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

Carrier Global (NYSE:CARR - Free Report) had its price target cut by Wells Fargo & Company from $75.00 to $70.00 in a research note published on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also issued reports on CARR. The Goldman Sachs Group started coverage on shares of Carrier Global in a research report on Thursday, December 12th. They issued a "buy" rating and a $96.00 target price for the company. JPMorgan Chase & Co. reduced their price objective on shares of Carrier Global from $83.00 to $77.00 and set a "neutral" rating for the company in a research report on Wednesday, January 15th. Mizuho upped their price objective on shares of Carrier Global from $65.00 to $78.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. UBS Group raised shares of Carrier Global from a "neutral" rating to a "buy" rating and set a $94.00 price target for the company in a research report on Wednesday, November 13th. Finally, Barclays cut their price objective on shares of Carrier Global from $90.00 to $87.00 and set an "overweight" rating on the stock in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $82.64.

Carrier Global Stock Up 2.4 %

Shares of CARR stock traded up $1.52 on Wednesday, hitting $65.19. The stock had a trading volume of 6,750,573 shares, compared to its average volume of 5,689,759. The firm has a market capitalization of $58.49 billion, a price-to-earnings ratio of 16.50, a P/E/G ratio of 2.11 and a beta of 1.35. The stock's 50 day moving average is $68.17 and its 200-day moving average is $72.30. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. Carrier Global has a 52-week low of $53.13 and a 52-week high of $83.32.

Carrier Global (NYSE:CARR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Carrier Global had a net margin of 14.98% and a return on equity of 20.52%. During the same period in the previous year, the firm earned $0.53 EPS. As a group, research analysts expect that Carrier Global will post 2.52 earnings per share for the current year.

Carrier Global announced that its board has authorized a share buyback program on Thursday, October 24th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Friday, December 20th were issued a dividend of $0.225 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.38%. This is an increase from Carrier Global's previous quarterly dividend of $0.19. Carrier Global's dividend payout ratio (DPR) is currently 22.78%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CARR. BOK Financial Private Wealth Inc. grew its position in Carrier Global by 80.0% in the fourth quarter. BOK Financial Private Wealth Inc. now owns 360 shares of the company's stock valued at $25,000 after acquiring an additional 160 shares during the last quarter. Ritter Daniher Financial Advisory LLC DE lifted its stake in shares of Carrier Global by 90.0% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 380 shares of the company's stock worth $26,000 after acquiring an additional 180 shares during the period. FSA Wealth Management LLC acquired a new position in Carrier Global in the third quarter valued at approximately $28,000. Bradley & Co. Private Wealth Management LLC acquired a new position in Carrier Global in the fourth quarter valued at approximately $31,000. Finally, Meeder Asset Management Inc. lifted its stake in Carrier Global by 236.1% in the fourth quarter. Meeder Asset Management Inc. now owns 484 shares of the company's stock valued at $33,000 after buying an additional 340 shares during the period. 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.