Royal Bank of Canada Lowers Carrier Global (NYSE:CARR) Price Target to $76.00

Carrier Global (NYSE:CARR) had its target price reduced by equities researchers at Royal Bank of Canada from $86.00 to $76.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 20.14% from the stock’s previous close.

CARR has been the topic of a number of other reports. Northcoast Research began coverage on Carrier Global in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock. Bank of America upped their price target on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. JPMorgan Chase & Co. cut their price target on shares of Carrier Global from $83.00 to $77.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective on the stock in a report on Wednesday, November 13th. Finally, Mizuho boosted their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $82.64.

Carrier Global Stock Down 2.9 %

CARR stock traded down $1.90 during mid-day trading on Wednesday, reaching $63.26. The company had a trading volume of 1,645,064 shares, compared to its average volume of 5,664,905. The firm has a fifty day simple moving average of $68.78 and a 200 day simple moving average of $72.40. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The company has a market capitalization of $56.76 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. Carrier Global has a fifty-two week low of $53.13 and a fifty-two week high of $83.32.

Carrier Global (NYSE:CARR) last issued its earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Carrier Global had a net margin of 14.98% and a return on equity of 20.52%. During the same period in the previous year, the business earned $0.53 EPS. Analysts forecast that Carrier Global will post 2.52 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Carrier Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BOK Financial Private Wealth Inc. lifted its stake in shares of Carrier Global by 80.0% in the fourth quarter. BOK Financial Private Wealth Inc. now owns 360 shares of the company’s stock valued at $25,000 after purchasing an additional 160 shares during the period. FSA Wealth Management LLC purchased a new stake in shares of Carrier Global during the 3rd quarter worth approximately $28,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Carrier Global during the 4th quarter worth approximately $31,000. McClarren Financial Advisors Inc. grew its holdings in shares of Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after acquiring an additional 310 shares during the period. Finally, Coastline Trust Co purchased a new position in Carrier Global in the 3rd quarter valued at approximately $37,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

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.