Royal Bank Of Canada Cuts Carrier Global (NYSE:CARR) Price Target to $70.00

Carrier Global (NYSE:CARR) had its price target lowered by Royal Bank Of Canada from $75.00 to $70.00 in a report issued on Friday, Marketbeat Ratings reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 28.41% from the stock’s previous close.

A number of other brokerages also recently issued reports on CARR. Barclays decreased their price target on Carrier Global from $82.00 to $74.00 and set an “overweight” rating for the company in a report on Thursday, September 11th. Oppenheimer restated a “market perform” rating on shares of Carrier Global in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Carrier Global in a research note on Monday. Mizuho decreased their price objective on shares of Carrier Global from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Finally, The Goldman Sachs Group reduced their target price on Carrier Global from $76.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Nine analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $72.44.

Carrier Global Price Performance

Shares of NYSE CARR opened at $54.51 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.14 and a quick ratio of 0.75. The company has a market cap of $45.91 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 2.37 and a beta of 1.30. The stock’s 50-day moving average is $56.60 and its two-hundred day moving average is $65.04. Carrier Global has a 1-year low of $50.30 and a 1-year high of $81.09.

Carrier Global (NYSE:CARR) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. Carrier Global had a return on equity of 16.65% and a net margin of 18.05%.The business had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.65 billion. During the same period in the previous year, the company posted $0.83 earnings per share. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. Analysts forecast that Carrier Global will post 2.99 EPS for the current fiscal year.

Carrier Global announced that its Board of Directors has authorized a stock buyback plan on Tuesday, October 28th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Carrier Global

A number of institutional investors have recently added to or reduced their stakes in CARR. Nuveen LLC acquired a new stake in shares of Carrier Global in the 1st quarter valued at approximately $649,512,000. JPMorgan Chase & Co. lifted its holdings in Carrier Global by 23.8% in the second quarter. JPMorgan Chase & Co. now owns 38,536,301 shares of the company’s stock valued at $2,820,485,000 after acquiring an additional 7,409,432 shares during the period. Norges Bank purchased a new stake in shares of Carrier Global during the 2nd quarter worth $524,939,000. Capital International Investors grew its stake in shares of Carrier Global by 6.7% during the 3rd quarter. Capital International Investors now owns 57,982,302 shares of the company’s stock worth $3,461,142,000 after purchasing an additional 3,630,524 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of Carrier Global by 506.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,187,219 shares of the company’s stock valued at $249,977,000 after purchasing an additional 3,496,372 shares in the last quarter. 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.