Dearborn Partners LLC Lowers Stock Holdings in Carrier Global Co. (NYSE:CARR)

Dearborn Partners LLC cut its holdings in shares of Carrier Global Co. (NYSE:CARR) by 1.7% during the third quarter, Holdings Channel reports. The firm owned 65,152 shares of the company’s stock after selling 1,122 shares during the quarter. Dearborn Partners LLC’s holdings in Carrier Global were worth $5,244,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Frank Rimerman Advisors LLC lifted its stake in Carrier Global by 54,708.0% during the second quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock worth $864,000 after purchasing an additional 13,677 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Carrier Global in the 1st quarter valued at $2,019,000. Kintegral Advisory LLC raised its stake in Carrier Global by 44.2% during the 2nd quarter. Kintegral Advisory LLC now owns 28,395 shares of the company’s stock worth $1,797,000 after acquiring an additional 8,705 shares in the last quarter. Rockport Wealth LLC purchased a new stake in Carrier Global in the first quarter valued at $478,000. Finally, Foster Victor Wealth Advisors LLC acquired a new position in Carrier Global in the second quarter valued at $7,720,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Mizuho upped their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Bank of America increased their target price 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. Morgan Stanley began coverage on shares of Carrier Global in a research report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective on the stock. Royal Bank of Canada dropped their target price on Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Oppenheimer upped their price target on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.31.

Carrier Global Stock Down 1.9 %

Carrier Global stock opened at $74.97 on Friday. 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 company’s 50-day moving average is $77.63 and its 200-day moving average is $69.69. Carrier Global Co. has a fifty-two week low of $51.20 and a fifty-two week high of $83.32. The firm has a market capitalization of $67.27 billion, a PE ratio of 18.98, a P/E/G ratio of 2.74 and a beta of 1.34.

Carrier Global declared that its Board of Directors has initiated a share repurchase plan on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to repurchase up to 4.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Carrier Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is currently 19.24%.

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.