The Manufacturers Life Insurance Company Grows Stake in Carrier Global Co. (NYSE:CARR)

The Manufacturers Life Insurance Company lifted its stake in shares of Carrier Global Co. (NYSE:CARR) by 0.2% in the third quarter, HoldingsChannel.com reports. The fund owned 502,315 shares of the company’s stock after acquiring an additional 898 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Carrier Global were worth $40,431,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. FSM Wealth Advisors LLC lifted its holdings in shares of Carrier Global by 2.2% during the 3rd quarter. FSM Wealth Advisors LLC now owns 6,373 shares of the company’s stock worth $513,000 after acquiring an additional 136 shares during the last quarter. Meridian Wealth Management LLC lifted its holdings 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 acquiring an additional 137 shares during the last quarter. Essex Savings Bank lifted its holdings 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 acquiring an additional 144 shares during the last quarter. Boston Financial Mangement LLC lifted its holdings in shares of Carrier Global by 1.7% during the 3rd quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company’s stock worth $741,000 after acquiring an additional 150 shares during the last quarter. Finally, Sittner & Nelson LLC lifted its holdings in shares of Carrier Global by 4.9% during the 3rd quarter. Sittner & Nelson LLC now owns 3,187 shares of the company’s stock worth $257,000 after acquiring an additional 150 shares during the last quarter. 91.00% of the stock is owned by institutional investors.

Carrier Global Price Performance

CARR stock opened at $76.90 on Friday. The firm’s 50-day moving average price is $77.80 and its two-hundred day moving average price is $70.58. Carrier Global Co. has a 12-month low of $51.20 and a 12-month high of $83.32. The stock has a market capitalization of $69.00 billion, a price-to-earnings ratio of 19.47, a PEG ratio of 2.83 and a beta of 1.34. 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 declared that its Board of Directors has initiated a stock repurchase plan on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Carrier Global Dividend Announcement

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

Wall Street Analyst Weigh In

CARR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price objective for the company. 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 research note on Friday, October 25th. Stephens lowered their price target 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. Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Robert W. Baird lowered their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Eight equities research 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.31.

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.