Royal Bank Of Canada Cuts Carrier Global (NYSE:CARR) Price Target to $70.00

Carrier Global (NYSE:CARR) had its target price reduced by Royal Bank Of Canada from $75.00 to $70.00 in a report released on Friday morning, MarketBeat Ratings reports. They currently have an outperform rating on the stock.

Several other equities analysts have also recently issued reports on CARR. Oppenheimer reiterated a “market perform” rating on shares of Carrier Global in a research note on Wednesday, October 29th. Rothschild & Co Redburn lifted their price target on shares of Carrier Global from $66.00 to $67.00 in a research note on Thursday, October 30th. Barclays dropped their price objective on shares of Carrier Global from $82.00 to $74.00 and set an “overweight” rating on the stock in a research report on Thursday, September 11th. Citigroup reduced their price objective on shares of Carrier Global from $75.00 to $71.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Finally, Mizuho lowered their target price on shares of Carrier Global from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Nine equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $72.44.

Carrier Global Stock Performance

Shares of CARR stock opened at $54.25 on Friday. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76. Carrier Global has a 52 week low of $50.30 and a 52 week high of $81.09. The stock has a market capitalization of $45.69 billion, a PE ratio of 12.14, a P/E/G ratio of 2.36 and a beta of 1.30. The firm has a 50 day moving average of $56.51 and a two-hundred day moving average of $64.77.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.65 billion. Carrier Global had a return on equity of 16.65% and a net margin of 18.05%.The company’s revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.83 earnings per share. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. On average, research analysts predict that Carrier Global will post 2.99 EPS for the current fiscal year.

Carrier Global announced that its board has authorized a stock buyback plan on Tuesday, October 28th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 9th. Stockholders of record on Tuesday, January 20th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.8%. This is an increase from Carrier Global’s previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, January 20th. Carrier Global’s payout ratio is presently 20.13%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Carrier Global by 0.5% during the second quarter. Vanguard Group Inc. now owns 93,373,143 shares of the company’s stock worth $6,833,980,000 after purchasing an additional 450,594 shares in the last quarter. Capital International Investors raised its stake in shares of Carrier Global by 6.7% during the 3rd quarter. Capital International Investors now owns 57,982,302 shares of the company’s stock worth $3,461,142,000 after buying an additional 3,630,524 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Carrier Global by 23.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 38,536,301 shares of the company’s stock worth $2,820,485,000 after buying an additional 7,409,432 shares in the last quarter. State Street Corp lifted its holdings in shares of Carrier Global by 1.4% in the 3rd quarter. State Street Corp now owns 33,377,339 shares of the company’s stock valued at $1,992,627,000 after buying an additional 473,692 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in shares of Carrier Global by 0.6% in the third quarter. Fisher Asset Management LLC now owns 15,139,140 shares of the company’s stock valued at $903,807,000 after buying an additional 90,585 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.