Carrier Global (NYSE:CARR) Raised to “Hold” at Melius Research

Carrier Global (NYSE:CARR) was upgraded by equities research analysts at Melius Research to a “hold” rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $90.00 price objective on the stock. Melius Research’s price target would indicate a potential upside of 19.55% from the company’s previous close.

A number of other equities analysts also recently issued reports on CARR. Northcoast Research raised Carrier Global from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Friday, May 9th. JPMorgan Chase & Co. raised their target price on Carrier Global from $66.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Wells Fargo & Company boosted their target price on shares of Carrier Global from $65.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, May 5th. Citigroup cut their price target on shares of Carrier Global from $89.00 to $72.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Melius started coverage on shares of Carrier Global in a report on Tuesday. They set a “hold” rating and a $90.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Carrier Global has an average rating of “Moderate Buy” and a consensus target price of $83.82.

Carrier Global Trading Up 1.3%

Shares of CARR stock opened at $75.28 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 0.83 and a debt-to-equity ratio of 0.78. Carrier Global has a twelve month low of $54.22 and a twelve month high of $83.32. The company’s 50-day moving average price is $70.87 and its 200-day moving average price is $67.29. The stock has a market cap of $64.54 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 2.05 and a beta of 1.31.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.58 by $0.07. The business had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.17 billion. Carrier Global had a return on equity of 18.10% and a net margin of 25.45%. The company’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.51 EPS. As a group, equities analysts predict that Carrier Global will post 2.99 earnings per share for the current year.

Insider Transactions at Carrier Global

In other Carrier Global news, Director Maximilian Viessmann sold 4,267,425 shares of the firm’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $70.30, for a total transaction of $299,999,977.50. Following the completion of the transaction, the director owned 54,341,534 shares of the company’s stock, valued at approximately $3,820,209,840.20. This trade represents a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 7.20% of the company’s stock.

Institutional Trading of Carrier Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. boosted its position in Carrier Global by 15.7% during the first quarter. Bessemer Group Inc. now owns 28,768 shares of the company’s stock worth $1,823,000 after acquiring an additional 3,900 shares during the last quarter. Ensign Peak Advisors Inc lifted its stake in shares of Carrier Global by 27.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 1,314,180 shares of the company’s stock worth $89,706,000 after purchasing an additional 285,803 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Carrier Global during the first quarter worth $234,000. Ritholtz Wealth Management grew its position in shares of Carrier Global by 34.0% in the first quarter. Ritholtz Wealth Management now owns 3,968 shares of the company’s stock valued at $252,000 after purchasing an additional 1,007 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Carrier Global by 15.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 552,713 shares of the company’s stock valued at $35,042,000 after purchasing an additional 75,555 shares during the last quarter. 91.00% of the stock is currently 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.