Brokerages Set Carrier Global Co. (NYSE:CARR) PT at $83.93

Carrier Global Co. (NYSE:CARR) has earned a consensus recommendation of “Moderate Buy” from the seventeen analysts that are presently covering the company, Marketbeat reports. Eight investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $83.93.

A number of research firms recently issued reports on CARR. JPMorgan Chase & Co. reduced their price objective on Carrier Global from $83.00 to $77.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Stephens reduced their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Bank of America increased their price objective on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Royal Bank of Canada reduced their target price on shares of Carrier Global from $87.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Finally, Northcoast Research started coverage on shares of Carrier Global in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock.

Carrier Global Stock Performance

Shares of NYSE CARR opened at $63.00 on Tuesday. The stock has a market capitalization of $56.52 billion, a P/E ratio of 15.95, a P/E/G ratio of 2.12 and a beta of 1.36. The firm’s 50-day moving average price is $70.51 and its two-hundred day moving average price is $72.50. Carrier Global has a 52-week low of $53.13 and a 52-week high of $83.32. 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 authorized a share buyback plan on Thursday, October 24th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently announced 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. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s payout ratio is presently 22.78%.

Hedge Funds Weigh In On Carrier Global

Several hedge funds have recently made changes to their positions in the business. FMR LLC grew its holdings in shares of Carrier Global by 36.2% during the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock valued at $702,603,000 after buying an additional 2,320,909 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Carrier Global during the 3rd quarter worth about $130,479,000. Mizuho Securities USA LLC grew its stake in Carrier Global by 1,428.4% during the 3rd quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock valued at $79,484,000 after acquiring an additional 922,892 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Carrier Global by 8,797.3% in the 3rd quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock valued at $730,250,000 after purchasing an additional 897,061 shares during the period. Finally, State Street Corp lifted its position in shares of Carrier Global by 1.4% in the third quarter. State Street Corp now owns 33,665,505 shares of the company’s stock worth $2,709,736,000 after purchasing an additional 469,108 shares in the last quarter. Institutional investors and hedge funds 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.