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Based in Palm Beach Gardens, Florida, Carrier Global Corporation (CARR) is a leading global provider of HVAC (heating, ventilation, and air conditioning), refrigeration, fire, and security solutions. With a market cap of $57.98 billion, Carrier serves various industries, including residential, commercial, industrial, and transportation. Known for its innovative and energy-efficient products, Carrier is critical in enhancing building efficiency and sustainability worldwide.
Companies worth $10 billion or more are considered "large-cap" stocks, and Carrier Global fits right into that category, reflecting its substantial size, stability, and influence in the heating, ventilation, and air conditioning (HVAC) industry. Carrier, a trusted brand in climate control solutions, powers residential, commercial, and industrial environments. With a large customer base, strong financial performance, and a commitment to innovation, it shapes the future of climate control technology.
Shares of CARR are currently trading 3.8% below their 52-week high of $66.50, which they hit on May 21. The stock has gained 12.2% over the past three months, significantly outperforming the Invesco Building & Construction ETF’s (PKB) marginal decline over the same time frame.
In the long term, CARR is up 11.4% YTD, and the shares have returned an impressive 36.5% over the past 52 weeks. In comparison, the PKB gained 9.6% in 2024 and rallied 36.9% over the past year.
To confirm the bullish price trend, CARR has been trading above its 50-day and 200-day moving average since late April.
Carrier Global reported Q1 earnings on Apr. 25, beating Wall Street’s revenue and EPS expectations. The stock gained about 9.2% on the earnings release day and has been in an uptrend since then. The company reported net income of $269 million, or 29 cents per share. Adjusted for one-time gains and costs, earnings were 62 cents per share, surpassing Wall Street expectations of 50 cents per share.
The company generated revenue of $6.18 billion, slightly below the forecasted $6.27 billion. Carrier Global expects earnings between $2.80 and $2.90 per share for the full year.
Highlighting the contrast in performance, another industry participant, Johnson Controls International PLC (JCI), has outperformed CARR and PKB, gaining 20.5% on a YTD basis.
Given its outperformance relative to PKB, analysts are optimistic about CARR's prospects. The stock has a consensus rating of "Moderately Buy" from 18 analysts in coverage. The mean price target of $65.14 reflects a 1.2% premium over current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
