Carrier Global (NYSE:CARR) Price Target Cut to $75.00 by Analysts at Wells Fargo & Company

Carrier Global (NYSE:CARR) had its price target reduced by research analysts at Wells Fargo & Company from $80.00 to $75.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 9.12% from the company’s previous close.

A number of other brokerages have also weighed in on CARR. The Goldman Sachs Group began coverage on shares of Carrier Global in a report on Thursday, December 12th. They set a “buy” rating and a $96.00 price objective for the company. Barclays lifted their price target on shares of Carrier Global from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Mizuho increased their price objective on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Robert W. Baird decreased their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Royal Bank of Canada dropped their price target on Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.36.

Carrier Global Trading Up 0.0 %

CARR stock traded up $0.02 during midday trading on Tuesday, reaching $68.73. The company’s stock had a trading volume of 488,132 shares, compared to its average volume of 2,663,622. Carrier Global has a 1 year low of $53.13 and a 1 year high of $83.32. The firm has a market capitalization of $61.67 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 2.73 and a beta of 1.36. The stock has a fifty day simple moving average of $73.00 and a two-hundred day simple moving average of $71.98. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08.

Carrier Global announced that its board has approved a share repurchase plan on Thursday, October 24th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Carrier Global

Several hedge funds have recently modified their holdings of the stock. FSA Wealth Management LLC purchased a new position in Carrier Global during the 3rd quarter worth approximately $28,000. McClarren Financial Advisors Inc. increased its holdings in shares of Carrier Global by 246.0% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after purchasing an additional 310 shares in the last quarter. Coastline Trust Co purchased a new position in Carrier Global in the third quarter valued at $37,000. Meeder Asset Management Inc. raised its holdings in Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after purchasing an additional 405 shares during the period. Finally, Country Trust Bank purchased a new stake in shares of Carrier Global in the third quarter valued at approximately $40,000. 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.