Royal Bank of Canada Issues Pessimistic Forecast for Carrier Global (NYSE:CARR) Stock Price

Carrier Global (NYSE:CARR) had its target price lowered by equities researchers at Royal Bank of Canada from $86.00 to $76.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 20.14% from the stock’s current price.

Other analysts have also issued research reports about the stock. Northcoast Research began coverage on shares of Carrier Global in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock. Robert W. Baird lowered their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. JPMorgan Chase & Co. reduced their price target 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. Mizuho upped their price objective on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Wells Fargo & Company cut their target price on shares of Carrier Global from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Carrier Global currently has an average rating of “Moderate Buy” and a consensus price target of $82.64.

Carrier Global Stock Performance

Shares of Carrier Global stock traded down $1.90 during midday trading on Wednesday, hitting $63.26. The company had a trading volume of 1,645,064 shares, compared to its average volume of 5,664,905. The company has a fifty day simple moving average of $68.78 and a 200 day simple moving average of $72.40. The stock has a market cap of $56.76 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 2.11 and a beta of 1.35. 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 12-month low of $53.13 and a 12-month high of $83.32.

Carrier Global (NYSE:CARR) last posted 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 quarter in the prior year, the firm posted $0.53 EPS. As a group, analysts predict that Carrier Global will post 2.52 earnings per share for the current fiscal year.

Carrier Global announced that its Board of Directors has initiated a stock repurchase plan on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to buy up to 4.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Carrier Global

A number of institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Carrier Global during the 4th quarter valued at approximately $588,029,000. Wealthfront Advisers LLC boosted its holdings in Carrier Global by 5,840.1% during the 4th quarter. Wealthfront Advisers LLC now owns 5,000,000 shares of the company’s stock valued at $341,300,000 after acquiring an additional 4,915,826 shares during the period. Artisan Partners Limited Partnership purchased a new stake in Carrier Global during the fourth quarter worth about $166,061,000. FMR LLC increased its stake in Carrier Global by 36.2% during the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after purchasing an additional 2,320,909 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Carrier Global during the third quarter worth about $130,479,000. 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.