Carrier Global (NYSE:CARR) Posts Earnings Results, Beats Expectations By $0.02 EPS

Carrier Global (NYSE:CARR) posted its quarterly earnings results on Thursday. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02, Briefing.com reports. The firm had revenue of $6.70 billion for the quarter, compared to analysts’ expectations of $7.05 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 earnings per share. 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 Stock Performance

CARR traded up $1.94 during trading hours on Friday, hitting $66.77. The company’s stock had a trading volume of 4,351,536 shares, compared to its average volume of 4,160,366. The company has a 50-day simple moving average of $64.53 and a 200 day simple moving average of $59.92. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $60.16 billion, a PE ratio of 46.69, a PEG ratio of 2.60 and a beta of 1.32. Carrier Global has a fifty-two week low of $45.68 and a fifty-two week high of $70.09.

Carrier Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 21st will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, June 21st. This represents a $0.76 annualized dividend and a dividend yield of 1.14%. Carrier Global’s dividend payout ratio is presently 53.15%.

Analyst Upgrades and Downgrades

CARR has been the topic of a number of recent analyst reports. TD Cowen upped their target price on shares of Carrier Global from $66.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, April 29th. Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and increased their target price for the stock from $65.00 to $74.00 in a report on Monday, June 24th. Baird R W upgraded Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Royal Bank of Canada reissued an “outperform” rating and set a $72.00 price target on shares of Carrier Global in a research report on Friday. Finally, Robert W. Baird decreased their price objective on shares of Carrier Global from $75.00 to $74.00 and set an “outperform” rating for the company in a report on Friday. Three analysts have rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $65.64.

Insiders Place Their Bets

In other news, insider Jurgen Timperman sold 159,915 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $61.95, for a total transaction of $9,906,734.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Jurgen Timperman sold 159,915 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $61.95, for a total value of $9,906,734.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Kyle Crockett sold 4,611 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total transaction of $306,124.29. Following the completion of the transaction, the chief accounting officer now owns 2,042 shares of the company’s stock, valued at $135,568.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 262,954 shares of company stock worth $16,650,050. 6.95% of the stock is owned by company insiders.

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.