Carrier Global Co. (NYSE:CARR) Short Interest Up 5.8% in November

Carrier Global Co. (NYSE:CARR) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 10,760,000 shares, a growth of 5.8% from the October 31st total of 10,170,000 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average daily volume of 4,050,000 shares, the days-to-cover ratio is currently 2.7 days.

Carrier Global Trading Up 0.7 %

NYSE:CARR traded up $0.51 during midday trading on Wednesday, reaching $76.09. 451,183 shares of the stock traded hands, compared to its average volume of 4,197,130. The stock has a market capitalization of $68.27 billion, a P/E ratio of 19.13, a PEG ratio of 2.82 and a beta of 1.33. Carrier Global has a 12 month low of $52.44 and a 12 month 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. The company has a fifty day moving average of $77.56 and a 200 day moving average of $70.90.

Carrier Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, October 25th were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.00%. Carrier Global’s dividend payout ratio is currently 19.24%.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Frank Rimerman Advisors LLC lifted its position in shares of Carrier Global by 54,708.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock worth $864,000 after purchasing an additional 13,677 shares during the period. Kintegral Advisory LLC raised its position in shares of Carrier Global by 44.2% in the 2nd quarter. Kintegral Advisory LLC now owns 28,395 shares of the company’s stock worth $1,797,000 after acquiring an additional 8,705 shares in the last quarter. Foster Victor Wealth Advisors LLC purchased a new position in shares of Carrier Global in the 2nd quarter valued at approximately $7,720,000. Vista Investment Partners LLC bought a new stake in shares of Carrier Global during the second quarter valued at approximately $744,000. Finally, Cerity Partners LLC raised its holdings in Carrier Global by 39.0% in the third quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock worth $11,013,000 after purchasing an additional 38,365 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

Analyst Upgrades and Downgrades

CARR has been the subject of a number of research analyst reports. Mizuho lifted their price objective on shares of Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. initiated coverage on Carrier Global in a research note on Thursday, October 10th. They set a “neutral” rating and a $83.00 price target for the company. Northcoast Research began coverage on Carrier Global in a research report on Friday, November 22nd. They set a “neutral” rating on the stock. Royal Bank of Canada decreased their price objective on Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Eight investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.