Carrier Global (NYSE:CARR) Shares Gap Up on Earnings Beat

Carrier Global Co. (NYSE:CARR) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. 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.

The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.12. The business had revenue of $6.18 billion for the quarter, compared to analysts’ expectations of $6.27 billion. Carrier Global had a return on equity of 27.19% and a net margin of 6.10%.

Carrier Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Friday, May 3rd will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Thursday, May 2nd. Carrier Global’s dividend payout ratio is currently 48.10%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada reduced their target price on Carrier Global from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. Oppenheimer upped their target price on Carrier Global from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday. Citigroup upped their target price on Carrier Global from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Wells Fargo & Company upped their target price on Carrier Global from $59.00 to $66.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Barclays upped their target price on Carrier Global from $78.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $62.00.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Beese Fulmer Investment Management Inc. increased its holdings in Carrier Global by 0.9% in the 4th quarter. Beese Fulmer Investment Management Inc. now owns 19,474 shares of the company’s stock valued at $1,119,000 after purchasing an additional 181 shares in the last quarter. Sunbelt Securities Inc. grew its stake in shares of Carrier Global by 2.3% during the first quarter. Sunbelt Securities Inc. now owns 8,033 shares of the company’s stock valued at $467,000 after acquiring an additional 182 shares in the last quarter. Graypoint LLC grew its stake in shares of Carrier Global by 1.9% during the fourth quarter. Graypoint LLC now owns 9,752 shares of the company’s stock valued at $560,000 after acquiring an additional 184 shares in the last quarter. Sovereign Financial Group Inc. grew its stake in shares of Carrier Global by 4.7% during the fourth quarter. Sovereign Financial Group Inc. now owns 4,224 shares of the company’s stock valued at $243,000 after acquiring an additional 188 shares in the last quarter. Finally, Checchi Capital Advisers LLC grew its stake in shares of Carrier Global by 2.3% during the first quarter. Checchi Capital Advisers LLC now owns 8,900 shares of the company’s stock valued at $517,000 after acquiring an additional 197 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Stock Up 1.2 %

The firm has a 50 day moving average price of $56.54 and a two-hundred day moving average price of $54.83. 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 company has a market capitalization of $54.47 billion, a price-to-earnings ratio of 38.30, a P/E/G ratio of 2.31 and a beta of 1.39.

Carrier Global Company Profile

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.