Citigroup Cuts Carrier Global (NYSE:CARR) Price Target to $70.00

Carrier Global (NYSE:CARR) had its target price decreased by Citigroup from $71.00 to $70.00 in a research report released on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other brokerages have also issued reports on CARR. Robert W. Baird set a $72.00 price target on shares of Carrier Global in a research note on Wednesday, October 29th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Carrier Global from $70.00 to $64.00 and set a “hold” rating on the stock in a report on Wednesday, October 29th. UBS Group reduced their target price on Carrier Global from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, January 5th. Zacks Research raised Carrier Global from a “strong sell” rating to a “hold” rating in a research report on Friday, November 21st. Finally, The Goldman Sachs Group dropped their price target on Carrier Global from $72.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. Ten equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.06.

Carrier Global Trading Up 0.7%

Shares of NYSE:CARR opened at $55.58 on Monday. The business’s 50-day moving average is $53.87 and its 200 day moving average is $61.32. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.14 and a quick ratio of 0.75. Carrier Global has a 1 year low of $50.24 and a 1 year high of $81.09. The firm has a market capitalization of $46.81 billion, a P/E ratio of 12.43, a P/E/G ratio of 2.14 and a beta of 1.31.

Carrier Global (NYSE:CARR) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. Carrier Global had a return on equity of 16.65% and a net margin of 18.05%.The business had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.65 billion. During the same quarter last year, the company earned $0.83 earnings per share. The company’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, research analysts predict that Carrier Global will post 2.99 earnings per share for the current fiscal year.

Carrier Global declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 28th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 10.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Carrier Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 9th. Investors of record on Tuesday, January 20th will be given a dividend of $0.24 per share. This is an increase from Carrier Global’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.7%. The ex-dividend date is Tuesday, January 20th. Carrier Global’s dividend payout ratio (DPR) is 20.13%.

Hedge Funds Weigh In On Carrier Global

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Carrier Global by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 93,373,143 shares of the company’s stock valued at $6,833,980,000 after buying an additional 450,594 shares in the last quarter. Capital International Investors grew its holdings in shares of Carrier Global by 6.7% in the third 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 period. JPMorgan Chase & Co. increased 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 last quarter. State Street Corp increased its position in Carrier Global by 1.4% during the third quarter. State Street Corp now owns 33,377,339 shares of the company’s stock worth $1,992,627,000 after purchasing an additional 473,692 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in Carrier Global by 0.6% during the third quarter. Fisher Asset Management LLC now owns 15,139,140 shares of the company’s stock worth $903,807,000 after purchasing an additional 90,585 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

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.