-week low of $45.68 and a 52-week high of $83.32. The firm has a fifty day moving average of $76.24 and a 200 day moving average of $67.73.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.04). The firm had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. As a group, research analysts anticipate that Carrier Global will post 2.85 EPS for the current fiscal year.

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

Insider Transactions at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the sale, the vice president now directly owns 103,066 shares in the company, valued at $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

A number of hedge funds and other institutional investors have recently bought and sold shares of CARR. Nordea Investment Management AB grew its stake in shares of Carrier Global by 5.5% in the 1st quarter. Nordea Investment Management AB now owns 822,954 shares of the company’s stock worth $47,633,000 after buying an additional 43,002 shares during the last quarter. Frank Rimerman Advisors LLC increased its holdings in shares of Carrier Global by 54,708.0% during the second 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. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Carrier Global by 50.1% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 390,272 shares of the company’s stock valued at $22,687,000 after acquiring an additional 130,192 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Carrier Global in the 1st quarter worth about $2,019,000. Finally, Kintegral Advisory LLC boosted its stake in Carrier Global by 44.2% in the 2nd quarter. Kintegral Advisory LLC now owns 28,395 shares of the company’s stock worth $1,797,000 after purchasing an additional 8,705 shares in the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

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.