Robert W. Baird Cuts Carrier Global (NYSE:CARR) Price Target to $66.00

Carrier Global (NYSE:CARR) had its price objective lowered by Robert W. Baird from $72.00 to $66.00 in a research report sent to investors on Monday,MarketScreener reports. The brokerage currently has an outperform rating on the stock.

CARR has been the topic of several other research reports. Rothschild & Co Redburn dropped their price target on Carrier Global from $67.00 to $61.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 21st. Oppenheimer reiterated a “market perform” rating on shares of Carrier Global in a report on Wednesday, October 29th. Barclays dropped their target price on Carrier Global from $74.00 to $72.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 10th. The Goldman Sachs Group reduced their price target on Carrier Global from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. Finally, Wells Fargo & Company decreased their price target on shares of Carrier Global from $62.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, December 4th. Ten investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.06.

Carrier Global Stock Performance

Shares of CARR opened at $58.00 on Monday. The firm has a market cap of $48.85 billion, a P/E ratio of 12.98, a PEG ratio of 2.29 and a beta of 1.31. Carrier Global has a twelve month low of $50.24 and a twelve month high of $81.09. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 1.14. The firm’s 50 day moving average price is $54.24 and its two-hundred day moving average price is $60.03.

Carrier Global (NYSE:CARR) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.65 billion. Carrier Global had a net margin of 18.05% and a return on equity of 16.65%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period last year, the business posted $0.83 earnings per share. On average, analysts forecast that Carrier Global will post 2.99 EPS for the current fiscal year.

Carrier Global announced that its Board of Directors has initiated a share buyback plan on Tuesday, October 28th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 10.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 9th. Stockholders of record on Tuesday, January 20th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, January 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.23. Carrier Global’s payout ratio is currently 21.48%.

Hedge Funds Weigh In On Carrier Global

A number of institutional investors have recently bought and sold shares of CARR. Vanguard Group Inc. increased its holdings in shares of Carrier Global by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 93,373,143 shares of the company’s stock worth $6,833,980,000 after acquiring an additional 450,594 shares during the last quarter. Capital International Investors lifted its holdings in Carrier Global by 6.7% during the 3rd quarter. Capital International Investors now owns 57,982,302 shares of the company’s stock valued at $3,461,142,000 after purchasing an additional 3,630,524 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Carrier Global by 23.8% during the second quarter. JPMorgan Chase & Co. now owns 38,536,301 shares of the company’s stock worth $2,820,485,000 after purchasing an additional 7,409,432 shares during the period. State Street Corp increased its holdings in shares of Carrier Global by 1.4% in the third quarter. State Street Corp now owns 33,377,339 shares of the company’s stock valued at $1,992,627,000 after purchasing an additional 473,692 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Carrier Global by 0.6% in the third quarter. Fisher Asset Management LLC now owns 15,139,140 shares of the company’s stock valued at $903,807,000 after purchasing an additional 90,585 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Company Profile

Carrier Global Corporation is a leading global provider of heating, ventilation and air conditioning (HVAC), refrigeration, fire and security, and building automation solutions. The company designs, manufactures and sells a broad portfolio of products that includes air conditioners, furnaces, heat pumps, chillers, rooftop units, commercial refrigeration systems, fire and smoke detection and suppression systems, security sensors and access controls, and a range of building controls and analytics software.