Royal Bank of Canada Lowers Carrier Global (NYSE:CARR) Price Target to $76.00

Carrier Global (NYSE:CARR) had its price target lowered by Royal Bank of Canada from $86.00 to $76.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 19.31% from the company’s current price.

A number of other equities analysts have also weighed in on CARR. Stephens lowered their price objective on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. JPMorgan Chase & Co. reduced their target price on Carrier Global from $83.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Mizuho raised their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Bank of America raised their target price on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price for the company in a report on Wednesday, November 13th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Carrier Global presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.64.

Carrier Global Stock Performance

Shares of CARR opened at $63.70 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The firm has a market cap of $57.15 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. The company’s 50 day simple moving average is $68.55 and its 200-day simple moving average is $72.34. Carrier Global has a 12-month low of $53.13 and a 12-month high of $83.32.

Carrier Global (NYSE:CARR) last announced its earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Carrier Global had a net margin of 14.98% and a return on equity of 20.52%. During the same quarter last year, the firm earned $0.53 EPS. As a group, equities analysts predict that Carrier Global will post 2.52 EPS for the current year.

Carrier Global declared that its Board of Directors has authorized a stock repurchase plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 4.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CARR. Exchange Traded Concepts LLC raised its stake in Carrier Global by 69.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,187 shares of the company’s stock valued at $96,000 after purchasing an additional 487 shares during the last quarter. Koshinski Asset Management Inc. acquired a new position in Carrier Global in the 3rd quarter valued at about $201,000. Procyon Advisors LLC raised its stake in Carrier Global by 13.8% in the 3rd quarter. Procyon Advisors LLC now owns 5,730 shares of the company’s stock valued at $461,000 after purchasing an additional 697 shares during the last quarter. Wesbanco Bank Inc. raised its stake in Carrier Global by 3.3% in the 3rd quarter. Wesbanco Bank Inc. now owns 47,529 shares of the company’s stock valued at $3,826,000 after purchasing an additional 1,498 shares during the last quarter. Finally, Creative Planning grew its holdings in Carrier Global by 2.6% in the 3rd quarter. Creative Planning now owns 465,226 shares of the company’s stock valued at $37,446,000 after buying an additional 11,655 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s stock.

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.