Wells Fargo & Company Has Lowered Expectations for Carrier Global (NYSE:CARR) Stock Price

Carrier Global (NYSE:CARR) had its price objective reduced by Wells Fargo & Company from $80.00 to $75.00 in a report released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also weighed in on the stock. 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. Robert W. Baird cut their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Northcoast Research started coverage on shares of Carrier Global in a research note on Friday, November 22nd. They set a “neutral” rating for the company. JPMorgan Chase & Co. assumed coverage on Carrier Global in a research report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 target price on the stock. Finally, Stephens reduced their target price 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. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Carrier Global has an average rating of “Moderate Buy” and an average target price of $83.36.

Carrier Global Stock Performance

NYSE CARR opened at $68.17 on Tuesday. The business’s 50-day moving average price is $72.87 and its 200 day moving average price is $72.02. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. Carrier Global has a twelve month low of $53.13 and a twelve month high of $83.32. The company has a market capitalization of $61.16 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 2.73 and a beta of 1.36.

Carrier Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be given a $0.225 dividend. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date is Friday, December 20th. Carrier Global’s dividend payout ratio is presently 22.78%.

Carrier Global declared that its Board of Directors has initiated a share buyback plan on Thursday, October 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Carrier Global

Hedge funds have recently made changes to their positions in the stock. Frank Rimerman Advisors LLC grew its holdings in Carrier Global by 54,708.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock worth $864,000 after acquiring an additional 13,677 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Carrier Global by 39.0% during the third quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock worth $11,013,000 after purchasing an additional 38,365 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Carrier Global by 12.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock worth $8,084,000 after acquiring an additional 11,032 shares in the last quarter. Sheaff Brock Investment Advisors LLC acquired a new position in Carrier Global in the third quarter worth $1,068,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Carrier Global in the 3rd quarter valued at about $793,000. 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.