Carrier Global (NYSE:CARR) Updates FY24 Earnings Guidance

Carrier Global (NYSE:CARR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.80-2.90 for the period, compared to the consensus earnings per share estimate of $2.82. The company issued revenue guidance of ~$26.0 billion, compared to the consensus revenue estimate of $26.36 billion. Carrier Global also updated its FY 2024 guidance to 2.800-2.900 EPS.

Analyst Ratings Changes

CARR has been the subject of several analyst reports. Barclays boosted their target price on Carrier Global from $78.00 to $79.00 and gave the stock an overweight rating in a report on Friday. Citigroup upped their price objective on shares of Carrier Global from $60.00 to $63.00 and gave the stock a neutral rating in a report on Monday, April 8th. Royal Bank of Canada dropped their target price on shares of Carrier Global from $63.00 to $60.00 and set an outperform rating on the stock in a report on Wednesday, February 7th. Oppenheimer lifted their price objective on Carrier Global from $63.00 to $64.00 and gave the stock an outperform rating in a research note on Friday. Finally, Wells Fargo & Company increased their target price on Carrier Global from $59.00 to $66.00 and gave the company an equal weight rating in a research note on Friday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $62.00.

Carrier Global Price Performance

NYSE CARR traded up $0.69 on Friday, reaching $60.50. The company’s stock had a trading volume of 6,684,176 shares, compared to its average volume of 4,318,700. Carrier Global has a 52 week low of $40.28 and a 52 week high of $60.87. The company has a current ratio of 1.36, a quick ratio of 2.40 and a debt-to-equity ratio of 1.31. The firm has a market cap of $54.46 billion, a PE ratio of 42.31, a price-to-earnings-growth ratio of 2.53 and a beta of 1.39. The business has a 50-day moving average price of $56.54 and a 200 day moving average price of $54.83.

Carrier Global (NYSE:CARR) last released its quarterly earnings data on Thursday, April 25th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.12. Carrier Global had a return on equity of 26.01% and a net margin of 5.41%. The company had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $6.27 billion. Sell-side analysts expect that Carrier Global will post 2.84 EPS for the current year.

Carrier Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Friday, May 3rd will be paid a dividend of $0.19 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.76 annualized dividend and a yield of 1.26%. Carrier Global’s dividend payout ratio is currently 53.15%.

Insider Activity

In other Carrier Global news, 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 sale, the chief executive officer now directly owns 422,808 shares of the company’s stock, valued at $22,899,281.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Kevin J. O’connor sold 26,551 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $53.77, for a total value of $1,427,647.27. Following the completion of the sale, the vice president now directly owns 66,083 shares in the company, valued at $3,553,282.91. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO David L. Gitlin sold 354,539 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.16, for a total transaction of $19,201,832.24. Following the transaction, the chief executive officer now owns 422,808 shares in the company, valued at approximately $22,899,281.28. The disclosure for this sale can be found here. 6.95% of the stock is owned by corporate insiders.

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.