Carrier Global (NYSE:CARR) Announces Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Carrier Global (NYSE:CARR) announced its quarterly earnings results on Thursday. The company reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.04), reports. The company had revenue of $5.98 billion during the quarter, compared to analyst estimates of $6.61 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. Carrier Global updated its FY 2024 guidance to 2.500-2.500 EPS.

Carrier Global Stock Performance

Shares of CARR traded up $1.01 during trading hours on Friday, reaching $73.72. 5,301,655 shares of the company’s stock traded hands, compared to its average volume of 4,155,103. The firm has a market capitalization of $66.42 billion, a price-to-earnings ratio of 51.55, a P/E/G ratio of 2.94 and a beta of 1.32. The business’s fifty day simple moving average is $76.46 and its two-hundred day simple moving average is $67.87. Carrier Global has a twelve month low of $45.68 and a twelve month high of $83.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80.

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th 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 1.03%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s payout ratio is currently 53.15%.

Carrier Global announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CARR shares. Morgan Stanley assumed coverage on Carrier Global in a research note on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective on the stock. Royal Bank of Canada decreased their price objective on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research note on Friday. Oppenheimer raised their target price on shares of Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Stephens cut shares of Carrier Global from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $75.00 to $85.00 in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. began coverage on Carrier Global in a research report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective on the stock. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Carrier Global currently has an average rating of “Moderate Buy” and a consensus target price of $81.75.

Insider Buying and Selling at Carrier Global

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the transaction, the vice president now directly owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.95% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Carrier Global

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in Carrier Global by 280.1% in the 1st quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after purchasing an additional 17,021,768 shares during the period. Capital International Investors boosted its position in shares of Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after buying an additional 3,763,666 shares during the period. PineStone Asset Management Inc. grew its holdings in shares of Carrier Global by 139.7% during the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after buying an additional 3,741,206 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Carrier Global in the 2nd quarter worth about $58,415,000. Finally, International Assets Investment Management LLC boosted its position in Carrier Global by 8,797.3% during the 3rd quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock worth $730,250,000 after acquiring an additional 897,061 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.