Carrier Global (NYSE:CARR) Releases Earnings Results, Beats Expectations By $0.02 EPS

Carrier Global (NYSE:CARRGet Free Report) posted its quarterly earnings data on Tuesday. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02, Briefing.com reports. Carrier Global had a return on equity of 27.19% and a net margin of 6.10%. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter last year, the firm earned $0.40 EPS. The business’s quarterly revenue was down .1% on a year-over-year basis. 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 Price Performance

CARR stock opened at $53.82 on Thursday. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.73 and a quick ratio of 1.25. The business has a 50 day simple moving average of $55.85 and a 200-day simple moving average of $54.53. The firm has a market capitalization of $45.16 billion, a PE ratio of 34.06, a price-to-earnings-growth ratio of 1.79 and a beta of 1.42. Carrier Global has a 1 year low of $40.28 and a 1 year high of $60.04.

Carrier Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Thursday, December 21st will be given a $0.19 dividend. The ex-dividend date is Wednesday, December 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.41%. Carrier Global’s dividend payout ratio is 48.10%.

Analyst Ratings Changes

A number of brokerages have commented on CARR. Wolfe Research cut Carrier Global from a “peer perform” rating to an “underperform” rating and set a $56.00 price target for the company. in a research report on Thursday, October 12th. Oppenheimer lowered their price target on Carrier Global from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Monday, October 23rd. Wells Fargo & Company lowered their price target on Carrier Global from $63.00 to $57.00 and set an “equal weight” rating for the company in a research report on Wednesday. Citigroup lifted their price target on Carrier Global from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, December 11th. Finally, Royal Bank of Canada decreased their price objective on Carrier Global from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Carrier Global currently has a consensus rating of “Hold” and a consensus price target of $58.07.

View Our Latest Analysis on Carrier Global

Insider Activity

In other news, VP Ajay Agrawal sold 16,500 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $57.99, for a total value of $956,835.00. Following the completion of the sale, the vice president now directly owns 89,920 shares in the company, valued at $5,214,460.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CARR. American Century Companies Inc. boosted its position in shares of Carrier Global by 11.5% during the third quarter. American Century Companies Inc. now owns 60,063 shares of the company’s stock worth $3,315,000 after buying an additional 6,174 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in shares of Carrier Global during the third quarter worth $333,000. Coppell Advisory Solutions LLC purchased a new position in shares of Carrier Global during the second quarter worth $59,000. Resources Management Corp CT ADV boosted its position in shares of Carrier Global by 1,147.3% during the second quarter. Resources Management Corp CT ADV now owns 8,170 shares of the company’s stock worth $406,000 after buying an additional 7,515 shares during the period. Finally, PCA Investment Advisory Services Inc. purchased a new position in shares of Carrier Global during the second quarter worth $50,000. 91.47% of the stock is currently owned by institutional investors and hedge funds.

Carrier Global Company Profile

(Get Free Report)

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide. It operates through three segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment provides products, controls, services, and solutions to meet the heating, cooling, and ventilation needs of residential and commercial customers.

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Earnings History for Carrier Global (NYSE:CARR)

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