Carrier Global Co. (NYSE:CARR) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Carrier Global Co. (NYSE:CARR) have received an average recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $83.93.

Several research analysts have recently issued reports on CARR shares. Royal Bank of Canada reduced their target price on shares of Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Mizuho raised their target price on shares of Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. The Goldman Sachs Group started coverage on shares of Carrier Global in a research note on Thursday, December 12th. They issued a “buy” rating and a $96.00 target price on the stock. UBS Group raised shares of 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. Finally, Stephens reduced their target price on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th.

Institutional Trading of Carrier Global

Hedge funds have recently bought and sold shares of the stock. State Street Corp raised its holdings in shares of Carrier Global by 1.4% in the third quarter. State Street Corp now owns 33,665,505 shares of the company’s stock valued at $2,709,736,000 after purchasing an additional 469,108 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Carrier Global by 1.7% in the third quarter. Geode Capital Management LLC now owns 16,937,689 shares of the company’s stock valued at $1,357,961,000 after purchasing an additional 289,439 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Carrier Global by 1.9% in the third quarter. Fisher Asset Management LLC now owns 14,267,109 shares of the company’s stock valued at $1,148,360,000 after purchasing an additional 269,538 shares during the last quarter. FMR LLC raised its holdings in shares of Carrier Global by 36.2% in the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock valued at $702,603,000 after purchasing an additional 2,320,909 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Carrier Global by 1.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,993,169 shares of the company’s stock valued at $482,390,000 after purchasing an additional 110,988 shares during the last quarter. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Carrier Global Stock Down 3.9 %

Shares of NYSE CARR opened at $67.36 on Tuesday. The firm has a market capitalization of $60.44 billion, a PE ratio of 17.05, a price-to-earnings-growth ratio of 2.26 and a beta of 1.36. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. Carrier Global has a 1 year low of $53.13 and a 1 year high of $83.32. The firm’s 50-day moving average is $71.42 and its 200-day moving average is $72.55.

Carrier Global Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.225 per share. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s dividend payout ratio (DPR) is 22.78%.

Carrier Global announced that its Board of Directors has approved a stock repurchase program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 4.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

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.