Carrier Global (NYSE:CARR) Price Target Raised to $80.00

Carrier Global (NYSE:CARR) had its price objective hoisted by Bank of America from $72.00 to $80.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on CARR. Oppenheimer raised their target price on Carrier Global from $70.00 to $74.00 and gave the stock an outperform rating in a research note on Friday, August 16th. Wells Fargo & Company raised their price objective on shares of Carrier Global from $66.00 to $73.00 and gave the stock an equal weight rating in a research report on Friday, September 6th. Robert W. Baird decreased their target price on shares of Carrier Global from $75.00 to $74.00 and set an outperform rating on the stock in a report on Friday, July 26th. Barclays raised their price target on shares of Carrier Global from $79.00 to $81.00 and gave the stock an overweight rating in a report on Friday, June 14th. Finally, Royal Bank of Canada lifted their target price on Carrier Global from $72.00 to $79.00 and gave the company an outperform rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $71.73.

Carrier Global Stock Performance

CARR opened at $77.11 on Friday. Carrier Global has a twelve month low of $45.68 and a twelve month high of $77.48. The firm has a market capitalization of $69.48 billion, a PE ratio of 53.92, a PEG ratio of 2.94 and a beta of 1.32. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The firm’s 50-day moving average price is $68.32 and its 200 day moving average price is $63.43.

Carrier Global (NYSE:CARR) last released its earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The business had revenue of $6.70 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same period last year, the company posted $0.79 EPS. The business’s revenue was up 11.7% on a year-over-year basis. As a group, sell-side analysts expect that Carrier Global will post 2.84 EPS for the current fiscal year.

Insider Activity at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction on 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 owns 103,066 shares in the company, valued at $6,652,910.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 6.95% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Aveo Capital Partners LLC increased its position in shares of Carrier Global by 3.9% during the fourth quarter. Aveo Capital Partners LLC now owns 5,395 shares of the company’s stock worth $310,000 after purchasing an additional 205 shares in the last quarter. Jump Financial LLC purchased a new position in Carrier Global during the fourth quarter worth about $241,000. Envestnet Portfolio Solutions Inc. lifted its position in Carrier Global by 11.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 25,252 shares of the company’s stock valued at $1,451,000 after purchasing an additional 2,576 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Carrier Global by 6.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 155,048 shares of the company’s stock valued at $8,908,000 after purchasing an additional 9,713 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in Carrier Global by 13.5% during the 4th quarter. Quadrant Capital Group LLC now owns 12,384 shares of the company’s stock worth $712,000 after purchasing an additional 1,472 shares during the period. 91.00% of the stock is owned by hedge funds and other institutional investors.

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.