Carrier Global (NYSE:CARR) Announces Quarterly Earnings Results

Carrier Global (NYSE:CARR) posted its earnings results on Thursday. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02, Briefing.com reports. Carrier Global had a return on equity of 26.01% and a net margin of 5.41%. The company had revenue of $6.70 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the prior year, the company earned $0.79 earnings per share. Carrier Global’s revenue was up 11.7% compared to the same quarter last year. Carrier Global updated its FY 2024 guidance to 2.800-2.900 EPS and its FY24 guidance to $2.80-$2.90 EPS.

Carrier Global Stock Performance

Carrier Global stock traded up $1.94 during mid-day trading on Friday, hitting $66.77. 4,351,523 shares of the company’s stock traded hands, compared to its average volume of 4,472,202. The firm has a 50 day moving average price of $64.53 and a 200 day moving average price of $59.89. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.31. The company has a market cap of $60.16 billion, a PE ratio of 46.69, a price-to-earnings-growth ratio of 2.57 and a beta of 1.32. Carrier Global has a one year low of $45.68 and a one year high of $70.09.

Carrier Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 21st will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.14%. The ex-dividend date is Friday, June 21st. Carrier Global’s payout ratio is currently 53.15%.

Insider Buying and Selling at Carrier Global

In other news, insider Jurgen Timperman sold 159,915 shares of Carrier Global stock in a transaction on Monday, April 29th. The stock was sold at an average price of $61.95, for a total transaction of $9,906,734.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Kyle Crockett sold 4,611 shares of Carrier Global stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $66.39, for a total transaction of $306,124.29. Following the transaction, the chief accounting officer now directly owns 2,042 shares in the company, valued at approximately $135,568.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jurgen Timperman sold 159,915 shares of Carrier Global stock in a transaction on Monday, April 29th. The shares were sold at an average price of $61.95, for a total value of $9,906,734.25. The disclosure for this sale can be found here. Insiders have sold 262,954 shares of company stock valued at $16,650,050 in the last quarter. Corporate insiders own 6.95% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Barclays upped their price objective on Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. TD Cowen increased their target price on Carrier Global from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, April 29th. Robert W. Baird reduced their target price on Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a research report on Friday. Baird R W upgraded Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Finally, Oppenheimer cut their price objective on Carrier Global from $71.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Carrier Global has a consensus rating of “Hold” and an average price target of $65.64.

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.