Carrier Global (NYSE:CARR) Issues FY 2024 Earnings Guidance

Carrier Global (NYSE:CARR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 2.500-2.500 for the period, compared to the consensus EPS estimate of 2.860. The company issued revenue guidance of $22.5 billion-$22.5 billion, compared to the consensus revenue estimate of $25.2 billion.

Carrier Global Trading Down 8.8 %

Shares of CARR stock traded down $7.06 on Thursday, reaching $72.89. The company had a trading volume of 10,409,729 shares, compared to its average volume of 4,149,532. 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 stock has a market cap of $65.67 billion, a PE ratio of 51.48, a PEG ratio of 2.94 and a beta of 1.32. The company has a 50-day moving average of $76.24 and a 200-day moving average of $67.73. Carrier Global has a 12 month low of $45.68 and a 12 month high of $83.32.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The company had revenue of $6.70 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same period in the prior year, the business posted $0.79 EPS. Carrier Global’s revenue was up 11.7% on a year-over-year basis. On average, equities analysts forecast that Carrier Global will post 2.85 earnings per share for the current year.

Carrier Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is currently 53.15%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CARR shares. Barclays upped their price target on Carrier Global from $81.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Robert W. Baird reduced their price target on Carrier Global from $75.00 to $74.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Finally, JPMorgan Chase & Co. started coverage on Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $80.67.

Insider Activity at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the sale, the vice president now owns 103,066 shares in the company, valued at approximately $6,652,910.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.95% of the stock is owned by company insiders.

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.