Carrier Global (NYSE:CARR) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Carrier Global (NYSE:CARR) released its quarterly earnings data on Thursday. The company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.04), reports. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The firm had revenue of $5.98 billion for the quarter, compared to analyst estimates of $6.61 billion. Carrier Global updated its FY 2024 guidance to 2.500-2.500 EPS.

Carrier Global Price Performance

CARR stock traded up $1.01 during trading on Friday, hitting $73.72. The company had a trading volume of 5,301,655 shares, compared to its average volume of 4,155,103. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The company has a fifty day moving average price of $76.46 and a two-hundred day moving average price of $67.87. Carrier Global has a fifty-two week low of $45.68 and a fifty-two week high of $83.32. The company has a market cap of $66.42 billion, a P/E ratio of 51.55, a P/E/G ratio of 2.94 and a beta of 1.32.

Carrier Global Dividend Announcement

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

Carrier Global declared that its Board of Directors has initiated a share buyback program on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 4.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the sale, the vice president now owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 6.95% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Hudson Valley Investment Advisors Inc. ADV bought a new stake in Carrier Global during the 3rd quarter worth about $201,000. Pinnacle Associates Ltd. grew its position in shares of Carrier Global by 3.9% during the 3rd quarter. Pinnacle Associates Ltd. now owns 40,653 shares of the company’s stock worth $3,272,000 after buying an additional 1,534 shares during the period. First Trust Direct Indexing L.P. increased its stake in shares of Carrier Global by 7.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 27,376 shares of the company’s stock valued at $2,204,000 after acquiring an additional 1,893 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in shares of Carrier Global by 18.8% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 8,339 shares of the company’s stock valued at $671,000 after acquiring an additional 1,320 shares during the period. Finally, Adams Diversified Equity Fund Inc. bought a new position in Carrier Global during the 3rd quarter worth approximately $14,046,000. 91.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CARR. Royal Bank of Canada reduced their price target on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a report on Friday. 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. JPMorgan Chase & Co. assumed coverage on shares of Carrier Global in a research note on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective for the company. Mizuho increased their target price on shares of Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Robert W. Baird reduced their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday. Seven research 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 company. According to MarketBeat.com, Carrier Global has an average rating of “Moderate Buy” and an average price target of $81.75.

About Carrier Global

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.