Carrier Global (NYSE:CARR) Price Target Cut to $62.00 by Analysts at Wells Fargo & Company

Carrier Global (NYSE:CARR) had its price objective reduced by Wells Fargo & Company from $65.00 to $62.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms have also issued reports on CARR. Oppenheimer reaffirmed a “market perform” rating on shares of Carrier Global in a report on Wednesday. Royal Bank Of Canada cut their price target on shares of Carrier Global from $87.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, September 12th. Mizuho dropped their price objective on shares of Carrier Global from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Carrier Global from $73.00 to $70.00 and set a “hold” rating on the stock in a report on Tuesday, September 23rd. Finally, The Goldman Sachs Group dropped their price objective on shares of Carrier Global from $88.00 to $76.00 and set a “buy” rating on the stock in a report on Friday, September 12th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and a consensus target price of $74.82.

Carrier Global Price Performance

NYSE CARR opened at $60.81 on Wednesday. The firm’s fifty day simple moving average is $60.85 and its two-hundred day simple moving average is $67.00. The company has a current ratio of 1.14, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76. Carrier Global has a 12-month low of $54.22 and a 12-month high of $81.09. The firm has a market capitalization of $51.75 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.97 and a beta of 1.25.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. Carrier Global had a net margin of 18.05% and a return on equity of 16.65%. The business had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.65 billion. During the same period in the previous year, the company earned $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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 18th. Stockholders of record on Wednesday, October 29th will be issued a dividend of $0.225 per share. The ex-dividend date of this dividend is Wednesday, October 29th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.5%. Carrier Global’s payout ratio is 19.61%.

Carrier Global announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 28th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 10.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Costello Asset Management INC lifted its position in Carrier Global by 4.2% during the second quarter. Costello Asset Management INC now owns 3,153 shares of the company’s stock valued at $231,000 after purchasing an additional 127 shares during the period. Rehmann Capital Advisory Group lifted its position in Carrier Global by 1.3% during the second quarter. Rehmann Capital Advisory Group now owns 12,083 shares of the company’s stock valued at $884,000 after purchasing an additional 150 shares during the period. Penobscot Investment Management Company Inc. lifted its position in Carrier Global by 0.7% during the second quarter. Penobscot Investment Management Company Inc. now owns 20,833 shares of the company’s stock valued at $1,525,000 after purchasing an additional 155 shares during the period. Lindbrook Capital LLC lifted its position in Carrier Global by 1.3% during the first quarter. Lindbrook Capital LLC now owns 12,294 shares of the company’s stock valued at $779,000 after purchasing an additional 156 shares during the period. Finally, Code Waechter LLC lifted its position in Carrier Global by 5.1% during the first quarter. Code Waechter LLC now owns 3,383 shares of the company’s stock valued at $214,000 after purchasing an additional 164 shares during the period. 91.00% of the stock is currently owned by institutional investors and hedge funds.

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.