Summit Global Investments Purchases Shares of 3,226 Carrier Global Co. (NYSE:CARR)

Summit Global Investments purchased a new stake in shares of Carrier Global Co. (NYSE:CARR) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,226 shares of the company’s stock, valued at approximately $203,000.

A number of other hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. increased its stake in shares of Carrier Global by 280.1% in the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after acquiring an additional 17,021,768 shares during the period. Norges Bank acquired a new stake in shares of Carrier Global in the fourth quarter worth $444,487,000. Capital International Investors increased its stake in shares of Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after acquiring an additional 3,763,666 shares during the period. PineStone Asset Management Inc. increased its stake in shares of Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after acquiring an additional 3,741,206 shares during the period. Finally, Capital Research Global Investors increased its stake in shares of Carrier Global by 3.3% in the fourth quarter. Capital Research Global Investors now owns 92,829,907 shares of the company’s stock worth $5,333,084,000 after acquiring an additional 2,961,923 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Price Performance

CARR traded up $1.13 during midday trading on Wednesday, hitting $69.69. 1,528,813 shares of the company traded hands, compared to its average volume of 4,323,030. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $62.79 billion, a price-to-earnings ratio of 47.95, a PEG ratio of 2.63 and a beta of 1.32. Carrier Global Co. has a 52-week low of $45.68 and a 52-week high of $70.09. The business has a 50 day simple moving average of $65.28 and a two-hundred day simple moving average of $61.14.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. The business had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $7.05 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The company’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm posted $0.79 earnings per share. On average, equities analysts forecast that Carrier Global Co. will post 2.84 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Robert W. Baird cut their price objective on shares of Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Citigroup upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $65.00 to $74.00 in a research note on Monday, June 24th. Royal Bank of Canada restated an “outperform” rating and set a $72.00 price target on shares of Carrier Global in a research report on Friday, July 26th. Bank of America upgraded shares of Carrier Global from an “underperform” rating to a “neutral” rating and raised their price target for the company from $55.00 to $72.00 in a research report on Monday, July 29th. Finally, Wells Fargo & Company raised their price target on shares of Carrier Global from $59.00 to $66.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Carrier Global presently has an average rating of “Hold” and a consensus target price of $67.08.

Insider Transactions at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $64.55, for a total value of $4,026,758.10. Following the transaction, the vice president now directly owns 103,066 shares of the company’s stock, valued at $6,652,910.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 6.95% of the company’s stock.

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.