Primecap Management Co. CA Sells 366,559 Shares of Carrier Global Co. (NYSE:CARR)

Primecap Management Co. CA lessened its position in Carrier Global Co. (NYSE:CARR) by 15.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,083,232 shares of the company’s stock after selling 366,559 shares during the period. Primecap Management Co. CA owned about 0.23% of Carrier Global worth $167,679,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Carrier Global by 2.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 296,218 shares of the company’s stock valued at $23,843,000 after purchasing an additional 6,140 shares during the period. Cornerstone Advisors LLC lifted its position in Carrier Global by 5.1% during the third quarter. Cornerstone Advisors LLC now owns 29,100 shares of the company’s stock valued at $2,342,000 after purchasing an additional 1,400 shares during the period. Advisors Asset Management Inc. lifted its position in Carrier Global by 231.4% during the third quarter. Advisors Asset Management Inc. now owns 15,960 shares of the company’s stock valued at $1,285,000 after purchasing an additional 11,144 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Carrier Global during the third quarter valued at approximately $590,000. Finally, Hilton Capital Management LLC lifted its position in Carrier Global by 1.3% during the third quarter. Hilton Capital Management LLC now owns 93,749 shares of the company’s stock valued at $7,546,000 after purchasing an additional 1,199 shares during the period. Institutional investors own 91.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Stephens reduced 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. Robert W. Baird reduced their target price on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Royal Bank of Canada reduced their target price on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price for the company. Seven investment 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.31.

Carrier Global Stock Performance

Shares of NYSE CARR opened at $76.04 on Friday. The firm has a fifty day moving average price of $77.87 and a 200-day moving average price of $70.14. 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 cap of $68.22 billion, a PE ratio of 19.25, a price-to-earnings-growth ratio of 2.67 and a beta of 1.34. Carrier Global Co. has a 1 year low of $51.20 and a 1 year high of $83.32.

Carrier Global Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 18th. Investors of record on Friday, October 25th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $0.76 annualized dividend and a yield of 1.00%. Carrier Global’s payout ratio is 19.24%.

Carrier Global declared that its board has authorized a stock buyback plan on Thursday, October 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

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.