The Goldman Sachs Group Cuts Carrier Global (NYSE:CARR) Price Target to $68.00

Carrier Global (NYSE:CARR) had its price target decreased by The Goldman Sachs Group from $72.00 to $68.00 in a research note published on Tuesday,MarketScreener reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on CARR. Morgan Stanley lowered their target price on Carrier Global from $75.00 to $60.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft reduced their price objective on Carrier Global from $70.00 to $64.00 and set a “hold” rating on the stock in a research report on Wednesday, October 29th. Rothschild & Co Redburn upped their target price on Carrier Global from $66.00 to $67.00 in a report on Thursday, October 30th. Citigroup cut their target price on Carrier Global from $75.00 to $71.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Finally, Robert W. Baird set a $72.00 price target on Carrier Global in a report on Wednesday, October 29th. Nine investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $72.00.

Carrier Global Price Performance

Carrier Global stock opened at $53.17 on Tuesday. The company has a fifty day simple moving average of $55.40 and a 200-day simple moving average of $63.72. The firm has a market capitalization of $44.78 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 2.28 and a beta of 1.30. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76. Carrier Global has a 52-week low of $50.30 and a 52-week high of $81.09.

Carrier Global (NYSE:CARR) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. Carrier Global had a net margin of 18.05% and a return on equity of 16.65%. The firm had revenue of $5.58 billion for the quarter, compared to analyst estimates of $5.65 billion. During the same period in the previous year, the business posted $0.83 earnings per share. Carrier Global’s quarterly revenue was down 6.8% on a year-over-year basis. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. On average, equities analysts anticipate that Carrier Global will post 2.99 EPS for the current fiscal year.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 9th. Stockholders of record on Tuesday, January 20th will be paid a $0.24 dividend. This is a boost from Carrier Global’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $0.96 annualized dividend and a dividend yield of 1.8%. Carrier Global’s dividend payout ratio is currently 21.48%.

Carrier Global declared that its board has approved a share buyback plan on Tuesday, October 28th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Carrier Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC increased its holdings in Carrier Global by 30.3% in the 4th quarter. Brighton Jones LLC now owns 7,958 shares of the company’s stock valued at $543,000 after purchasing an additional 1,850 shares during the last quarter. Vestmark Advisory Solutions Inc. purchased a new position in shares of Carrier Global during the first quarter worth $414,000. Raymond James Financial Inc. boosted its position in shares of Carrier Global by 18.6% during the first quarter. Raymond James Financial Inc. now owns 1,884,433 shares of the company’s stock worth $119,473,000 after buying an additional 295,905 shares during the period. Versor Investments LP grew its stake in shares of Carrier Global by 27.7% in the first quarter. Versor Investments LP now owns 4,853 shares of the company’s stock valued at $308,000 after buying an additional 1,053 shares in the last quarter. Finally, Brooklyn Investment Group raised its holdings in shares of Carrier Global by 56.8% in the 1st quarter. Brooklyn Investment Group now owns 5,663 shares of the company’s stock valued at $359,000 after buying an additional 2,052 shares during the period. 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.