Carrier Global Corporation [NYSE: CARR] price plunged by -1.16 percent to reach at -$0.64. The company report on July 29, 2021 that Carrier’s Board Approves $1.75 Billion Share Repurchase Authorization.
On July 27, 2021, Carrier Global Corporation’s (NYSE:CARR) Board of Directors approved a $1.75 billion stock repurchase authorization. Share repurchases may take place from time to time, subject to among other things, market conditions, share price, compliance with securities laws and regulatory requirements and other factors, and at the company’s discretion in the open market or through one or more other public or private transactions. With the remaining portion of the prior authorization, Carrier now has authorization to repurchase about $2 billion. This authorization is a key component of the company’s capital allocation plans, which will also include acquisitions and debt paydown over 12-18 months to help position the company for strategic growth and to generate attractive shareowner returns. The enterprise value from the Chubb sale amounts to $3.1 billion, and as of June 30, 2021, Carrier had $2.6 billion of cash. Carrier will provide additional detail during its earnings call scheduled for July 29, 2021.
About Carrier As the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. From the beginning, we’ve led in inventing new technologies and entirely new industries., we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit www.corporate.carrier.com or follow Carrier on social media at @Carrier.
A sum of 3995376 shares traded at recent session while its average daily volume was at 5.27M shares. Carrier Global Corporation shares reached a high of $56.03 and dropped to a low of $54.482 until finishing in the latest session at $54.61.
The one-year CARR stock forecast points to a potential downside of -5.92. The average equity rating for CARR stock is currently 2.00, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Carrier Global Corporation [CARR]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CARR shares is $51.56 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CARR stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Stephens have made an estimate for Carrier Global Corporation shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on July 30, 2021. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price from $55 to $61. The new note on the price target was released on July 30, 2021, representing the official price target for Carrier Global Corporation stock. Previously, the target price had yet another raise from $57 to $60, while Morgan Stanley kept a Overweight rating on CARR stock. On July 30, 2021, analysts increased their price target for CARR shares from 53 to 60.
The Average True Range (ATR) for Carrier Global Corporation is set at 1.15, with the Price to Sales ratio for CARR stock in the period of the last 12 months amounting to 2.54. The Price to Book ratio for the last quarter was 7.32, with the Price to Cash per share for the same quarter was set at 3.06. Price to Free Cash Flow for CARR in the course of the last twelve months was 35.31 with Quick ratio for the last quarter at 1.30.
CARR Stock Performance Analysis:
Carrier Global Corporation [CARR] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.02. With this latest performance, CARR shares gained by 12.02% in over the last four-week period, additionally plugging by 41.26% over the last 6 months – not to mention a rise of 100.48% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CARR stock in for the last two-week period is set at 73.17, with the RSI for the last a single of trading hit 74.97, and the three-weeks RSI is set at 71.25 for Carrier Global Corporation [CARR]. The present Moving Average for the last 50 days of trading for this stock 47.98, while it was recorded at 53.47 for the last single week of trading, and 41.45 for the last 200 days.
Insight into Carrier Global Corporation Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Carrier Global Corporation [CARR] shares currently have an operating margin of +11.17 and a Gross Margin at +29.38. Carrier Global Corporation’s Net Margin is presently recorded at +11.35.
Return on Total Capital for CARR is now 11.74, given the latest momentum, and Return on Invested Capital for the company is 12.47. Return on Equity for this stock inclined to 19.48, with Return on Assets sitting at 8.35. When it comes to the capital structure of this company, Carrier Global Corporation [CARR] has a Total Debt to Total Equity ratio set at 176.42. Additionally, CARR Total Debt to Total Capital is recorded at 63.82, with Total Debt to Total Assets ending up at 43.96. Long-Term Debt to Equity for the company is recorded at 170.79, with the Long-Term Debt to Total Capital now at 61.79.
Reflecting on the efficiency of the workforce at the company, Carrier Global Corporation [CARR] managed to generate an average of $35,393 per employee. Receivables Turnover for the company is 5.15 with a Total Asset Turnover recorded at a value of 0.74.Carrier Global Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.60.
CARR Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CARR. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Carrier Global Corporation go to 17.32%.
Carrier Global Corporation [CARR] Insider Position Details
There are presently around $40,364 million, or 86.70% of CARR stock, in the hands of institutional investors. The top three institutional holders of CARR stocks are: VANGUARD GROUP INC with ownership of 89,217,748, which is approximately 1.214% of the company’s market cap and around 0.07% of the total institutional ownership; BLACKROCK INC., holding 65,748,128 shares of the stock with an approximate value of $3.59 billion in CARR stocks shares; and STATE STREET CORP, currently with $3.07 billion in CARR stock with ownership of nearly -18.343% of the company’s market capitalization.
Positions in Carrier Global Corporation stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 503 institutional holders increased their position in Carrier Global Corporation [NYSE:CARR] by around 79,345,207 shares. Additionally, 593 investors decreased positions by around 79,126,318 shares, while 232 investors held positions by with 580,664,214 shares. The mentioned changes placed institutional holdings at 739,135,739 shares, according to the latest SEC report filing. CARR stock had 114 new institutional investments in for a total of 13,302,184 shares, while 89 institutional investors sold positions of 7,046,812 shares during the same period.