Carrier Global (NYSE:CARR) to Repurchase $3.00 billion in Shares

Carrier Global (NYSE:CARR) declared that its board has approved a share repurchase program on Thursday, October 24th, RTT News reports. The company plans to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Carrier Global Price Performance

Carrier Global stock traded down $7.06 during trading hours on Thursday, reaching $72.89. 10,409,729 shares of the stock were exchanged, compared to its average volume of 4,149,532. The stock has a 50 day moving average of $76.24 and a two-hundred day moving average of $67.73. Carrier Global has a twelve month low of $45.68 and a twelve month high of $83.32. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The company has a market cap of $65.67 billion, a P/E ratio of 51.48, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The company had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $7.05 billion. During the same period last year, the company posted $0.79 EPS. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. Equities analysts expect that Carrier Global will post 2.85 EPS for the current fiscal year.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be paid a $0.19 dividend. The ex-dividend date is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.04%. Carrier Global’s payout ratio is currently 53.15%.

Analyst Upgrades and Downgrades

CARR has been the topic of a number of recent research reports. Royal Bank of Canada raised their price target on shares of Carrier Global from $72.00 to $79.00 and gave the stock an “outperform” rating in a research report on Thursday, September 5th. Oppenheimer raised their price target on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Barclays raised their price target on shares of Carrier Global from $81.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Robert W. Baird lowered their price target on shares of Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Finally, Stephens lowered shares of Carrier Global from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $75.00 to $85.00 in a research report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Carrier Global presently has an average rating of “Moderate Buy” and a consensus target price of $80.67.

Insider Activity

In other news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total value of $4,026,758.10. Following the sale, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.95% of the stock is currently owned by corporate insiders.

About Carrier Global

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.