Wells Fargo & Company Lowers Carrier Global (NYSE:CARR) Price Target to $75.00

Carrier Global (NYSE:CARR) had its price objective lowered by investment analysts at Wells Fargo & Company from $80.00 to $75.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 9.12% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Mizuho upped their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. The Goldman Sachs Group initiated coverage on shares of Carrier Global in a report on Thursday, December 12th. They issued a “buy” rating and a $96.00 price objective on the stock. Robert W. Baird dropped their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Wednesday, November 13th. Finally, Stephens lowered their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $83.36.

Carrier Global Price Performance

Shares of NYSE:CARR traded up $0.02 during midday trading on Tuesday, hitting $68.73. The company’s stock had a trading volume of 488,132 shares, compared to its average volume of 2,663,622. Carrier Global has a 12-month low of $53.13 and a 12-month high of $83.32. The company has a market cap of $61.67 billion, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 2.73 and a beta of 1.36. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The business’s 50 day simple moving average is $73.00 and its 200 day simple moving average is $71.98.

Carrier Global declared that its board has initiated a stock repurchase program on Thursday, October 24th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Carrier Global

A number of institutional investors have recently added to or reduced their stakes in the business. FSM Wealth Advisors LLC boosted its stake in shares of Carrier Global by 2.2% in the third quarter. FSM Wealth Advisors LLC now owns 6,373 shares of the company’s stock valued at $513,000 after buying an additional 136 shares in the last quarter. Meridian Wealth Management LLC lifted its stake in shares of Carrier Global by 2.3% in the third quarter. Meridian Wealth Management LLC now owns 6,030 shares of the company’s stock valued at $485,000 after purchasing an additional 137 shares during the period. Essex Savings Bank grew its position in Carrier Global by 2.2% during the third quarter. Essex Savings Bank now owns 6,608 shares of the company’s stock worth $532,000 after buying an additional 144 shares during the period. Boston Financial Mangement LLC increased its holdings in Carrier Global by 1.7% in the third quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company’s stock valued at $741,000 after buying an additional 150 shares in the last quarter. Finally, Sittner & Nelson LLC lifted its position in shares of Carrier Global by 4.9% during the 3rd quarter. Sittner & Nelson LLC now owns 3,187 shares of the company’s stock valued at $257,000 after acquiring an additional 150 shares during the period. Hedge funds and other 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.