Primecap Management Co. CA Trims Position in Carrier Global Co. (NYSE:CARR)

Primecap Management Co. CA lessened its stake in Carrier Global Co. (NYSE:CARR) by 15.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,083,232 shares of the company’s stock after selling 366,559 shares during the quarter. Primecap Management Co. CA’s holdings in Carrier Global were worth $167,679,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Olistico Wealth LLC purchased a new position in Carrier Global during the 2nd quarter valued at about $25,000. McClarren Financial Advisors Inc. boosted its stake in Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after purchasing an additional 310 shares in the last quarter. Coastline Trust Co acquired a new stake in Carrier Global in the 3rd quarter worth approximately $37,000. Meeder Asset Management Inc. lifted its stake in Carrier Global by 675.0% during 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 period. Finally, Country Trust Bank acquired a new stake in Carrier Global during the 3rd quarter valued at approximately $40,000. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Oppenheimer lifted their price objective on shares of Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Mizuho boosted their target price on shares of Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company decreased their target price 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. Morgan Stanley assumed coverage on shares of Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target for the company. Finally, Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Carrier Global currently has an average rating of “Moderate Buy” and a consensus price target of $82.31.

Carrier Global Trading Up 2.1 %

NYSE CARR opened at $76.04 on Friday. The firm’s 50-day moving average is $77.87 and its two-hundred day moving average is $70.14. Carrier Global Co. has a 12 month low of $51.20 and a 12 month high of $83.32. 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 capitalization of $68.22 billion, a P/E ratio of 19.25, a PEG ratio of 2.67 and a beta of 1.34.

Carrier Global Announces Dividend

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

Carrier Global announced that its Board of Directors has initiated a stock 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 believes its shares are undervalued.

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.