Equitable Trust Co. Lowers Stake in Carrier Global Co. (NYSE:CARR)

Equitable Trust Co. lowered its stake in shares of Carrier Global Co. (NYSE:CARR) by 25.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,600 shares of the company’s stock after selling 1,232 shares during the quarter. Equitable Trust Co.’s holdings in Carrier Global were worth $246,000 as of its most recent filing with the Securities and Exchange Commission.

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

Carrier Global Stock Down 1.4 %

Carrier Global stock opened at $65.31 on Wednesday. The firm has a market capitalization of $58.60 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. Carrier Global Co. has a fifty-two week low of $53.13 and a fifty-two week high of $83.32. The stock’s fifty day moving average is $68.99 and its two-hundred day moving average is $72.41.

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

Carrier Global declared that its board has authorized a share buyback program on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Carrier Global Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Friday, December 20th were issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend was Friday, December 20th. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio is 22.78%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays cut their price target on Carrier Global from $92.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Robert W. Baird cut their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Stephens cut their target price on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Bank of America increased their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Northcoast Research started coverage on Carrier Global in a report on Friday, November 22nd. They issued a “neutral” rating on the stock. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Carrier Global has an average rating of “Moderate Buy” and a consensus target price of $83.93.

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.