Raymond James Trust N.A. Raises Holdings in Carrier Global Co. (NYSE:CARR)

Raymond James Trust N.A. lifted its holdings in shares of Carrier Global Co. (NYSE:CARR) by 9.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,710 shares of the company’s stock after buying an additional 2,982 shares during the period. Raymond James Trust N.A.’s holdings in Carrier Global were worth $2,874,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Olistico Wealth LLC purchased a new position in shares of Carrier Global during the 2nd quarter worth approximately $25,000. McClarren Financial Advisors Inc. increased 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 valued at $35,000 after purchasing an additional 310 shares in the last quarter. Coastline Trust Co purchased a new position in Carrier Global in the 3rd quarter valued at approximately $37,000. Meeder Asset Management Inc. increased its stake in Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after purchasing an additional 405 shares in the last quarter. Finally, Country Trust Bank purchased a new position in Carrier Global in the 3rd quarter valued at approximately $40,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

CARR stock opened at $77.00 on Friday. Carrier Global Co. has a 52-week low of $51.20 and a 52-week high of $83.32. The stock’s fifty day simple moving average is $77.88 and its 200-day simple moving average is $70.23. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $69.09 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 2.67 and a beta of 1.34.

Carrier Global announced that its board has initiated a stock repurchase 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Carrier Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, October 25th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.99%. The ex-dividend date was Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is 19.24%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CARR. Stephens dropped their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Wednesday, November 13th. Morgan Stanley began coverage on Carrier Global in a research note on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective for the company. JPMorgan Chase & Co. began coverage on Carrier Global in a research note on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective for the company. Finally, Oppenheimer raised their price objective on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Carrier Global has an average rating of “Moderate Buy” and an average target price of $82.31.

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.