Clear Harbor Asset Management LLC Increases Stock Position in Carrier Global Co. (NYSE:CARR)

Clear Harbor Asset Management LLC lifted its position in Carrier Global Co. (NYSE:CARR) by 10.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 5,249 shares of the company’s stock after acquiring an additional 500 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Carrier Global were worth $422,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Brookstone Capital Management increased its position in Carrier Global by 14.4% in the first quarter. Brookstone Capital Management now owns 5,683 shares of the company’s stock worth $330,000 after purchasing an additional 715 shares during the last quarter. Wealthcare Advisory Partners LLC increased its holdings in shares of Carrier Global by 18.9% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,847 shares of the company’s stock worth $398,000 after buying an additional 1,088 shares during the last quarter. LVW Advisors LLC raised its position in shares of Carrier Global by 10.4% during the 1st quarter. LVW Advisors LLC now owns 7,362 shares of the company’s stock valued at $428,000 after buying an additional 694 shares in the last quarter. Cullinan Associates Inc. lifted its holdings in shares of Carrier Global by 126.1% in the 1st quarter. Cullinan Associates Inc. now owns 9,498 shares of the company’s stock valued at $552,000 after acquiring an additional 5,298 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. grew its position in Carrier Global by 1.4% in the first quarter. Farmers & Merchants Investments Inc. now owns 74,762 shares of the company’s stock worth $4,346,000 after acquiring an additional 997 shares in the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Carrier Global stock opened at $73.72 on Monday. The stock has a market cap of $66.42 billion, a price-to-earnings ratio of 51.55, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. The firm has a 50-day moving average of $76.46 and a two-hundred day moving average of $68.02. Carrier Global Co. has a 1 year low of $45.68 and a 1 year high of $83.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $6.70 billion during the quarter, compared to analyst estimates of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. Carrier Global’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 earnings per share. On average, research analysts forecast that Carrier Global Co. will post 2.85 earnings per share for the current year.

Carrier Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Friday, October 25th. Carrier Global’s payout ratio is 53.15%.

Carrier Global announced 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have issued reports on CARR. Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Robert W. Baird decreased their price target on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday. Mizuho raised their price target on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Bank of America boosted their price objective on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Barclays reduced their target price on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a research note on Friday. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Carrier Global presently has an average rating of “Moderate Buy” and a consensus price target of $81.75.

Insider Activity

In related news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $64.55, for a total value of $4,026,758.10. Following the completion of the sale, the vice president now directly owns 103,066 shares of the company’s stock, valued at $6,652,910.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.95% of the company’s stock.

Carrier Global 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.