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

Carrier Global Co. (NYSE:CARR) has been given an average recommendation of “Moderate Buy” by the fifteen ratings firms that are currently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $82.31.

CARR has been the topic of several research reports. Bank of America raised their target price on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Oppenheimer raised their price objective on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Royal Bank of Canada reduced their target price on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Robert W. Baird dropped their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th.

Carrier Global Stock Performance

CARR stock opened at $74.05 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. Carrier Global has a 1 year low of $51.20 and a 1 year high of $83.32. The company has a market cap of $66.44 billion, a P/E ratio of 18.75, a price-to-earnings-growth ratio of 2.68 and a beta of 1.34. The stock’s fifty day moving average price is $77.79 and its 200-day moving average price is $69.99.

Carrier Global announced that its board has initiated a stock repurchase plan on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Carrier Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 18th. Shareholders of record on Friday, October 25th were paid a $0.19 dividend. The ex-dividend date was Friday, October 25th. This represents a $0.76 annualized dividend and a yield of 1.03%. Carrier Global’s payout ratio is 19.24%.

Hedge Funds Weigh In On Carrier Global

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Olistico Wealth LLC bought a new position in shares of Carrier Global during the 2nd quarter valued at about $25,000. FSA Wealth Management LLC purchased a new stake in shares of Carrier Global in the third quarter worth about $28,000. Meeder Asset Management Inc. boosted its stake in Carrier Global by 675.0% during the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after buying an additional 405 shares during the last quarter. EdgeRock Capital LLC purchased a new position in Carrier Global during the 2nd quarter valued at approximately $32,000. Finally, Hantz Financial Services Inc. bought a new stake in Carrier Global in the 2nd quarter worth approximately $35,000. Institutional investors own 91.00% of the company’s stock.

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.