Northcoast Research Initiates Coverage on Carrier Global (NYSE:CARR)

Northcoast Research assumed coverage on shares of Carrier Global (NYSE:CARR) in a research report released on Friday morning, Marketbeat.com reports. The brokerage issued a neutral rating on the stock.

Several other brokerages have also commented on CARR. Stephens cut their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Bank of America upped their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Robert W. Baird lowered their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. initiated coverage on Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price for the company. Finally, Morgan Stanley began coverage on Carrier Global in a research note on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target on the stock. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $82.31.

Carrier Global Trading Up 2.4 %

Shares of Carrier Global stock opened at $78.86 on Friday. The stock has a market cap of $70.76 billion, a PE ratio of 19.96, a price-to-earnings-growth ratio of 2.77 and a beta of 1.34. The firm has a fifty day moving average price of $77.92 and a 200 day moving average price of $70.41. Carrier Global has a 1 year low of $51.20 and a 1 year high of $83.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82.

Carrier Global declared that its Board of Directors has authorized a stock buyback program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Carrier Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, October 25th were given a dividend of $0.19 per share. The ex-dividend date was Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.96%. Carrier Global’s payout ratio is currently 19.24%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CARR. State Street Corp raised its holdings in shares of Carrier Global by 1.4% in the 3rd quarter. State Street Corp now owns 33,665,505 shares of the company’s stock worth $2,709,736,000 after purchasing an additional 469,108 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Carrier Global by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 16,937,689 shares of the company’s stock valued at $1,357,961,000 after acquiring an additional 289,439 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Carrier Global by 1.9% in the 3rd quarter. Fisher Asset Management LLC now owns 14,267,109 shares of the company’s stock worth $1,148,360,000 after purchasing an additional 269,538 shares during the period. FMR LLC grew its position in Carrier Global by 36.2% during the 3rd quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after purchasing an additional 2,320,909 shares in the last quarter. Finally, PineStone Asset Management Inc. raised its stake in Carrier Global by 139.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after purchasing an additional 3,741,206 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s stock.

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.