Parsons Capital Management Inc. RI Has $6.28 Million Stake in Carrier Global Co. (NYSE:CARR)

Parsons Capital Management Inc. RI lifted its holdings in shares of Carrier Global Co. (NYSE:CARR) by 26.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 92,041 shares of the company’s stock after purchasing an additional 19,217 shares during the period. Parsons Capital Management Inc. RI’s holdings in Carrier Global were worth $6,283,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FSM Wealth Advisors LLC lifted its holdings in 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 buying an additional 136 shares in the last quarter. Meridian Wealth Management LLC lifted its stake in shares of Carrier Global by 2.3% during the third quarter. Meridian Wealth Management LLC now owns 6,030 shares of the company’s stock valued at $485,000 after acquiring an additional 137 shares during the period. UMB Bank n.a. lifted its stake in shares of Carrier Global by 1.1% during the fourth quarter. UMB Bank n.a. now owns 13,293 shares of the company’s stock valued at $907,000 after acquiring an additional 143 shares during the period. Essex Savings Bank increased its position in 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 purchasing an additional 144 shares during the period. Finally, Boston Financial Mangement LLC increased its position in 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 purchasing an additional 150 shares during the period. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Carrier Global Stock Performance

Shares of CARR opened at $70.05 on Monday. The firm has a market cap of $62.85 billion, a P/E ratio of 17.74, a PEG ratio of 2.26 and a beta of 1.36. Carrier Global Co. has a twelve month low of $53.13 and a twelve 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 firm’s 50 day moving average price is $71.42 and its two-hundred day moving average price is $72.55.

Carrier Global declared that its Board of Directors has approved a stock buyback program on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Carrier Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be paid a $0.225 dividend. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.90 annualized dividend and a dividend yield of 1.28%. Carrier Global’s dividend payout ratio (DPR) is currently 22.78%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CARR. Bank of America raised 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. UBS Group raised shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price for the company in a report on Wednesday, November 13th. Robert W. Baird dropped their target price on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Royal Bank of Canada reduced their price target on Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Finally, Mizuho upped their price objective on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Eight equities 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

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.