Carrier Global Co. (NYSE:CARR) to Issue Dividend Increase – $0.23 Per Share

Carrier Global Co. (NYSE:CARR) announced a quarterly dividend on Friday, December 6th,RTT News reports. Stockholders of record on Friday, December 20th will be given a dividend of 0.225 per share on Friday, February 7th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.22%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19.

Carrier Global has raised its dividend by an average of 38.6% per year over the last three years. Carrier Global has a dividend payout ratio of 25.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Carrier Global to earn $2.99 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 25.4%.

Carrier Global Stock Performance

Shares of Carrier Global stock opened at $73.62 on Friday. The stock has a market cap of $66.05 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 2.79 and a beta of 1.33. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. Carrier Global has a 1 year low of $52.54 and a 1 year high of $83.32. The firm’s 50-day moving average is $77.35 and its 200 day moving average is $70.95.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on CARR. JPMorgan Chase & Co. started coverage on Carrier Global in a research note on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Northcoast Research initiated coverage on Carrier Global in a research report on Friday, November 22nd. They set a “neutral” rating on the stock. Oppenheimer boosted their target price on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Stephens dropped their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Finally, UBS Group raised shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Carrier Global has an average rating of “Moderate Buy” and an average price target of $82.54.

Carrier Global Company Profile

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.