Carrier Global Co. (NYSE:CARR) Shares Purchased by PineStone Asset Management Inc.

PineStone Asset Management Inc. grew its holdings in shares of Carrier Global Co. (NYSE:CARR) by 2.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,205,847 shares of the company’s stock after purchasing an additional 98,751 shares during the period. Carrier Global makes up approximately 2.7% of PineStone Asset Management Inc.’s investment portfolio, making the stock its 14th largest holding. PineStone Asset Management Inc.’s holdings in Carrier Global were worth $287,091,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC raised its holdings in shares of Carrier Global by 69.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,187 shares of the company’s stock worth $96,000 after purchasing an additional 487 shares in the last quarter. Creative Planning increased its holdings in shares of Carrier Global by 2.6% in the third quarter. Creative Planning now owns 465,226 shares of the company’s stock valued at $37,446,000 after buying an additional 11,655 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in shares of Carrier Global during the 3rd quarter valued at $263,000. Good Life Advisors LLC bought a new stake in shares of Carrier Global during the 3rd quarter worth $269,000. Finally, Bleakley Financial Group LLC raised its position in shares of Carrier Global by 3.5% during the third quarter. Bleakley Financial Group LLC now owns 47,004 shares of the company’s stock worth $3,783,000 after purchasing an additional 1,577 shares during the period. 91.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CARR shares. Stephens dropped their price target on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Wells Fargo & Company cut their price target on shares of Carrier Global from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Wednesday. The Goldman Sachs Group initiated coverage on shares of Carrier Global in a research note on Thursday, December 12th. They issued a “buy” rating and a $96.00 price objective for the company. Bank of America boosted 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. Finally, Robert W. Baird decreased their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $82.64.

Carrier Global Stock Performance

CARR stock opened at $65.19 on Friday. The company has a market capitalization of $58.49 billion, a price-to-earnings ratio of 16.50, a P/E/G ratio of 2.11 and a beta of 1.35. The firm has a 50 day moving average of $68.34 and a two-hundred day moving average of $72.28. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. Carrier Global Co. has a 12 month low of $53.13 and a 12 month high of $83.32.

Carrier Global (NYSE:CARR) last posted its earnings results on Tuesday, February 11th. The company reported $0.54 EPS for the quarter, topping 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 business earned $0.53 EPS. As a group, equities analysts anticipate that Carrier Global Co. will post 2.52 EPS for the current fiscal year.

Carrier Global Increases Dividend

The business also recently declared 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 annualized dividend and a yield of 1.38%. The ex-dividend date was Friday, December 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio (DPR) is 22.78%.

Carrier Global declared that its board has initiated a share repurchase plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.