Carrier Global Corporation (NYSE:CARR) Stock Now Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Analysts rate Carrier Global “Moderate Buy” overall: Of 20 brokerages, 11 recommend buying, eight say hold, and one says sell. Their average 12-month price target is $69.27.
• Several analysts recently cut their price targets, including JPMorgan ($60), Deutsche Bank and Bernstein ($64), while maintaining neutral, hold, or market-perform ratings; other firms retained positive ratings with lower targets.
• Carrier beat quarterly expectations: It reported EPS of $0.87 versus $0.76 expected and revenue of $6.26 billion, up 12.3% year over year. The company also announced a quarterly dividend of $0.24 per share.

Shares of Carrier Global Corporation (NYSE:CARR - Get Free Report) have received an average recommendation of "Moderate Buy" from the twenty brokerages that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $69.27.

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Carrier Global from $61.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, October 30th. Mizuho dropped their price target on shares of Carrier Global from $75.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Carrier Global from $71.00 to $64.00 and set a "hold" rating for the company in a research note on Wednesday, September 30th. Sanford C. Bernstein decreased their target price on Carrier Global from $78.00 to $64.00 and set a "market perform" rating on the stock in a research note on Wednesday, October 7th. Finally, Robert W. Baird lowered their price objective on shares of Carrier Global from $72.00 to $70.00 and set an "outperform" rating on the stock in a research report on Monday, November 2nd.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Van Hulzen Asset Management LLC bought a new position in shares of Carrier Global during the 2nd quarter valued at $1,992,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Carrier Global by 269.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 118,806 shares of the company's stock worth $6,646,000 after acquiring an additional 86,665 shares during the period. Reynders McVeigh Capital Management LLC grew its holdings in shares of Carrier Global by 3.0% in the second quarter. Reynders McVeigh Capital Management LLC now owns 918,219 shares of the company's stock worth $67,351,000 after acquiring an additional 27,061 shares during the period. Cardinal Capital Management Inc. increased its position in Carrier Global by 7.1% during the second quarter. Cardinal Capital Management Inc. now owns 575,335 shares of the company's stock valued at $42,201,000 after acquiring an additional 37,934 shares during the last quarter. Finally, Cohen Klingenstein LLC increased its position in Carrier Global by 317.2% during the third quarter. Cohen Klingenstein LLC now owns 190,538 shares of the company's stock valued at $10,453,000 after acquiring an additional 144,870 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Trading Up 0.1%

CARR opened at $52.44 on Monday. Carrier Global has a fifty-two week low of $50.24 and a fifty-two week high of $76.76. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.00 and a quick ratio of 0.68. The company's 50-day moving average is $55.87 and its 200 day moving average is $61.68. The firm has a market capitalization of $42.91 billion, a PE ratio of -23.62, a P/E/G ratio of 1.91 and a beta of 1.33.

Carrier Global (NYSE:CARR - Get Free Report) last announced its earnings results on Thursday, October 29th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.11. Carrier Global had a positive return on equity of 16.99% and a negative net margin of 7.90%. The company had revenue of $6.26 billion for the quarter, compared to analysts' expectations of $6.09 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. Carrier Global's quarterly revenue was up 12.3% on a year-over-year basis. As a group, research analysts predict that Carrier Global will post 2.86 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 18th. Shareholders of record on Thursday, October 29th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, October 29th. This represents a $0.96 annualized dividend and a yield of 1.8%. Carrier Global's dividend payout ratio is currently -43.24%.

About Carrier Global

Carrier Global Corporation develops and provides heating, ventilation, air conditioning and refrigeration systems, along with related building technologies. Its products and services serve residential, commercial and industrial customers, as well as applications that require temperature-controlled transportation and storage.

The company's offerings include heating and cooling equipment, building automation and energy-management solutions, and fire and security systems. Its portfolio includes brands such as Carrier, Bryant and Kidde, and it provides installation, maintenance and other services to support its equipment.

Carrier traces its origins to 1915, when Willis Carrier founded the company that pioneered modern air conditioning.

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