Royal Bank of Canada Cuts Carrier Global (NYSE:CARR) Price Target to $86.00

Carrier Global (NYSE:CARR) had its price target reduced by equities research analysts at Royal Bank of Canada from $87.00 to $86.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 24.17% from the stock’s previous close.

Other equities analysts have also issued reports about the company. 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 objective on the stock. Wells Fargo & Company dropped their price target on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Friday, October 25th. Mizuho increased their price objective on shares of Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. began coverage on shares of Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 target price on the stock. Finally, Robert W. Baird cut their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $83.43.

Carrier Global Stock Up 1.4 %

Shares of NYSE:CARR opened at $69.26 on Friday. The firm has a market cap of $62.14 billion, a P/E ratio of 17.53, a P/E/G ratio of 2.73 and a beta of 1.33. Carrier Global has a 12-month low of $53.13 and a 12-month high of $83.32. The business has a fifty day simple moving average of $73.14 and a 200 day simple moving average of $71.91. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69.

Carrier Global declared that its Board of Directors has initiated a share repurchase program on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Carrier Global

A number of hedge funds and other institutional investors have recently bought and sold shares of CARR. State Street Corp grew its holdings in shares of Carrier Global by 1.4% during the third quarter. State Street Corp now owns 33,665,505 shares of the company’s stock valued at $2,709,736,000 after buying an additional 469,108 shares during the last quarter. Geode Capital Management LLC lifted its position in 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% during the 3rd quarter. Fisher Asset Management LLC now owns 14,267,109 shares of the company’s stock valued at $1,148,360,000 after purchasing an additional 269,538 shares during the last quarter. FMR LLC increased its holdings 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, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Carrier Global by 1.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,993,169 shares of the company’s stock worth $482,390,000 after purchasing an additional 110,988 shares during the last quarter. Institutional investors own 91.00% of the company’s stock.

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.