Carrier Global (NYSE:CARR) Reaches New 1-Year Low Following Analyst Downgrade

Carrier Global Corporation (NYSE:CARR) shares reached a new 52-week low during mid-day trading on Tuesday after UBS Group lowered their price target on the stock from $73.00 to $70.00. UBS Group currently has a buy rating on the stock. Carrier Global traded as low as $50.24 and last traded at $51.9520, with a volume of 1416917 shares trading hands. The stock had previously closed at $53.79.

A number of other brokerages have also commented on CARR. The Goldman Sachs Group lowered their price objective on Carrier Global from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. Wells Fargo & Company cut their price objective on shares of Carrier Global from $62.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, December 4th. Zacks Research raised shares of Carrier Global from a “strong sell” rating to a “hold” rating in a report on Friday, November 21st. Morgan Stanley cut their price target on Carrier Global from $75.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. Finally, Oppenheimer restated a “market perform” rating on shares of Carrier Global in a research report on Wednesday, October 29th. Ten investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $71.41.

Institutional Trading of Carrier Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Costello Asset Management INC boosted its holdings in shares of Carrier Global by 4.2% in the second quarter. Costello Asset Management INC now owns 3,153 shares of the company’s stock worth $231,000 after buying an additional 127 shares during the period. Rehmann Capital Advisory Group boosted its stake in Carrier Global by 1.3% in the 2nd quarter. Rehmann Capital Advisory Group now owns 12,083 shares of the company’s stock worth $884,000 after purchasing an additional 150 shares during the period. Penobscot Investment Management Company Inc. raised its stake in Carrier Global by 0.7% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 20,833 shares of the company’s stock valued at $1,525,000 after purchasing an additional 155 shares during the period. Abacus Wealth Partners LLC lifted its holdings in shares of Carrier Global by 4.3% in the second quarter. Abacus Wealth Partners LLC now owns 3,982 shares of the company’s stock valued at $291,000 after purchasing an additional 165 shares in the last quarter. Finally, Kingsview Wealth Management LLC boosted its position in shares of Carrier Global by 1.0% in the second quarter. Kingsview Wealth Management LLC now owns 17,110 shares of the company’s stock worth $1,252,000 after buying an additional 165 shares during the period. Institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Down 3.4%

The firm has a market cap of $43.77 billion, a PE ratio of 11.63, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.14 and a quick ratio of 0.75. The business has a fifty day moving average price of $54.43 and a two-hundred day moving average price of $62.11.

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

Carrier Global Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 9th. Shareholders of record on Tuesday, January 20th will be paid a dividend of $0.24 per share. This is an increase from Carrier Global’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.8%. Carrier Global’s dividend payout ratio (DPR) is 21.48%.

Carrier Global announced that its board has initiated a share repurchase plan on Tuesday, October 28th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to reacquire up to 10.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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.