Barclays Issues Pessimistic Forecast for Carrier Global (NYSE:CARR) Stock Price

Carrier Global (NYSE:CARR) had its price target dropped by research analysts at Barclays from $92.00 to $90.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 31.69% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Northcoast Research started coverage on Carrier Global in a research note on Friday, November 22nd. They set a “neutral” rating for the company. UBS Group upgraded Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a research note on Wednesday, November 13th. Royal Bank of Canada lowered their target price on shares of Carrier Global from $87.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Wells Fargo & Company reduced their price target on shares of Carrier Global from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, Bank of America lifted their price objective on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $83.21.

Carrier Global Stock Performance

Carrier Global stock opened at $68.34 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The firm has a market capitalization of $61.32 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 2.73 and a beta of 1.36. Carrier Global has a 1-year low of $53.13 and a 1-year high of $83.32. The company’s 50-day moving average is $72.67 and its 200 day moving average is $71.97.

Carrier Global declared that its board has approved a stock buyback program on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Carrier Global

Hedge funds have recently made changes to their positions in the stock. FMR LLC raised its holdings in Carrier Global by 36.2% in the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after purchasing an additional 2,320,909 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Carrier Global during the 3rd quarter worth approximately $130,479,000. Point72 Asset Management L.P. purchased a new stake in Carrier Global during the second quarter valued at approximately $58,415,000. Mizuho Securities USA LLC boosted its stake in Carrier Global by 1,428.4% in the third quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock valued at $79,484,000 after acquiring an additional 922,892 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Carrier Global by 8,797.3% in the third quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock worth $730,250,000 after purchasing an additional 897,061 shares during the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

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.