Carrier Global (NYSE:CARR) Price Target Cut to $75.00 by Analysts at Morgan Stanley

Key Points

• Morgan Stanley has reduced its price target for Carrier Global from $78.00 to $75.00, while maintaining an "equal weight" rating, suggesting a potential upside of 13.34% from the current price.
• Seven analysts currently rate the stock as a hold, and ten analysts have a buy rating, leading to a consensus rating of "Moderate Buy" with an average price target of $84.47.
• Carrier Global reported a quarterly EPS of $0.92, exceeding estimates, with a net margin of 18.33% and total revenue of $6.11 billion for the period.

Carrier Global (NYSE:CARR - Get Free Report) had its target price cut by research analysts at Morgan Stanley from $78.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price target would indicate a potential upside of 13.34% from the stock's current price.

Other analysts also recently issued reports about the stock. Barclays cut 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 report on Wednesday, July 30th. Royal Bank Of Canada lowered their price objective on shares of Carrier Global from $89.00 to $87.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Melius Research raised Carrier Global to a "hold" rating and set a $90.00 price target for the company in a report on Tuesday, July 1st. Melius initiated coverage on shares of Carrier Global in a research note on Tuesday, July 1st. They issued a "hold" rating and a $90.00 price objective for the company. Finally, Northcoast Research raised 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. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Carrier Global presently has a consensus rating of "Moderate Buy" and an average price target of $84.47.

Carrier Global Trading Down 0.3%

NYSE:CARR traded down $0.19 during midday trading on Friday, reaching $66.18. 1,734,210 shares of the stock traded hands, compared to its average volume of 5,312,607. The stock has a market capitalization of $56.32 billion, a P/E ratio of 14.41, a PEG ratio of 1.81 and a beta of 1.25. The company has a fifty day moving average of $72.94 and a 200 day moving average of $68.24. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 1.17. 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 announced its earnings results on Tuesday, July 29th. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.02. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. The firm had revenue of $6.11 billion for the quarter, compared to analysts' expectations of $6.08 billion. On average, research analysts predict that Carrier Global will post 2.99 EPS for the current year.

Insiders Place Their Bets

In other Carrier Global news, Director Maximilian Viessmann sold 4,267,425 shares of Carrier Global 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 sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 7.20% of the company's stock.

Institutional Trading of Carrier Global

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Golden State Wealth Management LLC increased its holdings in Carrier Global by 51.8% in the 1st quarter. Golden State Wealth Management LLC now owns 1,389 shares of the company's stock worth $88,000 after acquiring an additional 474 shares in the last quarter. Bessemer Group Inc. lifted its position in Carrier Global by 15.7% in the first quarter. Bessemer Group Inc. now owns 28,768 shares of the company's stock valued at $1,823,000 after buying an additional 3,900 shares during the last quarter. Ensign Peak Advisors Inc boosted its position in shares of Carrier Global by 27.8% during the fourth quarter. Ensign Peak Advisors Inc now owns 1,314,180 shares of the company's stock worth $89,706,000 after buying an additional 285,803 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Carrier Global during the first quarter worth about $234,000. Finally, Ritholtz Wealth Management raised its stake in shares of Carrier Global by 34.0% in the first quarter. Ritholtz Wealth Management now owns 3,968 shares of the company's stock valued at $252,000 after acquiring an additional 1,007 shares in the last quarter. 91.00% of the stock is 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.

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