Carrier Global (NYSE:CARR) Posts Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Carrier Global (NYSE:CARR) released its earnings results on Thursday. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.12, reports. The firm had revenue of $6.18 billion during the quarter, compared to analyst estimates of $6.27 billion. Carrier Global had a net margin of 5.41% and a return on equity of 26.01%. Carrier Global updated its FY 2024 guidance to 2.800-2.900 EPS and its FY24 guidance to $2.80-2.90 EPS.

Carrier Global Stock Up 1.2 %

Shares of NYSE CARR traded up $0.69 during midday trading on Friday, reaching $60.50. 6,684,176 shares of the company’s stock traded hands, compared to its average volume of 4,318,700. The company has a market cap of $54.46 billion, a price-to-earnings ratio of 42.31, a P/E/G ratio of 2.53 and a beta of 1.39. Carrier Global has a one year low of $40.28 and a one year high of $60.87. The company has a quick ratio of 2.40, a current ratio of 1.36 and a debt-to-equity ratio of 1.31. The stock’s 50 day simple moving average is $56.54 and its 200-day simple moving average is $54.83.

Carrier Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Friday, May 3rd will be given a $0.19 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.26%. Carrier Global’s payout ratio is presently 53.15%.

Analyst Ratings Changes

Several analysts have issued reports 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 for the company in a research note on Wednesday, February 7th. Wells Fargo & Company boosted their price objective on Carrier Global from $59.00 to $66.00 and gave the company an “equal weight” rating in a report on Friday. Citigroup upped their price objective on Carrier Global from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Oppenheimer lifted their target price on Carrier Global from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Barclays upped their price target on shares of Carrier Global from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.00.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Modera Wealth Management LLC raised its holdings in shares of Carrier Global by 19.4% in the third quarter. Modera Wealth Management LLC now owns 21,099 shares of the company’s stock worth $1,165,000 after buying an additional 3,430 shares during the last quarter. Pinnacle Financial Partners Inc raised its stake in Carrier Global by 9.0% in the 4th quarter. Pinnacle Financial Partners Inc now owns 5,781 shares of the company’s stock worth $332,000 after acquiring an additional 476 shares during the last quarter. Andrew Hill Investment Advisors Inc. acquired a new stake in Carrier Global during the 4th quarter worth about $2,081,000. abrdn plc grew its stake in 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 holdings in shares of Carrier Global by 16.5% in the fourth 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 period. 91.00% of the stock is owned by institutional investors and hedge funds.

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.