Carrier Global (NYSE:CARR) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Carrier Global (NYSE:CARR) posted its quarterly earnings data on Thursday. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02, Briefing.com reports. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The firm had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same period in the prior year, the business earned $0.79 EPS. The firm’s revenue was up 11.7% compared to the same quarter last year. Carrier Global updated its FY 2024 guidance to 2.800-2.900 EPS and its FY24 guidance to $2.80-$2.90 EPS.

Carrier Global Price Performance

Shares of Carrier Global stock traded up $1.94 on Friday, hitting $66.77. The company’s stock had a trading volume of 4,351,536 shares, compared to its average volume of 4,160,366. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.80. The firm has a fifty day moving average price of $64.53 and a 200-day moving average price of $59.89. Carrier Global has a 52-week low of $45.68 and a 52-week high of $70.09. The company has a market capitalization of $60.16 billion, a P/E ratio of 46.69, a price-to-earnings-growth ratio of 2.52 and a beta of 1.32.

Carrier Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 21st will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Friday, June 21st. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CARR shares. TD Cowen lifted their price objective on shares of Carrier Global from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, April 29th. Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Citigroup raised shares of Carrier Global from a “neutral” rating to a “buy” rating and increased their price target for the stock from $65.00 to $74.00 in a report on Monday, June 24th. Barclays lifted their price objective on Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $72.00 target price on shares of Carrier Global in a research note on Friday. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Carrier Global presently has an average rating of “Hold” and a consensus price target of $65.64.

Insiders Place Their Bets

In other news, insider Jurgen Timperman sold 159,915 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $61.95, for a total value of $9,906,734.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CAO Kyle Crockett sold 4,611 shares of Carrier Global stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total transaction of $306,124.29. Following the completion of the sale, the chief accounting officer now directly owns 2,042 shares in the company, valued at $135,568.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jurgen Timperman sold 159,915 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $61.95, for a total transaction of $9,906,734.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 262,954 shares of company stock worth $16,650,050. Insiders own 6.95% of the company’s stock.

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.