Carrier Global (NYSE:CARR) Shares Gap Down - Here's Why

Key Points

• Carrier Global's stock price gapped down significantly, opening at $73.88 after a previous close of $80.18, indicating a drop of approximately 10.9%.
• Despite the recent decline, Wall Street analysts maintain a consensus rating of "Moderate Buy" for Carrier Global with an average price target of $84.65.
• The company announced a quarterly dividend of $0.225 per share, resulting in an annual yield of 1.26%, indicating continued shareholder returns amid market fluctuations.

Carrier Global Corporation (NYSE:CARR - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $80.18, but opened at $73.88. Carrier Global shares last traded at $73.12, with a volume of 1,262,902 shares traded.

Analyst Upgrades and Downgrades

CARR has been the topic of several analyst reports. 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 on the stock. Melius Research upgraded shares of Carrier Global to a "hold" rating and set a $90.00 price target on the stock in a report on Tuesday, July 1st. Northcoast Research upgraded 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. The Goldman Sachs Group restated a "buy" rating on shares of Carrier Global in a report on Wednesday, May 21st. Finally, Mizuho set a $72.00 price target on shares of Carrier Global in a report on Tuesday, April 22nd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.47.

Carrier Global Stock Down 2.5%

The stock has a market cap of $56.93 billion, a P/E ratio of 14.58, a price-to-earnings-growth ratio of 1.88 and a beta of 1.26. The stock's fifty day moving average price is $73.35 and its 200 day moving average price is $68.33. The company has a current ratio of 1.17, a quick ratio of 0.83 and a debt-to-equity ratio of 0.76.

Carrier Global (NYSE:CARR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.92 earnings per share (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 company had revenue of $6.11 billion during the quarter, compared to analysts' expectations of $6.08 billion. As a group, research analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

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

Insiders Place Their Bets

In other Carrier Global news, Director Maximilian Viessmann sold 4,267,425 shares of the firm's stock in a transaction dated 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 completion of the sale, the director directly owned 54,341,534 shares in the company, valued at $3,820,209,840.20. This trade represents a 7.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 7.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Golden State Wealth Management LLC increased its stake in shares of 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. increased its stake in Carrier Global by 15.7% during the 1st quarter. Bessemer Group Inc. now owns 28,768 shares of the company's stock valued at $1,823,000 after purchasing an additional 3,900 shares in the last quarter. Ensign Peak Advisors Inc increased its stake in Carrier Global by 27.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 1,314,180 shares of the company's stock valued at $89,706,000 after purchasing an additional 285,803 shares in the last quarter. Sowell Financial Services LLC bought a new stake in Carrier Global during the 1st quarter valued at about $234,000. Finally, Ritholtz Wealth Management increased its stake in Carrier Global by 34.0% during the 1st quarter. Ritholtz Wealth Management now owns 3,968 shares of the company's stock valued at $252,000 after purchasing an additional 1,007 shares in the last quarter. 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.