Carrier Global (NYSE:CARR) Updates FY 2024 Earnings Guidance

Carrier Global (NYSE:CARR) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.500-2.500 for the period, compared to the consensus EPS estimate of 2.860. The company issued revenue guidance of $22.5 billion-$22.5 billion, compared to the consensus revenue estimate of $25.2 billion.

Analyst Ratings Changes

A number of brokerages have weighed in on CARR. JPMorgan Chase & Co. assumed coverage on shares of Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Oppenheimer increased their target price on shares of Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company raised their price objective on shares of Carrier Global from $73.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Stephens lowered shares of Carrier Global from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $75.00 to $85.00 in a research note on Wednesday, October 16th. Finally, Robert W. Baird reduced their price objective on shares of Carrier Global from $75.00 to $74.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and an average target price of $80.67.

Carrier Global Stock Down 8.8 %

NYSE:CARR traded down $7.06 during mid-day trading on Thursday, reaching $72.89. The stock had a trading volume of 10,409,729 shares, compared to its average volume of 4,149,532. Carrier Global has a fifty-two week low of $45.68 and a fifty-two week high of $83.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. The business’s 50 day moving average is $76.24 and its 200 day moving average is $67.73. The stock has a market cap of $65.67 billion, a P/E ratio of 51.48, a PEG ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. The business had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $7.05 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. Carrier Global’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter last year, the company posted $0.79 earnings per share. As a group, sell-side analysts predict that Carrier Global will post 2.85 earnings per share for the current year.

Carrier Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be paid a $0.19 dividend. The ex-dividend date is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.04%. Carrier Global’s payout ratio is 53.15%.

Insider Buying and Selling

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the transaction, the vice president now directly owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.95% of the stock is owned by company insiders.

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.