JPMorgan Chase & Co. Sells 1,947,581 Shares of Carrier Global Co. (NYSE:CARR)

JPMorgan Chase & Co. trimmed its holdings in shares of Carrier Global Co. (NYSE:CARR) by 6.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 28,833,396 shares of the company’s stock after selling 1,947,581 shares during the period. JPMorgan Chase & Co. owned approximately 3.21% of Carrier Global worth $2,320,800,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in CARR. FSM Wealth Advisors LLC raised its stake in Carrier Global by 2.2% during the third quarter. FSM Wealth Advisors LLC now owns 6,373 shares of the company’s stock worth $513,000 after acquiring an additional 136 shares in the last quarter. Meridian Wealth Management LLC increased its position in shares of Carrier Global by 2.3% during the 3rd quarter. Meridian Wealth Management LLC now owns 6,030 shares of the company’s stock worth $485,000 after purchasing an additional 137 shares in the last quarter. Essex Savings Bank increased its position in shares of Carrier Global by 2.2% during the 3rd quarter. Essex Savings Bank now owns 6,608 shares of the company’s stock worth $532,000 after purchasing an additional 144 shares in the last quarter. Boston Financial Mangement LLC lifted its holdings in Carrier Global by 1.7% during the 3rd quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company’s stock valued at $741,000 after purchasing an additional 150 shares during the last quarter. Finally, Sittner & Nelson LLC boosted its position in Carrier Global by 4.9% in the third quarter. Sittner & Nelson LLC now owns 3,187 shares of the company’s stock valued at $257,000 after buying an additional 150 shares in the last quarter. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Barclays lifted their target price on shares of Carrier Global from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. UBS Group upgraded Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Wednesday, November 13th. Wells Fargo & Company lowered their target price on 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. Robert W. Baird reduced their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, The Goldman Sachs Group initiated coverage on shares of Carrier Global in a report on Thursday, December 12th. They set a “buy” rating and a $96.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Carrier Global currently has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Carrier Global Price Performance

CARR opened at $69.64 on Friday. The company has a fifty day moving average price of $74.30 and a two-hundred day moving average price of $71.66. The firm has a market capitalization of $62.48 billion, a PE ratio of 17.63, a P/E/G ratio of 2.73 and a beta of 1.33. Carrier Global Co. has a 52 week low of $53.13 and a 52 week high of $83.32. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08.

Carrier Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, December 20th will be issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date is Friday, December 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio is currently 22.78%.

Carrier Global declared that its Board of Directors has initiated a share buyback program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 4.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management 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.