Brown Brothers Harriman & Co. Has $4.30 Million Position in Carrier Global Co. (NYSE:CARR)

Brown Brothers Harriman & Co. cut its stake in shares of Carrier Global Co. (NYSE:CARR) by 2.3% in the third quarter, Holdings Channel reports. The fund owned 53,446 shares of the company’s stock after selling 1,281 shares during the period. Brown Brothers Harriman & Co.’s holdings in Carrier Global were worth $4,302,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CARR. PineStone Asset Management Inc. grew its position in Carrier Global by 139.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after acquiring an additional 3,741,206 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in Carrier Global in the second quarter worth $58,415,000. Mizuho Securities USA LLC grew its holdings in shares of Carrier Global by 1,428.4% during the third quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock worth $79,484,000 after purchasing an additional 922,892 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Carrier Global by 8,797.3% in the third quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock valued at $730,250,000 after buying an additional 897,061 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of Carrier Global in the first quarter valued at about $24,600,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Price Performance

Carrier Global stock opened at $78.86 on Tuesday. The firm has a market capitalization of $70.76 billion, a P/E ratio of 19.96, a PEG ratio of 2.77 and a beta of 1.34. The business has a 50-day moving average of $77.92 and a 200-day moving average of $70.41. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. Carrier Global Co. has a 1 year low of $51.20 and a 1 year high of $83.32.

Carrier Global declared that its board has authorized a stock buyback program on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to purchase 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 stock is undervalued.

Carrier Global Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Robert W. Baird decreased their price objective on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Northcoast Research started coverage on shares of Carrier Global in a research report on Friday. They set a “neutral” rating on the stock. Wells Fargo & Company lowered their price target on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Bank of America upped their price objective on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, Mizuho lifted their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.