Morgan Stanley Cuts Carrier Global (NYSE:CARR) Price Target to $75.00

Carrier Global (NYSE:CARR) had its price target lowered by Morgan Stanley from $78.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Citigroup reissued a “buy” rating and set a $89.00 target price (up previously from $82.00) on shares of Carrier Global in a research report on Monday, July 14th. Barclays decreased their price target on shares of Carrier Global from $84.00 to $82.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $79.00 price target on shares of Carrier Global in a report on Tuesday, July 15th. Wells Fargo & Company raised their price target on shares of Carrier Global from $65.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, May 5th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Carrier Global in a report on Wednesday, May 21st. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Carrier Global presently has a consensus rating of “Moderate Buy” and an average target price of $84.47.

Carrier Global Trading Down 0.5%

NYSE:CARR opened at $66.05 on Friday. Carrier Global has a 52 week low of $54.22 and a 52 week high of $83.32. The firm has a 50 day moving average of $72.84 and a 200 day moving average of $68.19. The company has a quick ratio of 0.80, a current ratio of 1.17 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $56.21 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 1.81 and a beta of 1.25.

Carrier Global (NYSE:CARR) last posted its earnings results on Tuesday, July 29th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.02. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. The company had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.08 billion. As a group, sell-side analysts anticipate that Carrier Global will post 2.99 earnings per share for the current fiscal year.

Carrier Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, July 21st were paid a $0.225 dividend. The ex-dividend date was Monday, July 21st. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.4%. Carrier Global’s dividend payout ratio is presently 19.61%.

Insider Buying and Selling at Carrier Global

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

Institutional Trading of Carrier Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CARR. Nuveen LLC acquired a new stake in Carrier Global during the first quarter valued at $649,512,000. JPMorgan Chase & Co. grew its position in Carrier Global by 17.6% during the first quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company’s stock valued at $1,973,444,000 after buying an additional 4,668,929 shares during the period. Brown Advisory Inc. grew its position in Carrier Global by 82.6% during the first quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company’s stock valued at $613,330,000 after buying an additional 4,377,402 shares during the period. Alliancebernstein L.P. grew its position in Carrier Global by 61.9% during the first quarter. Alliancebernstein L.P. now owns 4,318,806 shares of the company’s stock valued at $273,812,000 after buying an additional 1,651,873 shares during the period. Finally, Northern Trust Corp grew its position in Carrier Global by 16.7% during the fourth quarter. Northern Trust Corp now owns 8,847,377 shares of the company’s stock valued at $603,922,000 after buying an additional 1,266,137 shares during the period. Institutional investors and hedge funds 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.