Shum Financial Group Inc. Buys New Shares in Carrier Global Co. (NYSE:CARR)

Shum Financial Group Inc. bought a new stake in Carrier Global Co. (NYSE:CARR) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,801 shares of the company’s stock, valued at approximately $207,000.

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

Carrier Global Price Performance

CARR stock traded down $1.89 during trading on Tuesday, hitting $76.98. The company had a trading volume of 508,903 shares, compared to its average volume of 4,208,968. The firm has a market capitalization of $69.07 billion, a price-to-earnings ratio of 19.96, a P/E/G 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. Carrier Global Co. has a fifty-two week low of $51.20 and a fifty-two week high of $83.32. 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 announced that its board has approved a share repurchase plan on Thursday, October 24th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Carrier Global Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 18th. Shareholders of record on Friday, October 25th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Friday, October 25th. Carrier Global’s payout ratio is 19.24%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CARR shares. Northcoast Research started coverage on shares of Carrier Global in a research note on Friday. They issued a “neutral” rating for the company. Wells Fargo & Company dropped 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 research note on Friday, October 25th. Royal Bank of Canada lowered their target price on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Bank of America boosted their target price on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Stephens lowered their target price on shares of 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 research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.