Barclays Has Lowered Expectations for Carrier Global (NYSE:CARR) Stock Price

Carrier Global (NYSE:CARR) had its price target dropped by analysts at Barclays from $92.00 to $90.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 32.02% from the company’s current price.

Several other equities analysts have also recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Carrier Global from $80.00 to $75.00 and set an “equal weight” rating for the company in a research report on Tuesday. Royal Bank of Canada lowered their target price on Carrier Global from $87.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Stephens cut their price target on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. UBS Group raised shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Wednesday, November 13th. Finally, Northcoast Research began coverage on shares of Carrier Global in a research report on Friday, November 22nd. They set a “neutral” rating on the stock. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.21.

Carrier Global Price Performance

Shares of CARR opened at $68.17 on Wednesday. The business has a 50-day simple moving average of $72.87 and a two-hundred day simple moving average of $72.02. Carrier Global has a 12-month low of $53.13 and a 12-month high of $83.32. The stock has a market cap of $61.16 billion, a PE ratio of 17.26, a PEG ratio of 2.73 and a beta of 1.36. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69.

Carrier Global announced that its Board of Directors has approved a share repurchase program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Carrier Global

Institutional investors and hedge funds have recently modified their holdings of the stock. FSA Wealth Management LLC purchased a new stake in Carrier Global in the 3rd quarter valued at $28,000. Meeder Asset Management Inc. grew its stake 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 acquiring an additional 405 shares in the last quarter. McClarren Financial Advisors Inc. raised its holdings in shares of Carrier Global by 246.0% in the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after purchasing an additional 310 shares during the last quarter. Coastline Trust Co bought a new position in shares of Carrier Global during the third quarter valued at about $37,000. Finally, Country Trust Bank bought a new position in shares of Carrier Global during the third quarter valued at about $40,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

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.