Wells Fargo & Company Issues Pessimistic Forecast for Carrier Global (NYSE:CARR) Stock Price

Carrier Global (NYSE:CARR) had its price target cut by investment analysts at Wells Fargo & Company from $65.00 to $62.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 5.48% from the company’s current price.

Several other analysts also recently issued reports on CARR. Rothschild & Co Redburn decreased their price objective on shares of Carrier Global from $76.00 to $66.00 and set a “neutral” rating for the company in a research note on Wednesday, October 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Carrier Global in a research report on Wednesday, October 8th. JPMorgan Chase & Co. decreased their target price on Carrier Global from $76.00 to $61.00 and set a “neutral” rating for the company in a research report on Wednesday, October 15th. Wolfe Research decreased their price objective on shares of Carrier Global from $77.00 to $76.00 and set an “outperform” rating for the company in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group decreased their price objective on shares of Carrier Global from $88.00 to $76.00 and set a “buy” rating for the company in a report on Friday, September 12th. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $74.18.

Carrier Global Stock Down 3.2%

Shares of NYSE:CARR opened at $58.78 on Wednesday. The company has a current ratio of 1.14, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76. Carrier Global has a 12 month low of $54.22 and a 12 month high of $81.09. The company has a 50-day moving average price of $60.72 and a 200 day moving average price of $66.95. The company has a market cap of $50.02 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 2.05 and a beta of 1.25.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The business had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.65 billion. Carrier Global had a return on equity of 16.65% and a net margin of 18.05%.The company’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same period last year, the company earned $0.83 EPS. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. As a group, equities research analysts predict that Carrier Global will post 2.99 earnings per share for the current year.

Carrier Global declared that its board has approved a stock buyback program on Tuesday, October 28th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Carrier Global

A number of large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of Carrier Global by 30.3% during the fourth quarter. Brighton Jones LLC now owns 7,958 shares of the company’s stock worth $543,000 after purchasing an additional 1,850 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in Carrier Global by 137.4% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 39,923 shares of the company’s stock valued at $2,531,000 after buying an additional 23,105 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Carrier Global by 12.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 95,839 shares of the company’s stock valued at $6,069,000 after buying an additional 10,660 shares in the last quarter. Golden State Wealth Management LLC increased its position in Carrier Global by 51.8% during the 1st quarter. Golden State Wealth Management LLC now owns 1,389 shares of the company’s stock valued at $88,000 after buying an additional 474 shares in the last quarter. Finally, Ameritas Advisory Services LLC increased its position in Carrier Global by 299.4% during the 1st quarter. Ameritas Advisory Services LLC now owns 15,184 shares of the company’s stock valued at $970,000 after buying an additional 11,382 shares in the last quarter. 91.00% of the stock is currently 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.