Coastline Trust Co Acquires New Stake in Carrier Global Co. (NYSE:CARR)

Coastline Trust Co bought a new stake in Carrier Global Co. (NYSE:CARR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 460 shares of the company’s stock, valued at approximately $37,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital International Investors boosted its holdings in shares of Carrier Global by 4.6% during the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after purchasing an additional 3,763,666 shares during the last quarter. PineStone Asset Management Inc. boosted its stake in Carrier Global by 139.7% in the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after buying an additional 3,741,206 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Carrier Global by 1.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock valued at $280,010,000 after buying an additional 72,633 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Carrier Global by 3.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,298,990 shares of the company’s stock valued at $271,202,000 after acquiring an additional 147,835 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Carrier Global by 0.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,561,877 shares of the company’s stock worth $206,206,000 after acquiring an additional 20,500 shares during the period. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Trading Down 0.6 %

CARR opened at $74.53 on Monday. Carrier Global Co. has a 12-month low of $51.20 and a 12-month high of $83.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The stock has a market capitalization of $66.87 billion, a PE ratio of 18.87, a P/E/G ratio of 2.68 and a beta of 1.34. The firm’s fifty day moving average price is $77.73 and its 200 day moving average price is $69.89.

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

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be given a dividend of $0.19 per share. The ex-dividend date is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.02%. Carrier Global’s payout ratio is 19.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Stephens lowered their target price on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Oppenheimer upped their price objective on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. started coverage on Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 target price on the stock. Robert W. Baird decreased their price objective on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Mizuho increased their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.31.

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.