Allspring Global Investments Holdings LLC Has $3.29 Million Position in Carrier Global Co. (NYSE:CARR)

Allspring Global Investments Holdings LLC cut its holdings in shares of Carrier Global Co. (NYSE:CARR) by 20.9% during the third quarter, Holdings Channel reports. The fund owned 40,888 shares of the company’s stock after selling 10,818 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Carrier Global were worth $3,291,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Olistico Wealth LLC acquired a new position in Carrier Global in the 2nd quarter valued at $25,000. Meeder Asset Management Inc. grew its holdings 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 buying an additional 405 shares in the last quarter. Country Trust Bank acquired a new position in Carrier Global in the 3rd quarter valued at $40,000. EdgeRock Capital LLC acquired a new position in Carrier Global in the 2nd quarter valued at $32,000. Finally, Hantz Financial Services Inc. bought a new stake in shares of Carrier Global during the 2nd quarter valued at $35,000. 91.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the sale, the vice president now owns 103,066 shares of the company’s stock, valued at $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 SEC, which is available at the SEC website. Insiders own 6.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CARR. Royal Bank of Canada cut their target price on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Baird R W upgraded Carrier Global from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 15th. JPMorgan Chase & Co. began coverage on Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price for the company. Robert W. Baird dropped their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Mizuho upped their price objective on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.33.

Carrier Global Trading Down 1.4 %

Shares of CARR stock opened at $74.60 on Wednesday. The stock has a market cap of $67.35 billion, a price-to-earnings ratio of 52.17, a PEG ratio of 2.94 and a beta of 1.32. The stock has a 50-day moving average of $76.72 and a 200-day moving average of $68.28. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. Carrier Global Co. has a 1-year low of $46.77 and a 1-year high of $83.32.

Carrier Global announced that its board has approved a stock repurchase program on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.02%. Carrier Global’s payout ratio is 53.15%.

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.