Carrier Global (NYSE:CARR) Downgraded by Stephens to “Equal Weight”

Stephens cut shares of Carrier Global (NYSE:CARR) from an overweight rating to an equal weight rating in a research report report published on Wednesday, MarketBeat.com reports. They currently have $85.00 price target on the stock, up from their prior price target of $75.00.

A number of other research analysts have also recently weighed in on CARR. Bank of America lifted their price objective on shares of Carrier Global from $72.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, September 13th. JPMorgan Chase & Co. initiated coverage on Carrier Global in a research note on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price target for the company. Barclays increased their price target on Carrier Global from $81.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Oppenheimer boosted their price objective on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Robert W. Baird decreased their target price on Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Carrier Global Stock Performance

NYSE CARR opened at $81.05 on Wednesday. The firm has a market capitalization of $73.03 billion, a P/E ratio of 56.68, a PEG ratio of 2.94 and a beta of 1.32. The stock has a 50-day simple moving average of $74.63 and a two-hundred day simple moving average of $66.88. 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 fifty-two week low of $45.68 and a fifty-two week high of $83.32.

Carrier Global (NYSE:CARR) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $6.70 billion for the quarter, compared to analyst estimates of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. On average, equities analysts forecast that Carrier Global will post 2.85 earnings per share for the current year.

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s dividend payout ratio is currently 53.15%.

Insider Activity

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 transaction, the vice president now owns 103,066 shares in the company, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 6.95% of the company’s stock.

Hedge Funds Weigh In On Carrier Global

Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of Carrier Global by 280.1% during the 1st quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock valued at $1,342,727,000 after buying an additional 17,021,768 shares during the period. Capital International Investors raised its position in Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock valued at $4,931,001,000 after purchasing an additional 3,763,666 shares during the period. PineStone Asset Management Inc. raised its position in Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after purchasing an additional 3,741,206 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Carrier Global in the 2nd quarter valued at $58,415,000. Finally, Vanguard Group Inc. grew its holdings in shares of Carrier Global by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock worth $5,481,077,000 after purchasing an additional 466,829 shares during the period. 91.00% of the stock is 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.