Carrier Global (NYSE:CARR) Shares Gap Down – Here’s Why

Carrier Global Co. (NYSE:CARR)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $79.95, but opened at $75.70. Carrier Global shares last traded at $74.01, with a volume of 1,895,592 shares.

Analyst Upgrades and Downgrades

Several brokerages have commented on CARR. Oppenheimer boosted their target price on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Stephens lowered shares of Carrier Global from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $75.00 to $85.00 in a research report on Wednesday, October 16th. Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Finally, Barclays boosted their price objective on shares of Carrier Global from $81.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.67.

Carrier Global Stock Down 7.8 %

The stock has a market cap of $66.43 billion, a price-to-earnings ratio of 51.50, a PEG ratio of 2.94 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 1.08 and a debt-to-equity ratio of 0.80. The stock has a fifty day moving average of $76.24 and a two-hundred day moving average of $67.73.

Carrier Global (NYSE:CARR) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The company had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same period in the previous year, the firm earned $0.79 earnings per share. Carrier Global’s revenue for the quarter was up 11.7% on a year-over-year basis. As a group, analysts predict that Carrier Global Co. will post 2.85 EPS for the current fiscal year.

Carrier Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.03%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Insiders Place Their Bets

In related news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the sale, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 6.95% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carrier Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARR. Vanguard Group Inc. grew its stake in Carrier Global by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock valued at $5,481,077,000 after purchasing an additional 466,829 shares in the last quarter. Capital International Investors grew its position in shares of Carrier Global by 4.6% during the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after buying an additional 3,763,666 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Carrier Global by 280.1% in the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after buying an additional 17,021,768 shares during the last quarter. PineStone Asset Management Inc. raised its holdings in Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after acquiring an additional 3,741,206 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Carrier Global by 1.7% during the 2nd quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock worth $280,010,000 after acquiring an additional 72,633 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Company Profile

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.