Carrier Global (NYSE:CARR) Corp's stock has reached an unprecedented peak, setting an all-time high at $81.29. This milestone underscores a period of robust performance for the company, reflecting investor confidence and a strong market position. Over the past year, Carrier Global Corp has witnessed a remarkable surge in its stock value, with a 1-year change showing an impressive increase of 50.95%. This significant growth trajectory highlights the company's successful strategies and its resilience in a competitive industry. Investors are closely monitoring Carrier Global Corp as it continues to navigate the market with promising prospects.
In other recent news, Carrier Global has been the focus of several significant developments. The company recently sold its Commercial and Residential Fire business to Lone Star Funds for $3 billion, marking the completion of its strategic transformation into a focused HVAC company. Carrier Global is expected to use the estimated $2.2 billion in net proceeds from the sale for share repurchases, following a substantial reduction of its net debt by over $5 billion.
On the earnings front, despite a 30% drop in Viessmann's sales, robust North American HVAC demand has helped the company surpass expectations, reporting an adjusted earnings per share (EPS) of $0.87. Analysts from BofA Securities and Baird have shown confidence in the company, upgrading the stock to Neutral and maintaining an Outperform rating, respectively.
In terms of analyst perspectives, Baird has reaffirmed its Outperform rating on Carrier Global stock with a price target at $74. Meanwhile, Morgan Stanley initiated coverage on Carrier Global with an Equalweight rating and set a price target of $75. RBC Capital Markets also showed confidence in Carrier's strategic direction and market prospects, raising its price target to $79.
These recent developments underscore Carrier's commitment to its transformation journey and are seen as contributing factors to Carrier Global's continued growth.
InvestingPro Insights
Carrier Global Corp's recent stock performance has certainly caught the attention of investors, and a deeper dive into the real-time data from InvestingPro provides a clearer picture of the company's financial health and market position. With a market capitalization of $73.01 billion, Carrier Global Corp stands as a formidable entity in the Building Products industry. Notably, the company's P/E ratio is currently at 20.83, indicating a potentially attractive valuation when paired with its near-term earnings growth. This is further underlined by the PEG ratio of 0.42 for the last twelve months as of Q2 2024, suggesting that the company's earnings growth may not be fully reflected in its share price yet.
In terms of dividends, Carrier Global Corp has demonstrated a commitment to returning value to shareholders, raising its dividend for four consecutive years. This, coupled with a dividend yield of 0.94%, could be appealing for income-focused investors. Additionally, the company has shown a strong return over the last year, with a price total return of 55.04%, closely aligning with the significant growth mentioned in the article.
For investors seeking further insights and tips, there are additional InvestingPro Tips available for Carrier Global Corp at https://www.investing.com/pro/CARR. These tips include observations such as the stock trading at a high Price / Book multiple of 5.3 and being in overbought territory according to the RSI, which could be useful for those considering timing their investments or looking for entry and exit points. With a total of 17 InvestingPro Tips available, investors have access to a wealth of information to help inform their investment decisions in Carrier Global Corp.
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