Carrier Global (NYSE:CARR) Given New $76.00 Price Target at Royal Bank of Canada

Carrier Global (NYSE:CARR) had its price target decreased by Royal Bank of Canada from $86.00 to $76.00 in a report published on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

CARR has been the subject of several other research reports. Mizuho increased their target price on shares of Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Citigroup reduced their target price on shares of Carrier Global from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Barclays reduced their target price on shares of Carrier Global from $90.00 to $87.00 and set an “overweight” rating for the company in a research note on Wednesday. Northcoast Research initiated coverage on shares of Carrier Global in a research note on Friday, November 22nd. They set a “neutral” rating for the company. Finally, Stephens cut their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Carrier Global has an average rating of “Moderate Buy” and a consensus price target of $82.64.

Carrier Global Trading Down 2.4 %

Shares of NYSE:CARR opened at $63.60 on Wednesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The stock’s 50-day moving average is $68.78 and its 200-day moving average is $72.40. Carrier Global has a 52-week low of $53.13 and a 52-week high of $83.32. The company has a market cap of $57.06 billion, a P/E ratio of 16.10, a P/E/G ratio of 2.11 and a beta of 1.35.

Carrier Global (NYSE:CARR) last released its earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Carrier Global had a net margin of 14.98% and a return on equity of 20.52%. During the same period in the previous year, the firm earned $0.53 earnings per share. Equities research analysts predict that Carrier Global will post 2.52 earnings per share for the current year.

Carrier Global Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, December 20th were issued a dividend of $0.225 per share. The ex-dividend date of this dividend was Friday, December 20th. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 annualized dividend and a yield of 1.42%. Carrier Global’s payout ratio is 22.78%.

Carrier Global declared that its board has authorized a share buyback plan on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Carrier Global

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp increased its holdings in Carrier Global by 1.4% during the 3rd quarter. State Street Corp now owns 33,665,505 shares of the company’s stock worth $2,709,736,000 after acquiring an additional 469,108 shares during the period. Geode Capital Management LLC boosted its stake in shares of Carrier Global by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 17,357,770 shares of the company’s stock valued at $1,181,300,000 after purchasing an additional 420,081 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Carrier Global by 0.3% in the 4th quarter. Fisher Asset Management LLC now owns 14,313,331 shares of the company’s stock valued at $977,028,000 after purchasing an additional 46,222 shares in the last quarter. FMR LLC boosted its position in Carrier Global by 36.2% during the 3rd quarter. FMR LLC now owns 8,729,073 shares of the company’s stock valued at $702,603,000 after buying an additional 2,320,909 shares during the period. Finally, Norges Bank purchased a new stake in Carrier Global during the 4th quarter valued at $588,029,000. Institutional investors own 91.00% of the company’s stock.

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.