Carrier Global (NYSE:CARR) Posts Earnings Results, Beats Expectations By $0.07 EPS

Carrier Global (NYSE:CARR – Get Rating) issued its quarterly earnings results on Thursday. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.07, MarketWatch Earnings reports. Carrier Global had a return on equity of 28.50% and a net margin of 8.07%. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.55 billion. During the same period in the previous year, the firm posted $0.48 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. Carrier Global updated its FY22 guidance to $2.20-2.30 EPS.

CARR opened at $39.41 on Friday. The firm has a 50-day simple moving average of $44.31 and a two-hundred day simple moving average of $49.36. Carrier Global has a 52 week low of $36.23 and a 52 week high of $58.89. The company has a market capitalization of $33.62 billion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 1.92 and a beta of 1.20. The company has a quick ratio of 1.42, a current ratio of 1.72 and a debt-to-equity ratio of 1.34.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 19th. Shareholders of record on Friday, April 29th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, April 28th. Carrier Global’s dividend payout ratio (DPR) is presently 32.09%.

In other Carrier Global news, VP Kyle Crockett sold 3,682 shares of the stock in a transaction dated Friday, February 4th. The shares were sold at an average price of $45.73, for a total transaction of $168,377.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.24% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CARR. Parametric Portfolio Associates LLC raised its position in shares of Carrier Global by 9.9% during the 4th quarter. Parametric Portfolio Associates LLC now owns 3,493,684 shares of the company’s stock valued at $189,497,000 after buying an additional 315,815 shares in the last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of Carrier Global during the 4th quarter valued at about $3,314,000. State of Tennessee Treasury Department raised its position in shares of Carrier Global by 11.0% during the 4th quarter. State of Tennessee Treasury Department now owns 229,104 shares of the company’s stock valued at $12,427,000 after buying an additional 22,681 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of Carrier Global by 388.1% during the 4th quarter. Penserra Capital Management LLC now owns 15,635 shares of the company’s stock valued at $721,000 after buying an additional 12,432 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Carrier Global by 175.1% during the 4th quarter. NewEdge Advisors LLC now owns 16,505 shares of the company’s stock valued at $895,000 after buying an additional 10,505 shares in the last quarter. Hedge funds and other institutional investors own 84.12% of the company’s stock.

A number of equities research analysts have weighed in on the stock. OTR Global upgraded shares of Carrier Global to a “positive” rating in a research note on Tuesday, January 25th. Atlantic Securities decreased their target price on shares of Carrier Global from $59.00 to $53.00 and set a “neutral” rating for the company in a research note on Wednesday, February 9th. Morgan Stanley reduced their price objective on Carrier Global from $55.00 to $52.00 and set an “overweight” rating for the company in a research note on Thursday, April 7th. Citigroup reduced their price objective on Carrier Global from $59.00 to $55.00 and set a “neutral” rating for the company in a research note on Wednesday, February 9th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Carrier Global from $55.00 to $49.00 in a research note on Friday. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $55.44.

About Carrier Global (Get Rating)

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide. It operates through three segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment provides products, controls, services, and solutions to meet the heating, cooling, and ventilation needs of residential and commercial customers.

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