Carrier Global (NYSE:CARR) Shares Gap Up on Earnings Beat

Carrier Global Co. (NYSE:CARR) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $54.77, but opened at $56.75. Carrier Global shares last traded at $59.00, with a volume of 3,114,382 shares trading hands.

The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.50 by $0.12. Carrier Global had a net margin of 6.10% and a return on equity of 27.19%. The business had revenue of $6.18 billion for the quarter, compared to analysts’ expectations of $6.27 billion.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Friday, May 3rd will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend is Thursday, May 2nd. Carrier Global’s dividend payout ratio is presently 48.10%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CARR. Oppenheimer upped their price objective on shares of Carrier Global from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday. Barclays upped their price objective on shares of Carrier Global from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday. Royal Bank of Canada decreased their price objective on shares of Carrier Global from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, February 7th. Citigroup upped their price objective on shares of Carrier Global from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Wells Fargo & Company upped 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. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Carrier Global currently has a consensus rating of “Hold” and an average target price of $62.00.

Insider Activity

In other news, CEO David L. Gitlin sold 354,539 shares of the company’s 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 $22,899,281.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Kevin J. O’connor sold 26,551 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $53.77, for a total value of $1,427,647.27. Following the completion of the transaction, the vice president now owns 66,083 shares of the company’s stock, valued at $3,553,282.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was 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 directly 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 owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Modera Wealth Management LLC raised its position in Carrier Global by 19.4% in the third quarter. Modera Wealth Management LLC now owns 21,099 shares of the company’s stock worth $1,165,000 after purchasing an additional 3,430 shares in the last quarter. Pinnacle Financial Partners Inc increased its holdings in shares of Carrier Global by 9.0% during the fourth quarter. Pinnacle Financial Partners Inc now owns 5,781 shares of the company’s stock worth $332,000 after buying an additional 476 shares in the last quarter. Andrew Hill Investment Advisors Inc. acquired a new stake in shares of Carrier Global during the fourth quarter worth approximately $2,081,000. abrdn plc increased its holdings in shares of Carrier Global by 40.6% during the fourth quarter. abrdn plc now owns 751,661 shares of the company’s stock worth $43,183,000 after buying an additional 217,144 shares in the last quarter. Finally, AIA Group Ltd increased its holdings in shares of Carrier Global by 16.5% during the fourth quarter. AIA Group Ltd now owns 98,959 shares of the company’s stock worth $5,685,000 after buying an additional 14,003 shares in the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Trading Up 1.2 %

The company has a market cap of $54.47 billion, a price-to-earnings ratio of 38.30, a price-to-earnings-growth ratio of 2.31 and a beta of 1.39. The company’s fifty day moving average price is $56.54 and its two-hundred day moving average price is $54.83. The company has a quick ratio of 2.40, a current ratio of 2.73 and a debt-to-equity ratio of 1.58.

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.