Royal Bank of Canada Raises Carrier Global (NYSE:CARR) Price Target to $79.00

Carrier Global (NYSE:CARR) had its target price hoisted by Royal Bank of Canada from $72.00 to $79.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

CARR has been the subject of a number of other reports. Oppenheimer lifted their price objective on shares of Carrier Global from $70.00 to $74.00 and gave the stock an outperform rating in a report on Friday, August 16th. Barclays upped their price objective on Carrier Global from $79.00 to $81.00 and gave the stock an overweight rating in a report on Friday, June 14th. Citigroup raised Carrier Global from a neutral rating to a buy rating and raised their price objective for the company from $65.00 to $74.00 in a report on Monday, June 24th. Bank of America raised Carrier Global from an underperform rating to a neutral rating and upped their target price for the stock from $55.00 to $72.00 in a research note on Monday, July 29th. Finally, Robert W. Baird decreased their price target on shares of Carrier Global from $75.00 to $74.00 and set an outperform rating on the stock in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $69.38.

Carrier Global Price Performance

Carrier Global stock opened at $69.48 on Thursday. The stock has a market cap of $62.60 billion, a price-to-earnings ratio of 48.59, a PEG ratio of 2.90 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 1.08 and a debt-to-equity ratio of 0.80. The business has a 50-day simple moving average of $66.98 and a 200 day simple moving average of $62.54. Carrier Global has a 52 week low of $45.68 and a 52 week high of $73.06.

Carrier Global (NYSE:CARR) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. The company had revenue of $6.70 billion during the quarter, compared to analyst estimates of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. Carrier Global’s revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 earnings per share. On average, research analysts forecast that Carrier Global will post 2.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were 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 $6,652,910.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.95% of the company’s stock.

Hedge Funds Weigh In On Carrier Global

Several hedge funds have recently made changes to their positions in CARR. Aveo Capital Partners LLC increased its position in Carrier Global by 3.9% during the 4th quarter. Aveo Capital Partners LLC now owns 5,395 shares of the company’s stock valued at $310,000 after purchasing an additional 205 shares during the period. Summit Trail Advisors LLC bought a new position in Carrier Global in the fourth quarter worth about $209,000. Wealthcare Advisory Partners LLC raised its stake in Carrier Global by 5.6% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 5,759 shares of the company’s stock worth $331,000 after buying an additional 307 shares in the last quarter. Lincoln National Corp lifted its holdings in Carrier Global by 2.1% in the fourth quarter. Lincoln National Corp now owns 13,741 shares of the company’s stock worth $789,000 after buying an additional 280 shares during the period. Finally, Apollon Wealth Management LLC boosted its position in Carrier Global by 66.0% during the 4th quarter. Apollon Wealth Management LLC now owns 18,450 shares of the company’s stock valued at $1,060,000 after acquiring an additional 7,333 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other 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.