Carrier Global’s (CARR Quick QuoteCARR - Free Report) Onity has entered into national reseller agreements with Trachte Building Systems and Trac-Rite.

The underlined agreements allow both Trachte and Trac-Rite to add Onity’s Passport Locking Solution to their portfolio offerings.

The recently launched Passport Locking Solution is an advanced smart lock for self-storage facilities, which holds the capability of bringing advancements to the self-storage industry.

With reseller agreements, Onity, Trachte and Trac-Rite strive to address the increasing demand for smart lock solutions in this industry.

We believe the latest agreements will expand the availability of the underlined solution. This will bolster its adoption rate in the self-storage industry. This is expected to contribute to the top-line growth of Carrier.

Efforts to Boost the Fire & Security Segment

The latest agreements are expected to aid the performance of Carrier’s Fire and Security segment in the days ahead.

Apart from strategic agreements, Carrier is also making strong endeavors to expand the offerings of this particular segment.

Recently, Onity teamed up with Comcast’s MachineQ to roll out a cloud-based smart lock solution by integrating its Passport Locking Solution with the latter’s IoT connectivity solution.

Another Fire and Security brand, Aritech, came up with two updates to its Dual Motion Detectors. These updates include digital pyro and neural algorithm to address the false alarm detection challenge.

Further, the introduction of a video surveillance recorder, namely the TruVision TVN12 by Aritech, remains an upside. The recorder comes with high channel capacities (up to 16), hard drives and different recording options.

Additionally, LenelS2 rolled out an advanced version of its browser-based, access control and event monitoring system called NetBox version 5.6.

Further, the introduction of the new core of land fire protection systems, namely the Marioff HI-FOG Land Pump Unit for land applications, by another brand Marioff remains noteworthy.

We believe all these endeavors are likely to aid the performance of the fire and security segment in the near term.

In the fourth quarter of 2022, the segment generated $960 million in revenues, which accounted for 18.8% of the net sales.

We note that the growth prospects of the underlined segment are likely to benefit the overall performance of Carrier. This is likely to instill investors’ optimism in the stock in the days ahead.

The Zacks Consensus Estimate for first-quarter 2023 revenues is pegged at $4.99 billion, indicating growth of 7.2% from the year-ago reported figure.

CARR has dropped 5.6% in the past year compared with the industry’s decline of 25%.

Zacks Rank & Stocks to Consider

Currently, Carrier carries a Zacks Rank #3 (Hold).

Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Arista Networks (ANET Quick QuoteANET - Free Report) , Salesforce (CRM Quick QuoteCRM - Free Report) and Analog Devices (ADI Quick QuoteADI - Free Report) . While Arista Networks and Salesforce each sport a Zacks Rank #1 (Strong Buy), Analog Devices carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Arista Networks shares have risen 16.9% in the past year. The long-term earnings growth rate for ANET is currently projected at 14.17%.

Salesforce shares have dropped 7.4% in the past year. CRM’s long-term earnings growth rate is currently projected at 16.75%.

Analog Devices shares have rallied 14.5% in the past year. The long-term earnings growth rate for ADI is currently projected at 10.5%.