Carrier Global (NYSE:CARR) Price Target Cut to $87.00 by Analysts at Royal Bank of Canada

Carrier Global (NYSE:CARR - Get Free Report) had its target price dropped by analysts at Royal Bank of Canada from $91.00 to $87.00 in a research report issued on Friday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank of Canada's price objective indicates a potential upside of 18.01% from the company's current price.

Other equities analysts also recently issued reports about the company. Barclays reduced their price target on Carrier Global from $90.00 to $89.00 and set an "overweight" rating for the company in a report on Friday. Morgan Stanley began coverage on Carrier Global in a report on Friday, September 6th. They set an "equal weight" rating and a $75.00 price target for the company. Robert W. Baird dropped their price objective on Carrier Global from $88.00 to $86.00 and set an "outperform" rating on the stock in a research report on Friday. JPMorgan Chase & Co. assumed coverage on Carrier Global in a research report on Thursday, October 10th. They set a "neutral" rating and a $83.00 price objective on the stock. Finally, Stephens cut Carrier Global from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $75.00 to $85.00 in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Carrier Global presently has a consensus rating of "Moderate Buy" and an average price target of $81.75.

Carrier Global Trading Up 1.4 %

CARR stock traded up $1.01 on Friday, reaching $73.72. The company's stock had a trading volume of 5,288,565 shares, compared to its average volume of 4,155,103. The business has a fifty day simple moving average of $76.33 and a two-hundred day simple moving average of $67.76. Carrier Global has a 12-month low of $45.68 and a 12-month high of $83.32. The firm has a market cap of $66.42 billion, a PE ratio of 51.22, a PEG ratio of 2.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08.

Carrier Global (NYSE:CARR - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.77 EPS for the quarter, missing analysts' consensus estimates of $0.81 by ($0.04). The business had revenue of $5.98 billion during the quarter, compared to analysts' expectations of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. As a group, research analysts forecast that Carrier Global will post 2.85 EPS for the current year.

Carrier Global announced that its board has initiated a share buyback program on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 4.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, VP Ajay Agrawal sold 62,382 shares of the business's stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the transaction, the vice president now owns 103,066 shares of the company's stock, valued at approximately $6,652,910.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.95% of the company's stock.

Hedge Funds Weigh In On Carrier Global

Large investors have recently bought and sold shares of the business. Olistico Wealth LLC purchased a new position in Carrier Global during the 2nd quarter valued at $25,000. McClarren Financial Advisors Inc. lifted its holdings in shares of Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company's stock worth $35,000 after buying an additional 310 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company's stock worth $29,000 after buying an additional 405 shares during the period. Country Trust Bank purchased a new stake in shares of Carrier Global in the 3rd quarter worth $40,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Carrier Global in the 2nd quarter worth $32,000. Hedge funds and other 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.