Oppenheimer Reiterates Outperform Rating for Carrier Global (NYSE:CARR)

Carrier Global (NYSE:CARR)‘s stock had its “outperform” rating reissued by Oppenheimer in a report issued on Thursday, Benzinga reports. They currently have a $63.00 target price on the stock. Oppenheimer’s target price indicates a potential upside of 17.65% from the stock’s current price.

A number of other analysts also recently issued reports on CARR. Wells Fargo & Company dropped their target price on shares of Carrier Global from $63.00 to $57.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 7th. Royal Bank of Canada dropped 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 report on Wednesday, February 7th. Citigroup lifted their target price on shares of Carrier Global from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Barclays increased their price target on Carrier Global from $71.00 to $78.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Carrier Global has a consensus rating of “Hold” and an average price target of $61.15.

Carrier Global Stock Performance

NYSE:CARR opened at $53.55 on Thursday. The company has a market cap of $48.20 billion, a P/E ratio of 33.89, a P/E/G ratio of 2.29 and a beta of 1.39. The firm’s 50 day moving average is $56.36 and its two-hundred day moving average is $54.74. Carrier Global has a fifty-two week low of $40.28 and a fifty-two week high of $60.87. The company has a quick ratio of 2.40, a current ratio of 2.73 and a debt-to-equity ratio of 1.58.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Carrier Global

A number of institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in Carrier Global by 712.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,482,866 shares of the company’s stock worth $799,843,000 after purchasing an additional 15,330,140 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of Carrier Global by 83,676.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 8,410,303 shares of the company’s stock valued at $346,925,000 after buying an additional 8,400,264 shares during the period. Norges Bank bought a new stake in shares of Carrier Global during the 4th quarter valued at about $444,487,000. C WorldWide Group Holding A S acquired a new stake in Carrier Global during the third quarter worth about $260,761,000. Finally, Victory Capital Management Inc. lifted its holdings in Carrier Global by 1,140.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,138,117 shares of the company’s stock worth $170,697,000 after acquiring an additional 3,804,624 shares during the last quarter. 91.00% of the stock is currently owned by 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.