Wells Fargo & Company Cuts Carrier Global (NYSE:CARR) Price Target to $76.00

Carrier Global (NYSE:CARR) had its price objective decreased by analysts at Wells Fargo & Company from $82.00 to $76.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 4.27% from the stock’s current price.

A number of other research firms also recently commented on CARR. Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Barclays increased 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. Bank of America boosted their price objective on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. JPMorgan Chase & Co. began coverage on Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Finally, Royal Bank of Canada lifted their target price on Carrier Global from $72.00 to $79.00 and gave the stock an “outperform” rating in a research report on Thursday, September 5th. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.17.

Carrier Global Stock Down 8.8 %

Shares of NYSE CARR opened at $72.89 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08. Carrier Global has a 1 year low of $45.68 and a 1 year high of $83.32. The stock’s 50-day simple moving average is $76.24 and its 200-day simple moving average is $67.73. The firm has a market cap of $65.67 billion, a price-to-earnings ratio of 50.97, a PEG ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.04). The business had revenue of $5.98 billion for the quarter, compared to analysts’ expectations of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. As a group, equities analysts anticipate that Carrier Global will post 2.85 earnings per share for the current fiscal year.

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

Insider Transactions at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the transaction, the vice president now directly owns 103,066 shares of the company’s stock, valued at $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

Several hedge funds have recently modified their holdings of the stock. Olistico Wealth LLC acquired a new stake in Carrier Global during the 2nd quarter valued at $25,000. McClarren Financial Advisors Inc. raised its position in Carrier Global by 246.0% during the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after buying an additional 310 shares during the period. Meeder Asset Management Inc. raised its position in Carrier Global by 675.0% during the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after buying an additional 405 shares during the period. Country Trust Bank purchased a new stake in Carrier Global in the 3rd quarter worth about $40,000. Finally, EdgeRock Capital LLC acquired a new stake in Carrier Global during the 2nd quarter worth about $32,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

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.