Carrier Global (NYSE:CARR) Price Target Cut to $58.00 by Analysts at Morgan Stanley

Carrier Global (NYSE:CARR) had its target price cut by Morgan Stanley from $60.00 to $58.00 in a research note released on Friday morning, Analyst Ratings Network reports. They currently have an overweight rating on the stock.

CARR has been the topic of several other research reports. Barclays upped their target price on Carrier Global from $62.00 to $65.00 and gave the company an overweight rating in a research report on Tuesday, January 4th. Credit Suisse Group upped their target price on Carrier Global from $54.00 to $55.00 and gave the company a neutral rating in a research report on Friday, October 29th. Wells Fargo & Company initiated coverage on Carrier Global in a research report on Thursday, October 7th. They set an equal weight rating and a $51.00 price target on the stock. Deutsche Bank Aktiengesellschaft downgraded Carrier Global from a buy rating to a hold rating and reduced their price target for the stock from $58.00 to $56.00 in a research report on Thursday, December 9th. Finally, Royal Bank of Canada reduced their price target on Carrier Global from $61.00 to $59.00 and set an outperform rating on the stock in a research report on Friday, October 29th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $56.06.

Shares of NYSE CARR opened at $51.10 on Friday. The business’s 50 day moving average price is $54.25 and its two-hundred day moving average price is $53.71. The company has a market cap of $44.28 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 1.87 and a beta of 0.91. The company has a quick ratio of 1.54, a current ratio of 1.86 and a debt-to-equity ratio of 1.32. Carrier Global has a twelve month low of $34.21 and a twelve month high of $58.89.

Carrier Global (NYSE:CARR) last posted its earnings results on Thursday, October 28th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.66 by $0.05. Carrier Global had a return on equity of 27.46% and a net margin of 11.08%. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.38 billion. During the same quarter in the prior year, the business earned $0.67 earnings per share. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, research analysts anticipate that Carrier Global will post 2.21 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 10th. Stockholders of record on Thursday, December 23rd will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. This is a boost from Carrier Global’s previous quarterly dividend of $0.12. The ex-dividend date is Wednesday, December 22nd. Carrier Global’s dividend payout ratio is presently 23.90%.

In other news, insider Jurgen Timperman sold 33,036 shares of the stock in a transaction on Friday, November 12th. The stock was sold at an average price of $56.05, for a total value of $1,851,667.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. Tocqueville Asset Management L.P. grew its holdings in Carrier Global by 1.8% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 361,836 shares of the company’s stock worth $17,585,000 after acquiring an additional 6,571 shares during the period. Mackenzie Financial Corp grew its stake in shares of Carrier Global by 125.3% in the 3rd quarter. Mackenzie Financial Corp now owns 98,746 shares of the company’s stock valued at $5,111,000 after buying an additional 54,923 shares during the period. TRH Financial LLC grew its stake in shares of Carrier Global by 38.5% in the 3rd quarter. TRH Financial LLC now owns 92,113 shares of the company’s stock valued at $4,768,000 after buying an additional 25,599 shares during the period. Morgan Stanley grew its stake in shares of Carrier Global by 39.9% in the 2nd quarter. Morgan Stanley now owns 5,577,479 shares of the company’s stock valued at $271,065,000 after buying an additional 1,589,475 shares during the period. Finally, CHURCHILL MANAGEMENT Corp grew its stake in shares of Carrier Global by 2.8% in the 3rd quarter. CHURCHILL MANAGEMENT Corp now owns 168,017 shares of the company’s stock valued at $8,697,000 after buying an additional 4,622 shares during the period. Hedge funds and other institutional investors own 84.55% 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 worldwide. It operates through three segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment provides products, controls, services, and solutions to meet the heating and cooling needs of residential and commercial customers.

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Analyst Recommendations for Carrier Global (NYSE:CARR)

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