Chevy Chase Trust Holdings LLC Lowers Position in Carrier Global Co. (NYSE:CARR)

Chevy Chase Trust Holdings LLC reduced its stake in Carrier Global Co. (NYSE:CARR) by 2.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 441,956 shares of the company’s stock after selling 12,295 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Carrier Global were worth $30,168,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CARR. FSA Wealth Management LLC purchased a new stake in shares of Carrier Global during the 3rd quarter valued at $28,000. McClarren Financial Advisors Inc. increased its holdings in Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after acquiring an additional 310 shares during the last quarter. Coastline Trust Co purchased a new stake in Carrier Global in the 3rd quarter worth about $37,000. Capital Performance Advisors LLP purchased a new stake in Carrier Global in the 3rd quarter worth about $44,000. Finally, Ashton Thomas Securities LLC purchased a new stake in Carrier Global in the 3rd quarter worth about $50,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CARR shares. JPMorgan Chase & Co. decreased their price objective on Carrier Global from $83.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Mizuho raised Carrier Global from a “neutral” rating to an “outperform” rating and set a $78.00 price objective for the company in a report on Friday. Robert W. Baird decreased their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Stephens decreased their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Finally, Royal Bank of Canada cut their target price on Carrier Global from $86.00 to $76.00 and set an “outperform” rating for the company in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $82.64.

Carrier Global Stock Performance

Shares of CARR opened at $65.19 on Friday. The company has a market cap of $58.49 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The stock has a 50-day moving average price of $68.34 and a 200-day moving average price of $72.28. Carrier Global Co. has a 12-month low of $53.13 and a 12-month high of $83.32.

Carrier Global (NYSE:CARR) last issued its quarterly earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Carrier Global had a return on equity of 20.52% and a net margin of 14.98%. During the same quarter in the prior year, the firm posted $0.53 earnings per share. As a group, equities analysts forecast that Carrier Global Co. will post 2.52 earnings per share for the current fiscal year.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Friday, December 20th were given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Friday, December 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio (DPR) is 22.78%.

Carrier Global declared that its Board of Directors has authorized a share buyback plan on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Carrier Global Company 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.