Intech Investment Management LLC Lowers Position in Carrier Global Co. (NYSE:CARR)

Intech Investment Management LLC lessened its position in Carrier Global Co. (NYSE:CARR) by 77.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,611 shares of the company’s stock after selling 70,295 shares during the quarter. Intech Investment Management LLC’s holdings in Carrier Global were worth $1,659,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Olistico Wealth LLC purchased a new position in shares of Carrier Global in the 2nd quarter valued at approximately $25,000. McClarren Financial Advisors Inc. lifted its stake in shares of 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 during the period. Coastline Trust Co purchased a new position in shares of Carrier Global in the 3rd quarter valued at approximately $37,000. Meeder Asset Management Inc. lifted its stake in shares of 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 during the period. Finally, Country Trust Bank purchased a new position in shares of Carrier Global in the 3rd quarter valued at approximately $40,000. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Up 2.4 %

CARR stock opened at $78.86 on Tuesday. Carrier Global Co. has a 1-year low of $51.20 and a 1-year high of $83.32. The business has a fifty day moving average price of $77.92 and a 200-day moving average price of $70.41. 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 $70.76 billion, a P/E ratio of 19.96, a P/E/G ratio of 2.77 and a beta of 1.34.

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

Carrier Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 18th. Investors of record on Friday, October 25th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 0.96%. The ex-dividend date was Friday, October 25th. Carrier Global’s payout ratio is currently 19.24%.

Analysts Set New Price Targets

CARR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on Carrier Global in a research note on Thursday, October 10th. They issued a “neutral” rating and a $83.00 target price for the company. Oppenheimer lifted 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. Barclays lowered their price objective on Carrier Global from $90.00 to $89.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Stephens lowered 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. 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 company. Based on data from MarketBeat.com, the company presently 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.