Carrier Global (NYSE:CARR) Given New $75.00 Price Target at Wells Fargo & Company

Carrier Global (NYSE:CARR) had its price objective trimmed by Wells Fargo & Company from $80.00 to $75.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other brokerages have also issued reports on CARR. Barclays boosted their price target on shares of Carrier Global from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Bank of America boosted their target price on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Northcoast Research began coverage on Carrier Global in a report on Friday, November 22nd. They issued a “neutral” rating for the company. JPMorgan Chase & Co. started coverage on Carrier Global in a research note on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price target on the stock. Finally, Stephens cut their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Carrier Global has a consensus rating of “Moderate Buy” and a consensus price target of $83.36.

Carrier Global Stock Performance

NYSE:CARR opened at $68.17 on Tuesday. The firm has a market cap of $61.16 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 2.73 and a beta of 1.36. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. Carrier Global has a 1-year low of $53.13 and a 1-year high of $83.32. The firm’s fifty day moving average price is $72.87 and its 200 day moving average price is $72.02.

Carrier Global declared that its Board of Directors has authorized a share buyback program on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, December 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio is 22.78%.

Institutional Investors Weigh In On Carrier Global

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its holdings in shares of Carrier Global by 36.2% in the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after acquiring an additional 2,320,909 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in Carrier Global during the 3rd quarter worth about $130,479,000. Point72 Asset Management L.P. acquired a new position in Carrier Global in the 2nd quarter valued at about $58,415,000. Mizuho Securities USA LLC lifted its holdings in Carrier Global by 1,428.4% in the 3rd quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock valued at $79,484,000 after purchasing an additional 922,892 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Carrier Global by 8,797.3% in the 3rd quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock valued at $730,250,000 after purchasing an additional 897,061 shares in the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

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.