Robert W. Baird Issues Pessimistic Forecast for Carrier Global (NYSE:CARR) Stock Price

Carrier Global (NYSE:CARR) had its price objective cut by investment analysts at Robert W. Baird from $72.00 to $66.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would suggest a potential upside of 15.55% from the company’s current price.

Several other research analysts have also issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Carrier Global from $72.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. Rothschild & Co Redburn cut their price objective on shares of Carrier Global from $67.00 to $61.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 21st. Wells Fargo & Company reduced their target price on Carrier Global from $62.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, December 4th. Morgan Stanley set a $55.00 price target on Carrier Global in a research note on Thursday, January 8th. Finally, Mizuho reduced their price objective on Carrier Global from $75.00 to $67.00 and set an “outperform” rating for the company in a research note on Monday, January 5th. Ten investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.06.

Carrier Global Trading Down 0.4%

NYSE CARR opened at $57.12 on Monday. The stock has a market capitalization of $48.11 billion, a P/E ratio of 12.78, a P/E/G ratio of 2.31 and a beta of 1.31. The business has a 50 day simple moving average of $54.10 and a 200 day simple moving average of $60.05. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.14 and a quick ratio of 0.75. Carrier Global has a one year low of $50.24 and a one year high of $81.09.

Carrier Global (NYSE:CARR) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The firm had revenue of $5.58 billion for the quarter, compared to analysts’ expectations 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 for the quarter was down 6.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 EPS. Research analysts expect that Carrier Global will post 2.99 earnings per share for the current year.

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

Institutional Trading of Carrier Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in Carrier Global by 23.8% in the second quarter. JPMorgan Chase & Co. now owns 38,536,301 shares of the company’s stock valued at $2,820,485,000 after acquiring an additional 7,409,432 shares during the last quarter. Norges Bank purchased a new position in shares of Carrier Global in the 2nd quarter worth about $524,939,000. Capital International Investors boosted its holdings in shares of Carrier Global by 6.7% in the 3rd quarter. Capital International Investors now owns 57,982,302 shares of the company’s stock worth $3,461,142,000 after purchasing an additional 3,630,524 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Carrier Global by 506.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,187,219 shares of the company’s stock valued at $249,977,000 after purchasing an additional 3,496,372 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Carrier Global by 1,742.8% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,623,000 shares of the company’s stock valued at $265,167,000 after buying an additional 3,426,395 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 is a leading global provider of heating, ventilation and air conditioning (HVAC), refrigeration, fire and security, and building automation solutions. The company designs, manufactures and sells a broad portfolio of products that includes air conditioners, furnaces, heat pumps, chillers, rooftop units, commercial refrigeration systems, fire and smoke detection and suppression systems, security sensors and access controls, and a range of building controls and analytics software.