Meitav Investment House Ltd. Decreases Holdings in Carrier Global Co. (NYSE:CARR)

Meitav Investment House Ltd. trimmed its holdings in shares of Carrier Global Co. (NYSE:CARR) by 44.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 307,285 shares of the company’s stock after selling 249,005 shares during the period. Meitav Investment House Ltd.’s holdings in Carrier Global were worth $24,509,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Hudson Valley Investment Advisors Inc. ADV purchased a new stake in Carrier Global during the 3rd quarter worth $201,000. Pinnacle Associates Ltd. lifted its holdings in Carrier Global by 3.9% in the 3rd quarter. Pinnacle Associates Ltd. now owns 40,653 shares of the company’s stock worth $3,272,000 after buying an additional 1,534 shares in the last quarter. First Trust Direct Indexing L.P. lifted its holdings in Carrier Global by 7.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 27,376 shares of the company’s stock worth $2,204,000 after buying an additional 1,893 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Carrier Global by 18.8% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 8,339 shares of the company’s stock worth $671,000 after buying an additional 1,320 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. acquired a new position in Carrier Global in the 3rd quarter worth $14,046,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Shares of NYSE:CARR opened at $73.53 on Thursday. The firm’s 50 day moving average is $76.80 and its two-hundred day moving average is $68.32. Carrier Global Co. has a 52 week low of $47.12 and a 52 week high of $83.32. The firm has a market capitalization of $66.38 billion, a P/E ratio of 51.47, a PEG ratio of 2.94 and a beta of 1.32. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80.

Carrier Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.03%. Carrier Global’s payout ratio is currently 53.15%.

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

Analysts Set New Price Targets

A number of brokerages have commented on CARR. Robert W. Baird cut their price objective on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Morgan Stanley started coverage on shares of Carrier Global in a research note on Friday, September 6th. They issued an “equal weight” rating and a $75.00 target price on the stock. Finally, Bank of America increased their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $81.33.

Insider Buying and Selling at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the transaction, the vice president now owns 103,066 shares in the company, valued at $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.95% of the stock is owned by company insiders.

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.