Carrier Global Co. (NYSE:CARR) Declares Dividend Increase – $0.23 Per Share

Carrier Global Co. (NYSE:CARR) declared a quarterly dividend on Friday, December 6th,RTT News reports. Stockholders of record on Friday, December 20th will be paid a dividend of 0.225 per share on Friday, February 7th. This represents a $0.90 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, December 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19.

Carrier Global has raised its dividend by an average of 38.6% annually over the last three years. Carrier Global has a dividend payout ratio of 29.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Carrier Global to earn $2.99 per share next year, which means the company should continue to be able to cover its $0.90 annual dividend with an expected future payout ratio of 30.1%.

Carrier Global Stock Performance

NYSE CARR opened at $70.28 on Wednesday. The firm’s 50 day simple moving average is $76.13 and its 200 day simple moving average is $71.49. The firm has a market capitalization of $63.06 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 2.73 and a beta of 1.33. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. Carrier Global has a 1 year low of $53.13 and a 1 year high of $83.32.

Carrier Global announced that its Board of Directors has authorized a share buyback plan on Thursday, October 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 4.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

CARR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. started coverage on Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price target for the company. Oppenheimer increased their target price on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Wells Fargo & Company lowered their price objective on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Finally, Barclays raised their target price on shares of Carrier Global from $89.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Carrier Global has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

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.