Royal Bank of Canada Cuts Carrier Global (NYSE:CARR) Price Target to $86.00

Carrier Global (NYSE:CARR) had its price objective decreased by Royal Bank of Canada from $87.00 to $86.00 in a research note issued to investors on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other research analysts have also issued reports about the company. Morgan Stanley assumed coverage on Carrier Global in a research report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target for the company. Robert W. Baird reduced their target price on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Barclays increased their price target on shares of Carrier Global from $89.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Bank of America lifted their price objective on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price for the company in a research note on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $83.43.

Carrier Global Price Performance

NYSE CARR opened at $69.26 on Friday. The company has a market cap of $62.14 billion, a PE ratio of 17.53, a P/E/G ratio of 2.73 and a beta of 1.36. The firm’s 50 day moving average price is $73.14 and its 200-day moving average price is $71.95. 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 announced that its board has initiated a stock repurchase program on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Carrier Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, December 20th will be issued a dividend of $0.225 per share. The ex-dividend date is Friday, December 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 dividend on an annualized basis and a yield of 1.30%. Carrier Global’s dividend payout ratio is 22.78%.

Hedge Funds Weigh In On Carrier Global

Several institutional investors and hedge funds have recently modified their holdings of the business. Ritholtz Wealth Management acquired a new position in shares of Carrier Global during the 2nd quarter worth approximately $206,000. Founders Financial Securities LLC raised its position in Carrier Global by 5.0% during the second quarter. Founders Financial Securities LLC now owns 5,834 shares of the company’s stock worth $368,000 after acquiring an additional 279 shares during the period. Larson Financial Group LLC lifted its holdings in Carrier Global by 55.8% during the second quarter. Larson Financial Group LLC now owns 1,119 shares of the company’s stock valued at $71,000 after purchasing an additional 401 shares in the last quarter. TD Asset Management Inc grew its position in shares of Carrier Global by 2.9% in the second quarter. TD Asset Management Inc now owns 336,365 shares of the company’s stock valued at $21,218,000 after purchasing an additional 9,625 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Carrier Global by 14.5% during the second quarter. National Bank of Canada FI now owns 390,777 shares of the company’s stock worth $24,183,000 after purchasing an additional 49,556 shares in the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

About Carrier Global

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.