Carrier Global Corporation (NYSE: CARR) stock fell -3.49% on Friday to $36.20 against a previous-day closing price of $37.51. With 3.42 million shares changed hands, the volume of the stock remained lighter than its average volume of 4.48 million shares. During the session, the Building Products & Equipment company that operates in wider Industrials sector, reached to the highest price of $37.38 whereas the lowest price it dropped to was $36.19. The 52-week range on CARR shows that it touched its highest point at $57.97 and its lowest point at $34.12 during that stretch. It currently has a 1-year price target of $46.00. With its current market cap of 32.02 billion, CARR has annualized dividend of $0.60 while the current yield stands at 1.66%.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CARR was down-trending over the past week, with a drop of -10.40%, but this was down by -12.69% over a month. Three-month performance surged to 3.96% while six-month performance fell -22.18%. The stock lost -31.17% in the past year, while it has lost -33.26% so far this year. A look at the trailing 12-month EPS for CARR yields 3.13 with Next year EPS estimates of 2.54. For the next quarter, that number is 0.65. This implies an EPS growth rate of -17.00% for this year and 9.19% for next year.
Float and Shares Shorts:
At present, 845.70 million CARR shares are outstanding with a float of 840.81 million shares on hand for trading. On Jul 14, 2022, short shares totaled 9.04 million, which was 1.07% higher than short shares on Jun 14, 2022. In addition to Mr. David L. Gitlin as the firm’s Chairman & CEO, Mr. Patrick P. Goris serves as its Sr. VP & CFO.
Through their ownership of 89.61% of CARR’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 58.00% of CARR, in contrast to 29.46% held by mutual funds. Shares owned by individuals account for 0.10%. As the largest shareholder in CARR with 10.63% of the stake, The Vanguard Group, Inc. holds 89,462,933 shares worth 89,462,933. A second-largest stockholder of CARR, Capital Research & Management Co, holds 78,121,594 shares, controlling over 9.28% of the firm’s shares. Capital Research & Management Co is the third largest shareholder in CARR, holding 75,592,691 shares or 8.98% stake. With a 6.30% stake in CARR, the American Funds Growth Fund of Ame is the largest stakeholder. A total of 52,995,966 shares are owned by the mutual fund manager. The American Funds Investment Company, which owns about 4.10% of CARR stock, is the second-largest Mutual Fund holder. It holds 34,487,754 shares valued at 1.35 billion. Vanguard Total Stock Market Index holds 2.98% of the stake in CARR, owning 25,112,460 shares worth 982.4 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CARR since 24 analysts follow the stock currently. There are 9 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 12 believe that the stock is worth HOLDING, 3 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With CARR analysts setting a high price target of $58.00 and a low target of $36.00, the average target price over the next 12 months is $44.95. Based on these targets, CARR could surge 60.22% to reach the target high and fall by -0.55% to reach the target low. Reaching the average price target will result in a growth of 24.17% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. CARR will report FY 2022 earnings on 02/07/2023. Analysts have provided yearly estimates in a range of $2.36 being high and $2.22 being low. For CARR, this leads to a yearly average estimate of $2.32. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Carrier Global Corporation surprised analysts by $0.07 when it reported $0.69 EPS against a consensus estimate of $0.62. The surprise factor in the prior quarter was $0.07. Based on analyst estimates, the high estimate for the next quarter is $0.70 and the low estimate is $0.61. The average estimate for the next quarter is thus $0.66.
Summary of Insider Activity:
Insiders traded CARR stock several times over the past three months with 1 Buys and 1 Sells. In these transactions, 10,451 shares were bought while 4,113 shares were sold. The number of buy transactions has increased to 24 while that of sell transactions has risen to 28 over the past year. The total number of shares bought during that period was 546,288 while 242,805 shares were sold.