Carrier Global (NYSE:CARR) Given New $84.00 Price Target at Robert W. Baird

Key Points

• Carrier Global had its price target reduced from $85.00 to $84.00 by analysts at Robert W. Baird, suggesting a potential upside of 20.47% from its previous close.
• Following the downgrade, several analysts have varying ratings for the stock, with seven maintaining a hold and ten giving a buy rating, resulting in a consensus rating of "Moderate Buy".
• In significant insider trading news, Director Maximilian Viessmann sold 4,267,425 shares at an average price of $70.30, indicating a 7.28% decrease in his ownership of the stock.

Carrier Global (NYSE:CARR - Free Report) had its price target cut by Robert W. Baird from $85.00 to $84.00 in a research report released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also recently issued reports on CARR. Melius initiated coverage on shares of Carrier Global in a report on Tuesday, July 1st. They set a "hold" rating and a $90.00 price target for the company. Barclays lowered their price objective on shares of Carrier Global from $84.00 to $82.00 and set an "overweight" rating on the stock in a research note on Wednesday. Citigroup reissued a "buy" rating and issued a $89.00 price objective (up previously from $82.00) on shares of Carrier Global in a report on Monday, July 14th. The Goldman Sachs Group restated a "buy" rating on shares of Carrier Global in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company increased their price objective on shares of Carrier Global from $65.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Carrier Global currently has an average rating of "Moderate Buy" and a consensus price target of $84.47.

Carrier Global Stock Down 1.9%

CARR stock traded down $1.31 during trading on Wednesday, reaching $67.31. 1,135,856 shares of the company traded hands, compared to its average volume of 5,342,519. The business has a 50 day simple moving average of $73.43 and a 200 day simple moving average of $68.34. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.83 and a current ratio of 1.17. The company has a market capitalization of $57.70 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 1.86 and a beta of 1.31. Carrier Global has a 12 month low of $54.22 and a 12 month high of $83.32.

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

Carrier Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, July 21st will be given a dividend of $0.225 per share. The ex-dividend date is Monday, July 21st. This represents a $0.90 annualized dividend and a dividend yield of 1.3%. Carrier Global's dividend payout ratio (DPR) is 19.61%.

Insider Transactions at Carrier Global

In other news, Director Maximilian Viessmann sold 4,267,425 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 54,341,534 shares of the company's stock, valued at $3,820,209,840.20. The trade was a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CARR. Nuveen LLC purchased a new stake in shares of Carrier Global during the first quarter worth $649,512,000. JPMorgan Chase & Co. raised its position in shares of Carrier Global by 17.6% during the 1st quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company's stock valued at $1,973,444,000 after acquiring an additional 4,668,929 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of Carrier Global by 82.6% in the first quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company's stock worth $613,330,000 after purchasing an additional 4,377,402 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Carrier Global by 61.9% in the 1st quarter. Alliancebernstein L.P. now owns 4,318,806 shares of the company's stock worth $273,812,000 after acquiring an additional 1,651,873 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Carrier Global by 40.3% during the 4th quarter. Invesco Ltd. now owns 5,057,148 shares of the company's stock worth $345,201,000 after purchasing an additional 1,453,247 shares in the last quarter. Hedge funds and other 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.