Wells Fargo & Company Lowers Carrier Global (NYSE:CARR) Price Target to $70.00

Carrier Global (NYSE:CARR) had its price objective trimmed by Wells Fargo & Company from $75.00 to $70.00 in a research report released on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other research analysts have also weighed in on CARR. Citigroup dropped their target price on Carrier Global from $94.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Royal Bank of Canada decreased their target price on Carrier Global from $87.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Mizuho lifted their price target on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Bank of America lifted their price target on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. reduced their target price on Carrier Global from $83.00 to $77.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $82.64.

Carrier Global Price Performance

Carrier Global stock opened at $63.60 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 has a market capitalization of $57.06 billion, a PE ratio of 16.10, a P/E/G ratio of 2.11 and a beta of 1.35. Carrier Global has a 12 month low of $53.13 and a 12 month high of $83.32. The stock has a 50-day moving average price of $68.78 and a two-hundred day moving average price of $72.40.

Carrier Global (NYSE:CARR) last issued its quarterly earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Carrier Global had a return on equity of 20.52% and a net margin of 14.98%. During the same period in the previous year, the business earned $0.53 earnings per share. Analysts expect that Carrier Global will post 2.52 EPS for the current year.

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

Carrier Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, December 20th were issued a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.42%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, December 20th. Carrier Global’s dividend payout ratio (DPR) is presently 22.78%.

Hedge Funds Weigh In On Carrier Global

Several institutional investors and hedge funds have recently bought and sold shares of CARR. RFG Advisory LLC grew its holdings in shares of Carrier Global by 36.2% during the fourth quarter. RFG Advisory LLC now owns 7,170 shares of the company’s stock valued at $489,000 after buying an additional 1,904 shares during the last quarter. Princeton Global Asset Management LLC raised its position in shares of Carrier Global by 1,156.1% in the fourth quarter. Princeton Global Asset Management LLC now owns 20,663 shares of the company’s stock worth $1,410,000 after acquiring an additional 19,018 shares during the period. Cerity Partners LLC raised its position in shares of Carrier Global by 39.0% in the third quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock worth $11,013,000 after acquiring an additional 38,365 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Carrier Global by 12.3% in the third quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock worth $8,084,000 after acquiring an additional 11,032 shares during the period. Finally, Miracle Mile Advisors LLC acquired a new position in shares of Carrier Global during the 4th quarter worth about $2,213,000. 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.