Carrier Global Co. (NYSE:CARR) Receives Average Recommendation of “Moderate Buy” from Analysts

Carrier Global Co. (NYSE:CARR) has earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the firm, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $83.50.

A number of brokerages have issued reports on CARR. Bank of America increased their price objective on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. The Goldman Sachs Group began coverage on Carrier Global in a research report on Thursday. They issued a “buy” rating and a $96.00 target price on the stock. Wells Fargo & Company cut their price target on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Finally, Morgan Stanley began coverage on Carrier Global in a report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective on the stock.

Hedge Funds Weigh In On Carrier Global

Large investors have recently bought and sold shares of the business. PineStone Asset Management Inc. boosted its stake in shares of Carrier Global by 139.7% during the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after purchasing an additional 3,741,206 shares during the period. FMR LLC grew its stake in Carrier Global by 36.2% in the 3rd 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 in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Carrier Global during the third quarter worth approximately $130,479,000. Point72 Asset Management L.P. bought a new stake in shares of Carrier Global during the second quarter valued at approximately $58,415,000. Finally, Mizuho Securities USA LLC boosted its holdings in shares of Carrier Global by 1,428.4% in the third 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 during the period. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Performance

NYSE CARR opened at $73.01 on Monday. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. Carrier Global has a twelve month low of $53.13 and a twelve month high of $83.32. The business has a 50-day moving average price of $76.52 and a 200-day moving average price of $71.38. The firm has a market cap of $65.51 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 2.73 and a beta of 1.33.

Carrier Global announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Carrier Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, December 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s payout ratio is 22.78%.

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.