Cutler Investment Counsel LLC Reduces Stake in Carrier Global Co. (NYSE:CARR)

Cutler Investment Counsel LLC trimmed its position in shares of Carrier Global Co. (NYSE:CARR) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 158,137 shares of the company’s stock after selling 3,185 shares during the quarter. Carrier Global makes up 1.3% of Cutler Investment Counsel LLC’s portfolio, making the stock its 27th biggest holding. Cutler Investment Counsel LLC’s holdings in Carrier Global were worth $10,830,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CARR. Exchange Traded Concepts LLC grew its position in shares of Carrier Global by 69.6% in the third quarter. Exchange Traded Concepts LLC now owns 1,187 shares of the company’s stock valued at $96,000 after purchasing an additional 487 shares during the last quarter. Creative Planning lifted its holdings in Carrier Global by 2.6% in the 3rd quarter. Creative Planning now owns 465,226 shares of the company’s stock valued at $37,446,000 after purchasing an additional 11,655 shares in the last quarter. Good Life Advisors LLC acquired a new stake in shares of Carrier Global during the 3rd quarter worth about $269,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Carrier Global by 2.2% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 83,834 shares of the company’s stock valued at $6,748,000 after buying an additional 1,802 shares during the last quarter. Finally, Inspire Advisors LLC purchased a new position in shares of Carrier Global during the third quarter valued at approximately $212,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Citigroup lowered their price objective on Carrier Global from $94.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Stephens cut their price objective on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. UBS Group upgraded 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. JPMorgan Chase & Co. decreased their price target on shares of Carrier Global from $83.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Finally, Northcoast Research assumed coverage on Carrier Global in a report on Friday, November 22nd. They set a “neutral” rating for the company. Seven 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 company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $82.64.

Carrier Global Trading Up 2.4 %

NYSE:CARR opened at $65.19 on Monday. The stock has a fifty day simple moving average of $68.17 and a 200 day simple moving average of $72.33. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $58.49 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. Carrier Global Co. has a 1-year low of $53.13 and a 1-year high of $83.32.

Carrier Global (NYSE:CARR) last released its earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share 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 period in the prior year, the company earned $0.53 EPS. Sell-side analysts forecast that Carrier Global Co. will post 2.52 earnings per share for the current year.

Carrier Global Increases Dividend

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

Carrier Global declared that its board has authorized a stock 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 purchase up to 4.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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.