Royal Bank Of Canada Lowers Carrier Global (NYSE:CARR) Price Target to $87.00

Key Points

• Royal Bank of Canada has decreased its price target for Carrier Global from $89.00 to $87.00 while maintaining an "outperform" rating, indicating a potential upside of 24.77% based on current prices.
• Carrier Global's stock is currently trading down by 2.7% at $69.73, with a trading volume significantly below its average.
• Insider activity shows that Director Maximilian Viessmann sold over 4.2 million shares of Carrier Global, representing a 7.28% decrease in his stake.

Carrier Global (NYSE:CARR - Get Free Report) had its price target decreased by research analysts at Royal Bank Of Canada from $89.00 to $87.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price indicates a potential upside of 29.26% from the company's previous close.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group restated a "buy" rating on shares of Carrier Global in a report on Wednesday, May 21st. Wells Fargo & Company lifted their price target on Carrier Global from $65.00 to $75.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $79.00 price target on shares of Carrier Global in a report on Tuesday, July 15th. Citigroup reiterated a "buy" rating and set a $89.00 price target (up previously from $82.00) on shares of Carrier Global in a report on Monday, July 14th. Finally, Barclays lowered their price target on Carrier Global from $84.00 to $82.00 and set an "overweight" rating on the stock in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.47.

Carrier Global Price Performance

Shares of CARR stock traded down $1.31 during mid-day trading on Wednesday, hitting $67.31. 1,135,856 shares of the stock traded hands, compared to its average volume of 5,342,519. Carrier Global has a twelve month low of $54.22 and a twelve month high of $83.32. The firm has a market cap 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. The company's 50-day simple moving average is $73.43 and its 200-day simple moving average is $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.

Carrier Global (NYSE:CARR - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.90 by $0.02. The business had revenue of $6.11 billion for the quarter, compared to analysts' expectations of $6.08 billion. Carrier Global had a return on equity of 17.83% and a net margin of 18.33%. As a group, equities research analysts expect that Carrier Global will post 2.99 earnings per share for the current year.

Insider Buying and Selling at Carrier Global

In related news, Director Maximilian Viessmann sold 4,267,425 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was 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 owned 54,341,534 shares of the company's stock, valued at approximately $3,820,209,840.20. The trade was a 7.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On Carrier Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in CARR. Ritter Daniher Financial Advisory LLC DE grew its stake in shares of Carrier Global by 90.0% in the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 380 shares of the company's stock valued at $26,000 after purchasing an additional 180 shares during the period. Park Square Financial Group LLC bought a new stake in shares of Carrier Global in the 4th quarter valued at approximately $28,000. Accredited Wealth Management LLC bought a new stake in shares of Carrier Global in the 1st quarter valued at approximately $28,000. Investment Research & Advisory Group Inc. acquired a new position in shares of Carrier Global in the 1st quarter worth approximately $29,000. Finally, REAP Financial Group LLC acquired a new stake in Carrier Global during the 2nd quarter valued at $29,000. 91.00% of the stock is currently owned by institutional investors.

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.