Carrier Global (NYSE:CARR) Shares Gap Up to $54.77

Carrier Global Co. (NYSE:CARR)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $54.77, but opened at $56.75. Carrier Global shares last traded at $59.00, with a volume of 3,114,382 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Royal Bank of Canada decreased their price objective on shares of Carrier Global from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. Wells Fargo & Company cut their price target on shares of Carrier Global from $63.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 7th. Citigroup raised their target price on shares of Carrier Global from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Oppenheimer restated an “outperform” rating and set a $63.00 target price on shares of Carrier Global in a report on Thursday, April 18th. Finally, Barclays raised their target price on shares of Carrier Global from $71.00 to $78.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $61.15.

Carrier Global Stock Performance

The company has a quick ratio of 2.40, a current ratio of 2.73 and a debt-to-equity ratio of 1.58. The stock has a market cap of $53.84 billion, a price-to-earnings ratio of 37.34, a P/E/G ratio of 2.33 and a beta of 1.39. The company has a 50 day simple moving average of $56.34 and a 200 day simple moving average of $54.76.

Carrier Global (NYSE:CARR) last issued its earnings results on Tuesday, February 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.22 billion. Carrier Global had a return on equity of 27.19% and a net margin of 6.10%. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. As a group, equities research analysts forecast that Carrier Global Co. will post 2.82 EPS for the current year.

Carrier Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Friday, May 3rd will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Thursday, May 2nd. Carrier Global’s dividend payout ratio (DPR) is currently 48.10%.

Insider Transactions at Carrier Global

In other news, VP Kevin J. O’connor sold 26,551 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the sale, the vice president now directly owns 66,083 shares in the company, valued at $3,553,282.91. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Carrier Global news, VP Kevin J. O’connor sold 26,551 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the transaction, the vice president now directly owns 66,083 shares in the company, valued at approximately $3,553,282.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David L. Gitlin sold 354,539 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.16, for a total value of $19,201,832.24. Following the transaction, the chief executive officer now owns 422,808 shares in the company, valued at $22,899,281.28. The disclosure for this sale can be found here. Company insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Modera Wealth Management LLC raised its position in Carrier Global by 19.4% in the 3rd quarter. Modera Wealth Management LLC now owns 21,099 shares of the company’s stock valued at $1,165,000 after buying an additional 3,430 shares during the last quarter. Pinnacle Financial Partners Inc increased its position in shares of Carrier Global by 9.0% during the 4th quarter. Pinnacle Financial Partners Inc now owns 5,781 shares of the company’s stock valued at $332,000 after purchasing an additional 476 shares during the last quarter. Andrew Hill Investment Advisors Inc. purchased a new stake in shares of Carrier Global during the 4th quarter valued at $2,081,000. abrdn plc increased its position in shares of Carrier Global by 40.6% during the 4th quarter. abrdn plc now owns 751,661 shares of the company’s stock valued at $43,183,000 after purchasing an additional 217,144 shares during the last quarter. Finally, AIA Group Ltd increased its position in shares of Carrier Global by 16.5% during the 4th quarter. AIA Group Ltd now owns 98,959 shares of the company’s stock valued at $5,685,000 after purchasing an additional 14,003 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

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.