Carrier Global (NYSE:CARR) Given New $70.00 Price Target at Wells Fargo & Company

Carrier Global (NYSE:CARR) had its target price reduced by equities research analysts at Wells Fargo & Company from $75.00 to $70.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.88% from the stock’s current price.

Several other equities analysts have also recently issued reports on CARR. Northcoast Research initiated coverage on Carrier Global in a research note on Friday, November 22nd. They set a “neutral” rating on the stock. Bank of America boosted their target price on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Stephens reduced their target price on 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. The Goldman Sachs Group initiated coverage on Carrier Global in a research note on Thursday, December 12th. They set a “buy” rating and a $96.00 target price on the stock. Finally, Citigroup reduced their target price on Carrier Global from $94.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Carrier Global currently has an average rating of “Moderate Buy” and a consensus target price of $83.36.

Carrier Global Trading Down 2.2 %

CARR stock traded down $1.46 during midday trading on Wednesday, hitting $63.70. The company had a trading volume of 1,255,981 shares, compared to its average volume of 5,641,625. 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 52 week low of $53.13 and a 52 week high of $83.32. The stock’s 50 day moving average price is $68.78 and its 200 day moving average price is $72.40. The stock has a market cap of $57.16 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 2.11 and a beta of 1.35.

Carrier Global (NYSE:CARR) last announced its quarterly earnings data 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 return on equity of 20.52% and a net margin of 14.98%. During the same period in the prior year, the company earned $0.53 earnings per share. As a group, equities research analysts expect that Carrier Global will post 2.52 earnings per share for the current fiscal year.

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

Institutional Investors Weigh In On Carrier Global

A number of institutional investors have recently modified their holdings of the stock. Level Four Advisory Services LLC grew its stake in shares of Carrier Global by 13.1% in the fourth quarter. Level Four Advisory Services LLC now owns 4,853 shares of the company’s stock worth $331,000 after acquiring an additional 561 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Carrier Global by 2.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,080,842 shares of the company’s stock valued at $415,078,000 after purchasing an additional 126,174 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Carrier Global by 0.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 239,956 shares of the company’s stock valued at $16,379,000 after purchasing an additional 968 shares in the last quarter. Norges Bank bought a new position in shares of Carrier Global during the fourth quarter valued at $588,029,000. Finally, Caisse Des Depots ET Consignations bought a new position in shares of Carrier Global during the fourth quarter valued at $3,593,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

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.