Carrier Global (NYSE:CARR) Price Target Lowered to $87.00 at Royal Bank of Canada

Carrier Global (NYSE:CARR) had its price target dropped by equities researchers at Royal Bank of Canada from $91.00 to $87.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 18.01% from the stock’s previous close.

CARR has been the topic of several other reports. Robert W. Baird cut their price objective on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday. Mizuho lifted their price target on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Oppenheimer increased their price objective on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Wells Fargo & Company cut their target price on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Seven 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 stock. Based on data from MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and an average price target of $81.75.

Carrier Global Stock Up 1.4 %

Shares of Carrier Global stock opened at $73.72 on Friday. The stock has a market capitalization of $66.42 billion, a price-to-earnings ratio of 51.55, a PEG ratio of 2.94 and a beta of 1.32. Carrier Global has a twelve month low of $45.68 and a twelve month high of $83.32. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The business’s 50 day simple moving average is $76.46 and its 200-day simple moving average is $67.94.

Carrier Global (NYSE:CARR) last issued its earnings results on Thursday, October 24th. The company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.04). The company had revenue of $5.98 billion during the quarter, compared to analyst estimates of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. Equities research analysts forecast that Carrier Global will post 2.85 earnings per share for the current year.

Carrier Global declared that its board has authorized a stock buyback plan on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction 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 $6,652,910.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

Several hedge funds have recently modified their holdings of the stock. Kingswood Wealth Advisors LLC lifted its position in shares of Carrier Global by 8.9% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 5,214 shares of the company’s stock valued at $303,000 after acquiring an additional 426 shares in the last quarter. Brookstone Capital Management lifted its holdings in shares of Carrier Global by 14.4% in the first quarter. Brookstone Capital Management now owns 5,683 shares of the company’s stock valued at $330,000 after purchasing an additional 715 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its position in shares of Carrier Global by 18.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 6,847 shares of the company’s stock worth $398,000 after buying an additional 1,088 shares during the period. Capital Asset Advisory Services LLC grew its holdings in shares of Carrier Global by 35.7% during the first quarter. Capital Asset Advisory Services LLC now owns 4,973 shares of the company’s stock valued at $281,000 after buying an additional 1,309 shares in the last quarter. Finally, Register Financial Advisors LLC acquired a new position in Carrier Global during the first quarter valued at $34,000. 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.