Carrier Global (NYSE:CARR) Sets New 12-Month High Following Analyst Upgrade

Carrier Global Co. (NYSE:CARR)’s stock price hit a new 52-week high during trading on Monday after Robert W. Baird raised their price target on the stock from $60.00 to $64.00. Robert W. Baird currently has a neutral rating on the stock. Carrier Global traded as high as $63.91 and last traded at $64.16, with a volume of 674686 shares changing hands. The stock had previously closed at $62.09.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada lowered their price target on 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 raised their price objective on shares of Carrier Global from $59.00 to $66.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. TD Cowen increased their target price on Carrier Global from $66.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, April 29th. Barclays lifted their price objective on shares of Carrier Global from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Finally, Citigroup lifted their price target on shares of Carrier Global from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Carrier Global has an average rating of “Hold” and an average target price of $62.71.

Insider Buying and Selling at Carrier Global

In other Carrier Global news, CEO David L. Gitlin sold 354,539 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 422,808 shares of the company’s stock, valued at approximately $22,899,281.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other 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 transaction, the vice president now owns 66,083 shares in the company, valued at approximately $3,553,282.91. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO David L. Gitlin sold 354,539 shares of the company’s stock in a transaction dated 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 directly owns 422,808 shares in the company, valued at approximately $22,899,281.28. The disclosure for this sale can be found here. Insiders sold 541,005 shares of company stock valued at $30,536,214 in the last quarter. Company insiders own 6.95% of the company’s stock.

Hedge Funds Weigh In On Carrier Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Modera Wealth Management LLC lifted its holdings in Carrier Global by 19.4% in the third quarter. Modera Wealth Management LLC now owns 21,099 shares of the company’s stock valued at $1,165,000 after buying an additional 3,430 shares during the period. Pinnacle Financial Partners Inc increased its position in shares of Carrier Global by 9.0% during the fourth quarter. Pinnacle Financial Partners Inc now owns 5,781 shares of the company’s stock worth $332,000 after acquiring an additional 476 shares in the last quarter. Andrew Hill Investment Advisors Inc. bought a new stake in shares of Carrier Global during the fourth quarter worth $2,081,000. abrdn plc increased its position in shares of Carrier Global by 40.6% during the fourth quarter. abrdn plc now owns 751,661 shares of the company’s stock worth $43,183,000 after acquiring an additional 217,144 shares in the last quarter. Finally, AIA Group Ltd grew its position in Carrier Global by 16.5% in the fourth quarter. AIA Group Ltd now owns 98,959 shares of the company’s stock valued at $5,685,000 after purchasing an additional 14,003 shares in the last quarter. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Carrier Global Trading Up 3.2 %

The firm has a market cap of $57.72 billion, a P/E ratio of 44.80, a P/E/G ratio of 2.61 and a beta of 1.34. The business’s 50-day moving average is $57.53 and its two-hundred day moving average is $55.24. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.36 and a quick ratio of 0.99.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Thursday, April 25th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.12. The firm had revenue of $6.18 billion during the quarter, compared to analysts’ expectations of $6.27 billion. Carrier Global had a net margin of 5.41% and a return on equity of 26.01%. As a group, analysts predict that Carrier Global Co. will post 2.85 earnings per share for the current fiscal year.

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Friday, May 3rd will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Thursday, May 2nd. Carrier Global’s dividend payout ratio is presently 53.15%.

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.