Citigroup Cuts Carrier Global (NYSE:CARR) Price Target to $90.00

Carrier Global (NYSE:CARR) had its price target lowered by Citigroup from $94.00 to $90.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

CARR has been the subject of a number of other reports. The Goldman Sachs Group began coverage on Carrier Global in a research note on Thursday, December 12th. They issued a “buy” rating and a $96.00 price target for the company. Robert W. Baird lowered their price target on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, October 25th. 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 objective on the stock. Stephens dropped their target price on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Finally, Royal Bank of Canada decreased their price target on shares of Carrier Global from $87.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Eight investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Carrier Global Trading Up 0.8 %

CARR opened at $68.93 on Monday. Carrier Global has a 12-month low of $53.13 and a 12-month high of $83.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The stock has a market capitalization of $61.85 billion, a PE ratio of 17.45, a P/E/G ratio of 2.73 and a beta of 1.36. The firm’s fifty day moving average price is $72.34 and its 200 day moving average price is $72.17.

Carrier Global announced that its Board of Directors has authorized a share repurchase 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 shares are undervalued.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Friday, December 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s payout ratio is 22.78%.

Hedge Funds Weigh In On Carrier Global

A number of institutional investors and hedge funds have recently bought and sold shares of CARR. FSA Wealth Management LLC bought a new stake in shares of Carrier Global during the 3rd quarter worth about $28,000. Meeder Asset Management Inc. boosted its holdings in shares of Carrier Global by 675.0% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after acquiring an additional 405 shares in the last quarter. McClarren Financial Advisors Inc. raised its holdings in Carrier Global by 246.0% during the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after purchasing an additional 310 shares in the last quarter. Coastline Trust Co acquired a new stake in Carrier Global in the third quarter worth approximately $37,000. Finally, Country Trust Bank bought a new position in Carrier Global during the 3rd quarter valued at $40,000. Institutional investors own 91.00% 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.