Carrier Global (NYSE:CARR) Releases Earnings Results

Carrier Global (NYSE:CARR) posted its quarterly earnings results on Thursday. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.12, reports. The firm 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 26.01% and a net margin of 5.41%. Carrier Global updated its FY 2024 guidance to 2.800-2.900 EPS and its FY24 guidance to $2.80-2.90 EPS.

Carrier Global Trading Up 1.2 %

Shares of Carrier Global stock opened at $60.51 on Friday. Carrier Global has a 1 year low of $40.28 and a 1 year high of $60.87. The firm has a market cap of $54.47 billion, a PE ratio of 42.31, a P/E/G ratio of 2.50 and a beta of 1.39. The stock has a fifty day moving average price of $56.54 and a 200-day moving average price of $54.83. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.36 and a quick ratio of 2.40.

Carrier Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Friday, May 3rd will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Thursday, May 2nd. Carrier Global’s dividend payout ratio is presently 53.15%.

Analysts Set New Price Targets

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

Insider Activity

In other news, CEO David L. Gitlin sold 354,539 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.16, for a total transaction of $19,201,832.24. Following the completion of the sale, 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 legal filing with the SEC, which is available at the SEC website. In other news, CEO David L. Gitlin sold 354,539 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.16, for a total transaction of $19,201,832.24. Following the completion of the sale, 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 legal filing with the SEC, which is available at the SEC website. 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 transaction, the vice president now owns 66,083 shares of the company’s stock, valued at approximately $3,553,282.91. The disclosure for this sale can be found here. Insiders own 6.95% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CARR. McClarren Financial Advisors Inc. grew its stake in shares of Carrier Global by 86.7% during the 4th quarter. McClarren Financial Advisors Inc. now owns 435 shares of the company’s stock worth $25,000 after acquiring an additional 202 shares during the period. DiNuzzo Private Wealth Inc. bought a new position in Carrier Global in the 4th quarter worth about $25,000. EdgeRock Capital LLC bought a new position in Carrier Global in the 4th quarter worth about $27,000. OFI Invest Asset Management bought a new position in Carrier Global in the 3rd quarter worth about $28,000. Finally, Larson Financial Group LLC boosted its stake in Carrier Global by 76.2% in the 3rd quarter. Larson Financial Group LLC now owns 511 shares of the company’s stock worth $28,000 after purchasing an additional 221 shares during the period. 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.