Carrier Global (NYSE:CARR) Price Target Lowered to $77.00 at JPMorgan Chase & Co.

Carrier Global (NYSE:CARR) had its target price trimmed by JPMorgan Chase & Co. from $83.00 to $77.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages have also issued reports on CARR. Royal Bank of Canada cut their price objective on shares of Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Stephens reduced their price target on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. The Goldman Sachs Group initiated coverage on Carrier Global in a research report on Thursday, December 12th. They set a “buy” rating and a $96.00 price objective on the stock. Citigroup decreased their price target on shares of Carrier Global from $94.00 to $90.00 and set a “buy” rating for the company in a research report on Monday. Finally, Barclays cut their price objective on shares of Carrier Global from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Carrier Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Carrier Global Stock Up 0.8 %

Shares of NYSE CARR opened at $68.93 on Wednesday. Carrier Global has a 52-week low of $53.13 and a 52-week high of $83.32. The firm has a market capitalization of $61.85 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 2.03 and a beta of 1.36. The stock has a 50 day moving average price of $72.34 and a 200 day moving average price of $72.17. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08.

Carrier Global announced that its board has authorized a share buyback plan on Thursday, October 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Carrier Global Increases Dividend

The business 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 $0.225 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a yield of 1.31%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio (DPR) is currently 22.78%.

Institutional Trading of Carrier Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its stake in Carrier Global by 36.2% during the 3rd quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after buying an additional 2,320,909 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Carrier Global during the 3rd quarter worth $130,479,000. Point72 Asset Management L.P. acquired a new position in Carrier Global in the 2nd quarter valued at about $58,415,000. Mizuho Securities USA LLC increased its holdings in shares of Carrier Global by 1,428.4% in the third quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock valued at $79,484,000 after purchasing an additional 922,892 shares during the period. Finally, International Assets Investment Management LLC increased its stake in Carrier Global by 8,797.3% in the 3rd quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock valued at $730,250,000 after buying an additional 897,061 shares during the period. Institutional investors and hedge funds 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.