Carrier Global (NYSE:CARR) Shares Gap Up – Here’s What Happened

Carrier Global Co. (NYSE:CARR)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $62.07, but opened at $65.21. Carrier Global shares last traded at $64.32, with a volume of 738,516 shares traded.

Wall Street Analysts Forecast Growth

CARR has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded shares of Carrier Global from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $77.00 to $78.00 in a research note on Wednesday. Barclays decreased their price target on shares of Carrier Global from $90.00 to $87.00 and set an “overweight” rating for the company in a research note on Wednesday, February 12th. Royal Bank of Canada cut their price objective on shares of Carrier Global from $86.00 to $76.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 12th. Mizuho raised Carrier Global from a “neutral” rating to an “outperform” rating and set a $78.00 target price for the company in a research report on Friday, February 14th. Finally, Northcoast Research began coverage on Carrier Global in a research note on Friday, November 22nd. They set a “neutral” rating on the stock. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.53.

Carrier Global Stock Up 3.1 %

The company has a current ratio of 1.25, a quick ratio of 0.96 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $55.29 billion, a P/E ratio of 10.19, a P/E/G ratio of 2.01 and a beta of 1.35. The stock’s 50-day simple moving average is $66.89 and its 200-day simple moving average is $72.35.

Carrier Global (NYSE:CARR) last released its earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Carrier Global had a return on equity of 18.82% and a net margin of 23.83%. During the same period last year, the firm earned $0.53 earnings per share. As a group, research analysts predict that Carrier Global Co. will post 2.99 earnings per share for the current fiscal year.

Carrier Global Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Friday, December 20th were given a dividend of $0.225 per share. The ex-dividend date was Friday, December 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 annualized dividend and a dividend yield of 1.41%. Carrier Global’s dividend payout ratio (DPR) is currently 14.33%.

Hedge Funds Weigh In On Carrier Global

A number of hedge funds and other institutional investors have recently made changes to their positions in CARR. Park Square Financial Group LLC bought a new stake in Carrier Global in the fourth quarter worth about $28,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Carrier Global during the 4th quarter worth approximately $56,629,000. Challenger Wealth Management bought a new stake in shares of Carrier Global in the 4th quarter worth approximately $273,000. Aurdan Capital Management LLC purchased a new position in Carrier Global in the fourth quarter valued at approximately $201,000. Finally, Forum Financial Management LP grew its holdings in Carrier Global by 14.5% during the fourth quarter. Forum Financial Management LP now owns 7,388 shares of the company’s stock valued at $504,000 after purchasing an additional 938 shares during the period. 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.