Carrier Global (NYSE:CARR) Upgraded to “Buy” by Citigroup

Citigroup upgraded shares of Carrier Global (NYSE:CARR) from a neutral rating to a buy rating in a report issued on Monday, Marketbeat reports. They currently have $74.00 target price on the stock, up from their prior target price of $65.00.

A number of other brokerages have also issued reports on CARR. Robert W. Baird boosted their price target on shares of Carrier Global from $60.00 to $64.00 and gave the stock a neutral rating in a research note on Friday, May 3rd. Barclays boosted their price target on shares of Carrier Global from $79.00 to $81.00 and gave the stock an overweight rating in a research note on Friday, June 14th. TD Cowen boosted their price target on shares of Carrier Global from $66.00 to $70.00 and gave the stock a buy rating in a research note on Monday, April 29th. Oppenheimer boosted their price target on shares of Carrier Global from $63.00 to $64.00 and gave the stock an outperform rating in a research note on Friday, April 26th. Finally, Wells Fargo & Company boosted their price objective on shares of Carrier Global from $59.00 to $66.00 and gave the stock an equal weight rating in a report on Friday, April 26th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $63.64.

Carrier Global Price Performance

Shares of CARR opened at $62.86 on Monday. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.36 and a quick ratio of 0.99. The stock has a market cap of $56.64 billion, a PE ratio of 43.80, a price-to-earnings-growth ratio of 2.58 and a beta of 1.33. Carrier Global has a 1-year low of $45.68 and a 1-year high of $66.50. The firm has a fifty day moving average price of $62.62 and a 200 day moving average price of $58.58.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, April 25th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.12. The company had revenue of $6.18 billion for the quarter, compared to analyst estimates of $6.27 billion. Carrier Global had a net margin of 5.41% and a return on equity of 26.01%. As a group, sell-side analysts anticipate that Carrier Global will post 2.85 EPS for the current year.

Carrier Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 21st will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Friday, June 21st. Carrier Global’s dividend payout ratio is currently 53.15%.

Insiders Place Their Bets

In other news, CAO Kyle Crockett sold 4,611 shares of Carrier Global stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total value of $306,124.29. Following the completion of the transaction, the chief accounting officer now directly owns 2,042 shares of the company’s stock, valued at approximately $135,568.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Carrier Global news, insider Jurgen Timperman sold 159,915 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $61.95, for a total transaction of $9,906,734.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Kyle Crockett sold 4,611 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $66.39, for a total transaction of $306,124.29. Following the sale, the chief accounting officer now owns 2,042 shares in the company, valued at $135,568.38. The disclosure for this sale can be found here. Insiders sold a total of 262,954 shares of company stock valued at $16,650,050 in the last ninety days. Corporate insiders own 6.95% of the company’s stock.

Institutional Trading of Carrier Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. McClarren Financial Advisors Inc. increased its position in shares of Carrier Global by 86.7% in the fourth quarter. McClarren Financial Advisors Inc. now owns 435 shares of the company’s stock worth $25,000 after acquiring an additional 202 shares in the last quarter. DiNuzzo Private Wealth Inc. purchased a new position in Carrier Global during the fourth quarter valued at approximately $25,000. EdgeRock Capital LLC purchased a new position in Carrier Global during the fourth quarter valued at approximately $27,000. VisionPoint Advisory Group LLC purchased a new position in Carrier Global during the third quarter valued at approximately $30,000. Finally, Criterion Capital Advisors LLC purchased a new position in Carrier Global during the fourth quarter valued at approximately $32,000. 91.00% of the stock is currently owned by institutional investors.

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.