Wells Fargo & Company Cuts Carrier Global (NYSE:CARR) Price Target to $70.00

Carrier Global (NYSE:CARR) had its price objective trimmed by Wells Fargo & Company from $75.00 to $70.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

CARR has been the topic of a number of other research reports. Stephens cut their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Robert W. Baird reduced their price target on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Mizuho upped their price target on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Bank of America lifted their price objective on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Citigroup decreased their target price on Carrier Global from $94.00 to $90.00 and set a “buy” rating for the company in a report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.64.

Carrier Global Trading Up 2.4 %

NYSE CARR opened at $65.19 on Wednesday. The firm has a market cap of $58.49 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. Carrier Global has a 1-year low of $53.13 and a 1-year high of $83.32. The stock has a 50-day moving average of $68.34 and a 200-day moving average of $72.28. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69.

Carrier Global (NYSE:CARR) last announced its quarterly earnings data 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 period in the prior year, the company earned $0.53 earnings per share. As a group, sell-side analysts forecast that Carrier Global will post 2.52 EPS for the current year.

Carrier Global declared that its Board of Directors has authorized a share buyback 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 usually a sign that the company’s board believes its shares are undervalued.

Carrier Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, December 20th were paid a dividend of $0.225 per share. The ex-dividend date was Friday, December 20th. This represents a $0.90 annualized dividend and a yield of 1.38%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s payout ratio is presently 22.78%.

Institutional Trading of Carrier Global

A number of hedge funds have recently made changes to their positions in the stock. Gallagher Fiduciary Advisors LLC increased its position in Carrier Global by 15.7% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 4,879 shares of the company’s stock valued at $333,000 after buying an additional 663 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in shares of Carrier Global by 14.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 111,900 shares of the company’s stock valued at $7,638,000 after acquiring an additional 14,037 shares in the last quarter. Keel Point LLC raised its position in shares of Carrier Global by 17.2% in the 4th quarter. Keel Point LLC now owns 7,020 shares of the company’s stock worth $479,000 after purchasing an additional 1,031 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in Carrier Global in the 4th quarter worth about $30,561,000. Finally, Parvin Asset Management LLC purchased a new stake in Carrier Global during the 4th quarter valued at about $152,000. 91.00% of the stock is owned by institutional investors.

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.