Carrier Global (NYSE:CARR) Price Target Lowered to $70.00 at Citigroup

Carrier Global (NYSE:CARR) had its price objective reduced by research analysts at Citigroup from $71.00 to $70.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 26.37% from the company’s previous close.

A number of other brokerages have also recently issued reports on CARR. JPMorgan Chase & Co. reduced their target price on shares of Carrier Global from $61.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, October 31st. Oppenheimer reissued a “market perform” rating on shares of Carrier Global in a report on Wednesday, October 29th. Royal Bank Of Canada decreased their price objective on shares of Carrier Global from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday, December 5th. Barclays cut their target price on shares of Carrier Global from $74.00 to $72.00 and set an “overweight” rating for the company in a research note on Wednesday, December 10th. Finally, UBS Group decreased their price target on Carrier Global from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, January 5th. Ten equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $71.06.

Carrier Global Price Performance

CARR traded down $0.86 during midday trading on Monday, reaching $55.39. 10,881,299 shares of the company’s stock were exchanged, compared to its average volume of 6,955,871. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76. The business has a 50-day simple moving average of $53.99 and a two-hundred day simple moving average of $61.61. The firm has a market capitalization of $46.65 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 2.23 and a beta of 1.31. Carrier Global has a one year low of $50.24 and a one year high of $81.09.

Carrier Global (NYSE:CARR) last issued its earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The business had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.65 billion. Carrier Global had a return on equity of 16.65% and a net margin of 18.05%.Carrier Global’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.83 EPS. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. As a group, research analysts predict that Carrier Global will post 2.99 EPS for the current year.

Carrier Global announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 28th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to repurchase up to 10.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Carrier Global

A number of institutional investors and hedge funds have recently modified their holdings of the business. Czech National Bank boosted its stake in Carrier Global by 2.7% in the fourth quarter. Czech National Bank now owns 208,754 shares of the company’s stock valued at $11,031,000 after acquiring an additional 5,580 shares during the last quarter. Curated Wealth Partners LLC grew its stake in shares of Carrier Global by 6.1% during the fourth quarter. Curated Wealth Partners LLC now owns 13,578 shares of the company’s stock worth $717,000 after purchasing an additional 778 shares during the period. Professional Advisory Services Inc. lifted its stake in Carrier Global by 10.7% in the fourth quarter. Professional Advisory Services Inc. now owns 316,281 shares of the company’s stock valued at $16,712,000 after buying an additional 30,505 shares during the period. DAVENPORT & Co LLC boosted its holdings in Carrier Global by 851.3% during the fourth quarter. DAVENPORT & Co LLC now owns 985,720 shares of the company’s stock worth $52,347,000 after buying an additional 882,098 shares during the last quarter. Finally, Gilman Hill Asset Management LLC grew its position in shares of Carrier Global by 2.2% during the 4th quarter. Gilman Hill Asset Management LLC now owns 57,220 shares of the company’s stock worth $3,023,000 after buying an additional 1,221 shares during the period. 91.00% of the stock is owned by institutional investors.

Carrier Global Company Profile

Carrier Global Corporation is a leading global provider of heating, ventilation and air conditioning (HVAC), refrigeration, fire and security, and building automation solutions. The company designs, manufactures and sells a broad portfolio of products that includes air conditioners, furnaces, heat pumps, chillers, rooftop units, commercial refrigeration systems, fire and smoke detection and suppression systems, security sensors and access controls, and a range of building controls and analytics software.