Carrier Global (NYSE:CARR) Releases FY 2024 Earnings Guidance

Carrier Global (NYSE:CARR) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 2.500-2.500 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $22.5 billion-$22.5 billion, compared to the consensus revenue estimate of $25.2 billion.

Carrier Global Stock Performance

Shares of Carrier Global stock traded up $1.01 on Friday, reaching $73.72. 5,301,655 shares of the company traded hands, compared to its average volume of 4,155,103. The company has a 50 day moving average of $76.46 and a 200 day moving average of $67.87. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. Carrier Global has a 52 week low of $45.68 and a 52 week high of $83.32. The firm has a market capitalization of $66.42 billion, a PE ratio of 51.55, a PEG ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.04). The firm had revenue of $5.98 billion for the quarter, compared to the consensus estimate of $6.61 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. Equities analysts forecast that Carrier Global will post 2.85 earnings per share for the current year.

Carrier Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio is currently 53.15%.

Carrier Global declared that its Board of Directors has authorized a share repurchase program on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to buy up to 4.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Bank of America upped their price target on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Oppenheimer raised their price target on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Royal Bank of Canada reduced their price target on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research report on Friday. Mizuho raised their target price on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.75.

Insider Activity at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total value of $4,026,758.10. Following the completion of the sale, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.95% of the stock is currently owned by insiders.

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.