Eagle Ridge Investment Management Purchases New Position in Carrier Global Co. (NYSE:CARR)

Eagle Ridge Investment Management purchased a new stake in Carrier Global Co. (NYSE:CARR) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,096 shares of the company’s stock, valued at approximately $249,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CARR. Nordea Investment Management AB raised its holdings in shares of Carrier Global by 5.5% in the first quarter. Nordea Investment Management AB now owns 822,954 shares of the company’s stock valued at $47,633,000 after buying an additional 43,002 shares during the last quarter. Frank Rimerman Advisors LLC raised its holdings in shares of Carrier Global by 54,708.0% in the second quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock valued at $864,000 after buying an additional 13,677 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Carrier Global by 50.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 390,272 shares of the company’s stock valued at $22,687,000 after buying an additional 130,192 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Carrier Global in the first quarter valued at about $2,019,000. Finally, Kintegral Advisory LLC raised its holdings in shares of Carrier Global by 44.2% in the second quarter. Kintegral Advisory LLC now owns 28,395 shares of the company’s stock valued at $1,797,000 after buying an additional 8,705 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Carrier Global

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the completion of the transaction, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 6.95% of the company’s stock.

Carrier Global Stock Down 8.8 %

CARR stock opened at $72.89 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. Carrier Global Co. has a 12 month low of $45.68 and a 12 month high of $83.32. The firm has a market capitalization of $65.67 billion, a PE ratio of 50.97, a P/E/G ratio of 2.94 and a beta of 1.32. The company’s 50 day simple moving average is $76.24 and its 200-day simple moving average is $67.73.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The company had revenue of $6.70 billion during the quarter, compared to analysts’ expectations of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.79 earnings per share. Equities analysts expect that Carrier Global Co. will post 2.85 earnings per share for the current fiscal year.

Carrier Global announced that its board has initiated a stock repurchase program on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 4.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Carrier Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio is presently 53.15%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CARR. Oppenheimer boosted their price target on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company boosted their price target on shares of Carrier Global from $73.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley began coverage on shares of Carrier Global in a research note on Friday, September 6th. They set an “equal weight” rating and a $75.00 price target on the stock. JPMorgan Chase & Co. began coverage on shares of Carrier Global in a research note on Thursday, October 10th. They set a “neutral” rating and a $83.00 price target on the stock. Finally, Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and a consensus target price of $80.67.

Carrier Global 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.