Carrier Global (NYSE:CARR) Shares Gap Up Following Better-Than-Expected Earnings

Carrier Global Co. (NYSE:CARR)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $54.77, but opened at $56.75. Carrier Global shares last traded at $59.00, with a volume of 3,114,382 shares trading hands.

The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.12. Carrier Global had a net margin of 6.10% and a return on equity of 27.19%. The firm had revenue of $6.18 billion for the quarter, compared to analyst estimates of $6.27 billion.

Carrier Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Friday, May 3rd will be issued a $0.19 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.76 dividend on an annualized basis and a yield of 1.26%. Carrier Global’s dividend payout ratio is currently 48.10%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Barclays boosted their target price on shares of Carrier Global from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday. Royal Bank of Canada dropped their target price on shares of Carrier Global from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Wells Fargo & Company boosted their target price on shares of Carrier Global from $59.00 to $66.00 and gave the stock an “equal weight” rating in a research report on Friday. Oppenheimer boosted their target price on shares of Carrier Global from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Citigroup boosted their target price on shares of Carrier Global from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.00.

Insider Activity at Carrier Global

In related news, VP Kevin J. O’connor sold 26,551 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the completion of the sale, the vice president now owns 66,083 shares of the company’s stock, valued at approximately $3,553,282.91. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Carrier Global news, VP Kevin J. O’connor sold 26,551 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $53.77, for a total value of $1,427,647.27. Following the sale, the vice president now owns 66,083 shares in the company, valued at $3,553,282.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David L. Gitlin sold 354,539 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.16, for a total transaction of $19,201,832.24. Following the completion of the sale, the chief executive officer now owns 422,808 shares in the company, valued at approximately $22,899,281.28. The disclosure for this sale can be found here. Insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

Several large investors have recently made changes to their positions in CARR. Avior Wealth Management LLC increased its stake in shares of Carrier Global by 41.2% in the third quarter. Avior Wealth Management LLC now owns 983 shares of the company’s stock valued at $54,000 after purchasing an additional 287 shares during the period. GHP Investment Advisors Inc. boosted its holdings in shares of Carrier Global by 205.1% in the third quarter. GHP Investment Advisors Inc. now owns 595 shares of the company’s stock valued at $31,000 after acquiring an additional 400 shares in the last quarter. Advisory Alpha LLC boosted its holdings in shares of Carrier Global by 5.6% in the third quarter. Advisory Alpha LLC now owns 4,872 shares of the company’s stock valued at $269,000 after acquiring an additional 260 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of Carrier Global by 1.9% in the third quarter. Asset Management One Co. Ltd. now owns 430,095 shares of the company’s stock valued at $23,741,000 after acquiring an additional 7,984 shares in the last quarter. Finally, Simplicity Solutions LLC boosted its holdings in shares of Carrier Global by 5.6% in the third quarter. Simplicity Solutions LLC now owns 29,604 shares of the company’s stock valued at $1,634,000 after acquiring an additional 1,565 shares in the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Stock Up 1.2 %

The firm’s fifty day moving average price is $56.54 and its 200-day moving average price is $54.83. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.73 and a quick ratio of 2.40. The firm has a market capitalization of $54.47 billion, a P/E ratio of 38.30, a PEG ratio of 2.31 and a beta of 1.39.

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.