Massachusetts Wealth Management Buys 1,175 Shares of Carrier Global Co. (NYSE:CARR)

Massachusetts Wealth Management lifted its stake in shares of Carrier Global Co. (NYSE:CARR) by 7.2% during the third quarter, HoldingsChannel reports. The firm owned 17,550 shares of the company’s stock after acquiring an additional 1,175 shares during the quarter. Massachusetts Wealth Management’s holdings in Carrier Global were worth $1,413,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in CARR. Burke & Herbert Bank & Trust Co. bought a new stake in Carrier Global in the 3rd quarter valued at $454,000. Ballentine Partners LLC raised its stake in Carrier Global by 4.4% in the 3rd quarter. Ballentine Partners LLC now owns 15,326 shares of the company’s stock valued at $1,234,000 after acquiring an additional 645 shares during the period. Busey Bank raised its stake in Carrier Global by 1.5% in the 3rd quarter. Busey Bank now owns 11,138 shares of the company’s stock valued at $896,000 after acquiring an additional 165 shares during the period. Eagle Ridge Investment Management bought a new stake in Carrier Global in the 3rd quarter valued at $249,000. Finally, Assenagon Asset Management S.A. raised its stake in Carrier Global by 435.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 149,364 shares of the company’s stock valued at $12,022,000 after acquiring an additional 121,456 shares during the period. Institutional investors own 91.00% of the company’s stock.

Carrier Global Price Performance

Shares of CARR stock traded up $0.44 on Friday, hitting $73.15. 1,423,227 shares of the company’s stock were exchanged, compared to its average volume of 4,135,366. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. Carrier Global Co. has a 12 month low of $45.68 and a 12 month high of $83.32. The stock has a market cap of $65.91 billion, a P/E ratio of 51.12, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. The company has a 50 day moving average of $76.33 and a 200 day moving average of $67.76.

Carrier Global (NYSE:CARR) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.04). Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The business had revenue of $5.98 billion for the quarter, compared to the consensus estimate of $6.61 billion. On average, equities research analysts predict that Carrier Global Co. will post 2.85 EPS for the current year.

Carrier Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be given a $0.19 dividend. The ex-dividend date is Friday, October 25th. This represents a $0.76 annualized dividend and a yield of 1.04%. Carrier Global’s dividend payout ratio is presently 53.15%.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. JPMorgan Chase & Co. assumed coverage on Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective on the stock. Royal Bank of Canada upped their price objective on Carrier Global from $72.00 to $79.00 and gave the company an “outperform” rating in a report on Thursday, September 5th. Morgan Stanley assumed coverage on Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective on the stock. Oppenheimer upped their price objective on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company decreased their price objective on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a report on Friday. Seven research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $81.17.

Insider Buying and Selling at Carrier Global

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the completion of the transaction, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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.