Carrier Global Co. (NYSE:CARR) Shares Acquired by Covestor Ltd

Covestor Ltd boosted its stake in shares of Carrier Global Co. (NYSE:CARR) by 62.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,851 shares of the company’s stock after purchasing an additional 1,478 shares during the quarter. Covestor Ltd’s holdings in Carrier Global were worth $311,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Olistico Wealth LLC acquired a new position in shares of Carrier Global during the second quarter worth $25,000. Meeder Asset Management Inc. increased its holdings in shares of Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after acquiring an additional 405 shares during the last quarter. EdgeRock Capital LLC acquired a new stake in shares of Carrier Global during the 2nd quarter worth about $32,000. Hantz Financial Services Inc. purchased a new stake in Carrier Global during the second quarter worth approximately $35,000. Finally, McClarren Financial Advisors Inc. boosted its holdings in Carrier Global by 246.0% in the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after purchasing an additional 310 shares in the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Royal Bank of Canada cut their price objective on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Bank of America lifted their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Wells Fargo & Company decreased their price objective on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a research note on Friday, October 25th. Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Finally, Mizuho raised their price target on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.33.

Carrier Global Stock Up 2.1 %

Shares of Carrier Global stock opened at $76.68 on Friday. The company has a market cap of $68.80 billion, a P/E ratio of 19.41, a PEG ratio of 2.71 and a beta of 1.34. The firm has a fifty day moving average of $77.19 and a two-hundred day moving average of $69.29. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. Carrier Global Co. has a one year low of $50.31 and a one year high of $83.32.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio is presently 19.24%.

Carrier Global declared that its Board of Directors has authorized a share buyback 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 shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

About Carrier Global

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.