Carrier Global (NYSE:CARR) Price Target Cut to $87.00 by Analysts at Royal Bank Of Canada

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 objective decreased by investment analysts at Royal Bank Of Canada from $89.00 to $87.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target suggests a potential upside of 30.04% from the stock's previous close.

Several other analysts have also commented on CARR. The Goldman Sachs Group reissued a "buy" rating on shares of Carrier Global in a research note on Wednesday, May 21st. Citigroup reissued a "buy" rating and set a $89.00 target price (up from $82.00) on shares of Carrier Global in a research note on Monday, July 14th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $79.00 target price on shares of Carrier Global in a research note on Tuesday, July 15th. Melius Research raised shares of Carrier Global to a "hold" rating and set a $90.00 target price for the company in a research note on Tuesday, July 1st. Finally, Wells Fargo & Company upped their price target on shares of Carrier Global from $65.00 to $75.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Carrier Global has a consensus rating of "Moderate Buy" and an average price target of $84.47.

Carrier Global Trading Down 2.5%

Shares of NYSE:CARR opened at $66.90 on Wednesday. The company has a 50 day moving average of $73.35 and a 200-day moving average of $68.32. The firm has a market cap of $56.93 billion, a P/E 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 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 issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.90 by $0.02. The company had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.08 billion. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. As a group, analysts anticipate that Carrier Global will post 2.99 earnings per share for the current fiscal year.

Insider Activity at Carrier Global

In related news, Director Maximilian Viessmann sold 4,267,425 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $70.30, for a total value of $299,999,977.50. Following the transaction, the director directly owned 54,341,534 shares in the company, valued at approximately $3,820,209,840.20. This trade represents a 7.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Costello Asset Management INC grew its stake in Carrier Global by 4.2% in the 2nd quarter. Costello Asset Management INC now owns 3,153 shares of the company's stock valued at $231,000 after buying an additional 127 shares during the last quarter. Rehmann Capital Advisory Group grew its stake in Carrier Global by 1.3% in the 2nd quarter. Rehmann Capital Advisory Group now owns 12,083 shares of the company's stock valued at $884,000 after buying an additional 150 shares during the last quarter. Syon Capital LLC grew its stake in Carrier Global by 2.2% in the 4th quarter. Syon Capital LLC now owns 7,089 shares of the company's stock valued at $484,000 after buying an additional 155 shares during the last quarter. Penobscot Investment Management Company Inc. grew its stake in Carrier Global by 0.7% in the 2nd quarter. Penobscot Investment Management Company Inc. now owns 20,833 shares of the company's stock valued at $1,525,000 after buying an additional 155 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its holdings in Carrier Global by 1.3% in the 1st quarter. Lindbrook Capital LLC now owns 12,294 shares of the company's stock valued at $779,000 after purchasing an additional 156 shares during the period. 91.00% of the stock is currently owned by institutional investors and hedge funds.

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.