Carrier Global (NYSE:CARR) Shares Gap Up – Here’s What Happened

Carrier Global Co. (NYSE:CARR) gapped up before the market opened on Wednesday . The stock had previously closed at $62.07, but opened at $65.21. Carrier Global shares last traded at $64.32, with a volume of 738,516 shares.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CARR shares. JPMorgan Chase & Co. raised shares of Carrier Global from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $77.00 to $78.00 in a report on Wednesday. Wolfe Research raised shares of Carrier Global from a “peer perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research report on Monday, February 24th. Barclays lowered their price target on shares of Carrier Global from $90.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, February 12th. 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 report on Wednesday, November 13th. Finally, Royal Bank of Canada lowered their target price on Carrier Global from $86.00 to $76.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 12th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $82.53.

Carrier Global Stock Performance

The stock has a market cap of $56.41 billion, a P/E ratio of 10.40, a price-to-earnings-growth ratio of 2.01 and a beta of 1.35. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.25 and a quick ratio of 0.96. The company has a 50 day simple moving average of $66.71 and a 200-day simple moving average of $72.25.

Carrier Global (NYSE:CARR) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. Carrier Global had a net margin of 23.83% and a return on equity of 18.82%. During the same quarter in the prior year, the firm earned $0.53 EPS. On average, equities analysts expect that Carrier Global Co. will post 2.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carrier Global

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Carrier Global during the fourth quarter valued at approximately $588,029,000. Wealthfront Advisers LLC raised its holdings in Carrier Global by 5,840.1% during the 4th quarter. Wealthfront Advisers LLC now owns 5,000,000 shares of the company’s stock valued at $341,300,000 after buying an additional 4,915,826 shares during the last quarter. Brown Advisory Inc. boosted its position in Carrier Global by 139.1% during the 4th quarter. Brown Advisory Inc. now owns 5,296,577 shares of the company’s stock valued at $361,544,000 after buying an additional 3,080,984 shares during the period. Artisan Partners Limited Partnership bought a new stake in Carrier Global in the 4th quarter worth $166,061,000. Finally, FMR LLC increased its position in shares of Carrier Global by 36.2% in the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock valued at $702,603,000 after acquiring an additional 2,320,909 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.