Carrier Global (NYSE:CARR) Shares Gap Up After Earnings Beat

Shares of Carrier Global Co. (NYSE:CARR) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $62.54, but opened at $67.72. Carrier Global shares last traded at $68.22, with a volume of 829,425 shares traded.

The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07. The firm had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.17 billion. Carrier Global had a net margin of 23.83% and a return on equity of 18.82%. Carrier Global’s revenue was down 3.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 earnings per share.

Carrier Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Friday, May 2nd will be given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date is Friday, May 2nd. Carrier Global’s dividend payout ratio (DPR) is presently 14.33%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CARR. Mizuho set a $72.00 target price on Carrier Global in a report on Tuesday, April 22nd. Citigroup dropped their price objective on shares of Carrier Global from $89.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Royal Bank of Canada reduced their target price on shares of Carrier Global from $86.00 to $76.00 and set an “outperform” rating on the stock in a report on Wednesday, February 12th. JPMorgan Chase & Co. lowered their price target on Carrier Global from $78.00 to $64.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their target price on Carrier Global from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 12th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and a consensus target price of $80.43.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CARR. BOK Financial Private Wealth Inc. raised its position in shares of Carrier Global by 80.0% during the 4th quarter. BOK Financial Private Wealth Inc. now owns 360 shares of the company’s stock valued at $25,000 after acquiring an additional 160 shares in the last quarter. Ritter Daniher Financial Advisory LLC DE raised its holdings in shares of Carrier Global by 90.0% during the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 380 shares of the company’s stock worth $26,000 after purchasing an additional 180 shares during the period. Park Square Financial Group LLC bought a new position in shares of Carrier Global in the 4th quarter worth about $28,000. Investment Research & Advisory Group Inc. bought a new stake in shares of Carrier Global during the 1st quarter valued at about $29,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new position in Carrier Global in the fourth quarter worth about $31,000. Institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Performance

The company has a quick ratio of 0.96, a current ratio of 1.25 and a debt-to-equity ratio of 0.77. The stock has a 50 day simple moving average of $62.97 and a 200 day simple moving average of $68.46. The company has a market capitalization of $60.37 billion, a price-to-earnings ratio of 11.13, a P/E/G ratio of 2.01 and a beta of 1.33.

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.