Carrier Global (NYSE:CARR) Issues FY24 Earnings Guidance

Carrier Global (NYSE:CARR) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $2.80-2.90 for the period, compared to the consensus EPS estimate of $2.82. The company issued revenue guidance of ~$26.0 billion, compared to the consensus revenue estimate of $26.36 billion. Carrier Global also updated its FY 2024 guidance to 2.800-2.900 EPS.

Carrier Global Trading Up 1.2 %

CARR stock traded up $0.69 during mid-day trading on Friday, hitting $60.50. 6,684,176 shares of the company were exchanged, compared to its average volume of 4,318,700. Carrier Global has a 12-month low of $40.28 and a 12-month high of $60.87. The firm has a market capitalization of $54.46 billion, a P/E ratio of 42.31, a PEG ratio of 2.53 and a beta of 1.39. The business has a fifty day simple moving average of $56.54 and a 200-day simple moving average of $54.83. The company has a quick ratio of 2.40, a current ratio of 1.36 and a debt-to-equity ratio of 1.31.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Thursday, April 25th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.12. Carrier Global had a return on equity of 26.01% and a net margin of 5.41%. The company had revenue of $6.18 billion for the quarter, compared to analysts’ expectations of $6.27 billion. On average, equities research analysts predict that Carrier Global will post 2.84 earnings per share for the current fiscal year.

Carrier Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Friday, May 3rd will be issued a dividend of $0.19 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.76 dividend on an annualized basis and a yield of 1.26%. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of 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 objective on shares of Carrier Global from $63.00 to $64.00 and gave the stock an outperform rating in a research report on Friday. Citigroup increased their target price on Carrier Global from $60.00 to $63.00 and gave the company a neutral rating in a report on Monday, April 8th. Barclays raised their price target on Carrier Global from $78.00 to $79.00 and gave the company an overweight rating in a research note 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 analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $62.00.

Insider Buying and Selling at Carrier Global

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

About Carrier Global

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.