Institutional Buying and Analyst Moves Focus on Carrier Global (NYSE:CARR)
Carrier Global drew increased stakes from multiple asset managers following its third-quarter earnings beat, while analysts retain a consensus Moderate Buy rating despite trimmed price targets.
Several asset management firms expanded their positions in Carrier Global Corporation recently, according to regulatory disclosures. Brighton Jones LLC expanded its investment in the company by 167.8% during the third quarter, holding 49,362 shares valued at $2,708,000. Other managers also built up their holdings during the period. Pictet Asset Management Holding SA raised its position by 15.7% to 3,957,152 shares worth $217,089,000, and Cullinan Associates Inc. increased its stake by 104.3% to 55,253 shares valued at $3,031,000. Overall, institutional investors and hedge funds control 91.00% of the equity.
Wall Street brokerages maintain an average recommendation of Moderate Buy on the stock, based on data tracked by MarketBeat. Across 20 brokerages covering the company, 11 rate it as a buy, eight designate it a hold, and one rates it a sell. The average 12-month price target stands at $69.27.
Despite the favorable consensus rating, multiple brokerages adjusted their valuation targets downward over the past several weeks. On October 30, Citigroup lowered its target from $80.00 to $71.00 while maintaining a buy rating, and JPMorgan Chase & Co. lowered its objective from $61.00 to $60.00 alongside a neutral stance. Earlier in October, The Goldman Sachs Group reduced its rating from buy to neutral and cut its target from $74.00 to $61.00, while Sanford C. Bernstein trimmed its target from $78.00 to $64.00 with a market perform rating. On November 2, Robert W. Baird dropped its price objective from $72.00 to $70.00 while maintaining an outperform rating.
The analyst adjustments followed Carrier Global's latest financial report released on Thursday, October 29. The heating, ventilation, and refrigeration equipment provider delivered $0.87 in earnings per share, topping the $0.76 consensus estimate. Revenue reached $6.26 billion, outperforming expectations of $6.09 billion and rising 12.3% from the prior year's corresponding period, when earnings per share were $0.67. The company's return on equity stood at a positive 16.99%, while its net margin finished at negative 7.90%.
Carrier Global also announced a quarterly dividend of $0.24 per share, payable on Wednesday, November 18, to stockholders of record as of Thursday, October 29. The annualized payment equals $0.96 per share, providing a 1.8% dividend yield. For the full fiscal year, equity analysts project Carrier Global will generate earnings of 2.86 per share.