Carrier Global (NYSE:CARR) Price Target Cut to $86.00 by Analysts at Royal Bank of Canada

Carrier Global (NYSE:CARR) had its target price reduced by analysts at Royal Bank of Canada from $87.00 to $86.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 24.39% from the company’s previous close.

A number of other research analysts also recently weighed in on CARR. JPMorgan Chase & Co. assumed coverage on Carrier Global in a research note on Thursday, October 10th. They set a “neutral” rating and a $83.00 price target on the stock. Barclays lifted their price objective on shares of Carrier Global from $89.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Stephens lowered their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Robert W. Baird cut their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Oppenheimer increased their price target on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $83.43.

Carrier Global Trading Up 1.2 %

Shares of NYSE:CARR traded up $0.81 during mid-day trading on Friday, hitting $69.14. The company had a trading volume of 829,435 shares, compared to its average volume of 2,234,834. The company has a market capitalization of $62.03 billion, a PE ratio of 17.50, a price-to-earnings-growth ratio of 2.73 and a beta of 1.33. Carrier Global has a one year low of $53.13 and a one year high of $83.32. The firm has a fifty day moving average price of $73.22 and a 200 day moving average price of $71.83. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82.

Carrier Global announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. State Street Corp raised its stake in Carrier Global by 1.4% in the third quarter. State Street Corp now owns 33,665,505 shares of the company’s stock valued at $2,709,736,000 after purchasing an additional 469,108 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Carrier Global by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 16,937,689 shares of the company’s stock worth $1,357,961,000 after acquiring an additional 289,439 shares during the last quarter. Fisher Asset Management LLC increased its stake in Carrier Global by 1.9% in the third quarter. Fisher Asset Management LLC now owns 14,267,109 shares of the company’s stock valued at $1,148,360,000 after acquiring an additional 269,538 shares during the last quarter. FMR LLC raised its position in Carrier Global by 36.2% during the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock valued at $702,603,000 after purchasing an additional 2,320,909 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Carrier Global by 1.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,993,169 shares of the company’s stock worth $482,390,000 after purchasing an additional 110,988 shares in the last quarter. 91.00% of the stock is owned by 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.