Carrier Global (NYSE:CARR) Given New $89.00 Price Target at Citigroup

Carrier Global (NYSE:CARR) had its price objective raised by Citigroup from $82.00 to $89.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently issued reports on the company. Wells Fargo & Company upped their price objective on Carrier Global from $65.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, May 5th. Northcoast Research raised Carrier Global from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a report on Friday, May 9th. Royal Bank Of Canada upped their price objective on Carrier Global from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday, May 20th. Mizuho set a $72.00 target price on shares of Carrier Global in a research report on Tuesday, April 22nd. Finally, Melius assumed coverage on shares of Carrier Global in a research report on Tuesday, July 1st. They set a “hold” rating and a $90.00 target price for the company. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Carrier Global has an average rating of “Moderate Buy” and an average price target of $84.82.

Carrier Global Stock Down 0.0%

Shares of CARR opened at $76.62 on Monday. The company has a market capitalization of $65.68 billion, a P/E ratio of 11.86, a PEG ratio of 2.09 and a beta of 1.31. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.20 and a quick ratio of 0.83. Carrier Global has a one year low of $54.22 and a one year high of $83.32. The business’s 50 day simple moving average is $72.66 and its 200-day simple moving average is $67.65.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.07. Carrier Global had a return on equity of 18.10% and a net margin of 25.45%. The firm had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.17 billion. During the same quarter in the prior year, the business earned $0.51 EPS. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year. As a group, sell-side analysts predict that Carrier Global will post 2.99 EPS for the current fiscal year.

Carrier Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Monday, July 21st will be given a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Monday, July 21st. Carrier Global’s dividend payout ratio is currently 13.93%.

Insider Activity at Carrier Global

In related news, Director Maximilian Viessmann sold 4,267,425 shares of the company’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $70.30, for a total value of $299,999,977.50. Following the completion of the sale, the director owned 54,341,534 shares in the company, valued at $3,820,209,840.20. This represents a 7.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 7.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Carrier Global

A number of large investors have recently added to or reduced their stakes in CARR. Nuveen LLC bought a new position in Carrier Global during the 1st quarter worth about $649,512,000. Norges Bank acquired a new position in shares of Carrier Global during the 4th quarter worth about $588,029,000. JPMorgan Chase & Co. boosted its stake in shares of Carrier Global by 17.6% during the 1st quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company’s stock worth $1,973,444,000 after buying an additional 4,668,929 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Carrier Global by 82.6% during the 1st quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company’s stock worth $613,330,000 after buying an additional 4,377,402 shares during the last quarter. Finally, Artisan Partners Limited Partnership acquired a new position in shares of Carrier Global during the 4th quarter worth about $166,061,000. Institutional investors own 91.00% of the company’s stock.

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.