Fifth Third Wealth Advisors LLC Invests $650,000 in Carrier Global Co. (NYSE:CARR)

Fifth Third Wealth Advisors LLC bought a new stake in Carrier Global Co. (NYSE:CARR) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,304 shares of the company’s stock, valued at approximately $650,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CARR. Avior Wealth Management LLC lifted its stake in shares of Carrier Global by 30.0% in the 4th quarter. Avior Wealth Management LLC now owns 1,278 shares of the company’s stock valued at $73,000 after purchasing an additional 295 shares during the period. Daiwa Securities Group Inc. lifted its stake in Carrier Global by 6.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 75,197 shares of the company’s stock valued at $4,320,000 after buying an additional 4,512 shares during the period. Federated Hermes Inc. lifted its stake in Carrier Global by 16.4% in the fourth quarter. Federated Hermes Inc. now owns 4,537 shares of the company’s stock valued at $261,000 after buying an additional 638 shares during the period. J.W. Cole Advisors Inc. boosted its holdings in shares of Carrier Global by 19.0% during the 4th quarter. J.W. Cole Advisors Inc. now owns 11,862 shares of the company’s stock worth $681,000 after buying an additional 1,897 shares in the last quarter. Finally, abrdn plc grew its position in shares of Carrier Global by 40.6% during the 4th quarter. abrdn plc now owns 751,661 shares of the company’s stock worth $43,183,000 after buying an additional 217,144 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Price Performance

CARR stock traded up $1.08 during mid-day trading on Wednesday, reaching $69.64. 2,671,330 shares of the company traded hands, compared to its average volume of 4,330,118. Carrier Global Co. has a 52-week low of $45.68 and a 52-week high of $70.09. The company has a market capitalization of $62.75 billion, a P/E ratio of 48.70, a P/E/G ratio of 2.63 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. The company has a fifty day moving average price of $65.38 and a 200-day moving average price of $61.20.

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 the consensus estimate of $0.85 by $0.02. The firm had revenue of $6.70 billion for the quarter, compared to analysts’ expectations of $7.05 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 earnings per share. As a group, analysts anticipate that Carrier Global Co. will post 2.84 earnings per share for the current year.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 8th. Stockholders of record on Friday, June 21st were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend was Friday, June 21st. Carrier Global’s payout ratio is 53.15%.

Insider Transactions at Carrier Global

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the sale, the vice president now owns 103,066 shares in the company, valued at $6,652,910.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.95% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CARR shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $72.00 price target on shares of Carrier Global in a report on Friday, July 26th. Robert W. Baird cut their target price on Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Barclays lifted their price target on shares of Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Oppenheimer raised their price objective on shares of Carrier Global from $70.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Finally, Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Carrier Global has an average rating of “Hold” and an average target price of $67.08.

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.