Carrier Global (NYSE:CARR) Upgraded at UBS Group

UBS Group upgraded shares of Carrier Global (NYSE:CARR) from a neutral rating to a buy rating in a research report sent to investors on Wednesday, MarketBeat reports. They currently have $94.00 price objective on the stock.

A number of other research firms have also recently commented on CARR. Morgan Stanley assumed coverage on shares of Carrier Global in a research note on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target for the company. Wells Fargo & Company cut their target price on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Bank of America lifted their price target on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Robert W. Baird reduced their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Barclays cut their target price on Carrier Global from $90.00 to $89.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Carrier Global presently has an average rating of “Moderate Buy” and an average target price of $82.31.

Carrier Global Stock Performance

Shares of CARR opened at $74.53 on Wednesday. Carrier Global has a 12-month low of $51.20 and a 12-month high of $83.32. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The company has a market cap of $66.87 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.74 and a beta of 1.34. The stock has a 50-day moving average price of $77.63 and a 200-day moving average price of $69.69.

Carrier Global Dividend Announcement

The company 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. The ex-dividend date is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.02%. Carrier Global’s dividend payout ratio is currently 19.24%.

Carrier Global declared that its Board of Directors has initiated a share repurchase plan on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Carrier Global

Several hedge funds have recently made changes to their positions in CARR. FSA Wealth Management LLC bought a new position in Carrier Global in the third quarter worth about $28,000. Olistico Wealth LLC purchased a new position in shares of Carrier Global in the 2nd quarter valued at approximately $25,000. McClarren Financial Advisors Inc. boosted its position in shares of 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 purchasing an additional 310 shares in the last quarter. Coastline Trust Co bought a new stake in shares of Carrier Global during the third quarter valued at approximately $37,000. Finally, Meeder Asset Management Inc. grew its stake in Carrier Global by 675.0% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after purchasing an additional 405 shares during the period. 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.