Barclays Cuts Carrier Global (NYSE:CARR) Price Target to $90.00

Carrier Global (NYSE:CARR) had its price objective dropped by research analysts at Barclays from $92.00 to $90.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 32.02% from the stock’s previous close.

CARR has been the subject of a number of other research reports. Royal Bank of Canada reduced their price target on Carrier Global from $87.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Oppenheimer lifted their target price on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Stephens dropped their price target on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. 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. Finally, Wells Fargo & Company dropped their price objective on shares of Carrier Global from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.21.

Carrier Global Price Performance

Shares of CARR opened at $68.17 on Wednesday. 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’s fifty day simple moving average is $72.87 and its 200 day simple moving average is $72.02. Carrier Global has a 1-year low of $53.13 and a 1-year high of $83.32. The company has a market cap of $61.16 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 2.73 and a beta of 1.36.

Carrier Global announced that its board has initiated a stock buyback program on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC boosted its holdings in shares of Carrier Global by 54,708.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock valued at $864,000 after purchasing an additional 13,677 shares in the last quarter. Cerity Partners LLC boosted its stake in Carrier Global by 39.0% in the third quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock valued at $11,013,000 after buying an additional 38,365 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Carrier Global by 12.3% in the third quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock valued at $8,084,000 after acquiring an additional 11,032 shares during the last quarter. Sheaff Brock Investment Advisors LLC acquired a new position in Carrier Global during the third quarter worth about $1,068,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Carrier Global in the third quarter worth about $793,000. 91.00% of the stock is owned by 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.