Carrier Global (NYSE:CARR) Issues Earnings Results

Carrier Global (NYSE:CARR) issued its quarterly earnings results on Thursday. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02, Briefing.com reports. The company had revenue of $6.70 billion during 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 revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 EPS. 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

Shares of NYSE CARR traded up $1.94 during trading hours on Friday, reaching $66.77. The stock had a trading volume of 4,351,536 shares, compared to its average volume of 4,160,366. The firm has a 50-day moving average of $64.53 and a 200-day moving average of $59.92. The firm has a market cap of $60.16 billion, a price-to-earnings ratio of 46.69, a PEG ratio of 2.60 and a beta of 1.32. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.80. 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 company also recently announced 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. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Friday, June 21st. Carrier Global’s dividend payout ratio (DPR) is currently 53.15%.

Insiders Place Their Bets

In other Carrier Global news, CAO Kyle Crockett sold 4,611 shares of Carrier Global stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total value of $306,124.29. Following the transaction, the chief accounting officer now directly owns 2,042 shares in the company, valued at $135,568.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Carrier Global news, insider Jurgen Timperman sold 159,915 shares of the business’s stock in a transaction 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 legal filing with the SEC, which is available through this link. Also, CAO Kyle Crockett sold 4,611 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $66.39, for a total transaction of $306,124.29. Following the completion of the sale, the chief accounting officer now owns 2,042 shares of the company’s stock, valued at approximately $135,568.38. The disclosure for this sale can be found here. Insiders have sold a total of 262,954 shares of company stock valued at $16,650,050 over the last quarter. Company insiders own 6.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CARR. Royal Bank of Canada reiterated an “outperform” rating and issued a $72.00 target price on shares of Carrier Global in a report on Friday. TD Cowen boosted their price objective on Carrier Global from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, April 29th. Baird R W raised shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Citigroup upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $65.00 to $74.00 in a research note on Monday, June 24th. Finally, Barclays increased their price objective on shares of Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $65.64.

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.