Carrier Global (NYSE:CARR) Shares Gap Up Following Better-Than-Expected Earnings

Carrier Global Co. (NYSE:CARR)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $54.77, but opened at $56.75. Carrier Global shares last traded at $59.00, with a volume of 3,114,382 shares traded.

The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.50 by $0.12. The company had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $6.27 billion. Carrier Global had a return on equity of 27.19% and a net margin of 6.10%.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Friday, May 3rd will be issued a $0.19 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.26%. Carrier Global’s dividend payout ratio is presently 48.10%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CARR shares. Citigroup lifted their price target on Carrier Global from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays lifted their price target on Carrier Global from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Friday. Wells Fargo & Company lifted their price target on Carrier Global from $59.00 to $66.00 and gave the company an “equal weight” rating in a report on Friday. Oppenheimer lifted their price target on Carrier Global from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Friday. Finally, Royal Bank of Canada lowered their price objective on Carrier Global from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Three research 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, Carrier Global presently has an average rating of “Hold” and an average price target of $62.00.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Carrier Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. Capital Research Global Investors lifted its holdings in shares of Carrier Global by 3.3% in the 4th quarter. Capital Research Global Investors now owns 92,829,907 shares of the company’s stock valued at $5,333,084,000 after buying an additional 2,961,923 shares during the period. Capital International Investors increased its stake in shares of Carrier Global by 0.6% in the 4th quarter. Capital International Investors now owns 81,063,464 shares of the company’s stock valued at $4,657,260,000 after purchasing an additional 443,568 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Carrier Global by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 13,307,231 shares of the company’s stock valued at $764,500,000 after purchasing an additional 310,453 shares in the last quarter. Northern Trust Corp increased its stake in shares of Carrier Global by 3.4% in the 3rd quarter. Northern Trust Corp now owns 8,941,301 shares of the company’s stock valued at $493,560,000 after purchasing an additional 289,973 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Carrier Global in the 4th quarter valued at about $444,487,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Trading Up 1.2 %

The company has a debt-to-equity ratio of 1.58, a quick ratio of 2.40 and a current ratio of 2.73. The company has a 50 day moving average of $56.54 and a two-hundred day moving average of $54.83. The stock has a market cap of $54.47 billion, a PE ratio of 38.30, a price-to-earnings-growth ratio of 2.31 and a beta of 1.39.

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.