Carrier Global (NYSE:CARR) Given New $82.00 Price Target at Barclays

Key Points

• Barclays has reduced its price target for Carrier Global's stock from $84.00 to $82.00, while maintaining an "overweight" rating, indicating a potential upside of 17.81% from the last close.
• Other firms, including Melius and Wells Fargo, have varied ratings and price targets for Carrier Global, with the stock currently holding an average rating of "Moderate Buy" and a target of $84.53.
• Shares of Carrier Global fell by 2.9%, trading at $69.61 after recent earnings that surpassed consensus estimates with revenues of $6.11 billion.

Carrier Global (NYSE:CARR - Get Free Report) had its target price dropped by stock analysts at Barclays from $84.00 to $82.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's target price suggests a potential upside of 22.57% from the company's previous close.

Several other brokerages have also issued reports on CARR. Royal Bank Of Canada boosted their price target on shares of Carrier Global from $86.00 to $87.00 and gave the company an "outperform" rating in a report on Tuesday, May 20th. Mizuho set a $72.00 price target on shares of Carrier Global in a report on Tuesday, April 22nd. The Goldman Sachs Group reissued a "buy" rating on shares of Carrier Global in a report on Wednesday, May 21st. Northcoast Research raised shares of Carrier Global from a "neutral" rating to a "buy" rating and set a $85.00 price target on the stock in a report on Friday, May 9th. Finally, Robert W. Baird lowered their price target on shares of Carrier Global from $88.00 to $85.00 and set an "outperform" rating on the stock in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $84.47.

Carrier Global Stock Performance

NYSE:CARR traded down $1.72 during trading hours on Wednesday, hitting $66.90. 5,450,797 shares of the company traded hands, compared to its average volume of 5,091,293. The stock has a market capitalization of $56.93 billion, a price-to-earnings ratio of 14.58, a P/E/G ratio of 1.83 and a beta of 1.25. Carrier Global has a twelve month low of $54.22 and a twelve month high of $83.32. The firm has a 50-day moving average of $73.35 and a 200 day moving average of $68.32. The company has a current ratio of 1.17, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76.

Carrier Global (NYSE:CARR - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.90 by $0.02. The firm had revenue of $6.11 billion during the quarter, compared to analysts' expectations of $6.08 billion. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. On average, analysts forecast that Carrier Global will post 2.99 EPS for the current year.

Insider Buying and Selling

In other Carrier Global news, Director Maximilian Viessmann sold 4,267,425 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $70.30, for a total transaction of $299,999,977.50. Following the sale, the director owned 54,341,534 shares of the company's stock, valued at $3,820,209,840.20. This represents a 7.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carrier Global

A number of hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its position in Carrier Global by 30.3% during the 4th quarter. Brighton Jones LLC now owns 7,958 shares of the company's stock valued at $543,000 after purchasing an additional 1,850 shares during the period. American Century Companies Inc. lifted its position in Carrier Global by 1.0% during the 4th quarter. American Century Companies Inc. now owns 93,610 shares of the company's stock valued at $6,390,000 after purchasing an additional 923 shares during the period. O Shaughnessy Asset Management LLC lifted its position in Carrier Global by 19.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 72,270 shares of the company's stock valued at $4,933,000 after purchasing an additional 11,565 shares during the period. Wellington Management Group LLP lifted its position in Carrier Global by 303.1% during the 4th quarter. Wellington Management Group LLP now owns 181,661 shares of the company's stock valued at $12,400,000 after purchasing an additional 136,597 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in Carrier Global by 236.1% during the 4th quarter. Meeder Asset Management Inc. now owns 484 shares of the company's stock valued at $33,000 after purchasing an additional 340 shares during the period. Institutional investors 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.