Gulf International Bank UK Ltd Reduces Holdings in Carrier Global Co. (NYSE:CARR)

Gulf International Bank UK Ltd lowered its position in Carrier Global Co. (NYSE:CARR) by 4.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 65,955 shares of the company’s stock after selling 2,721 shares during the period. Gulf International Bank UK Ltd’s holdings in Carrier Global were worth $5,308,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Carrier Global by 0.5% in the first quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock worth $5,481,077,000 after purchasing an additional 466,829 shares during the period. Capital International Investors increased its stake in Carrier Global by 4.6% in the 1st quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after buying an additional 3,763,666 shares during the period. JPMorgan Chase & Co. lifted its holdings in Carrier Global by 280.1% during the 1st quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock valued at $1,342,727,000 after buying an additional 17,021,768 shares in the last quarter. PineStone Asset Management Inc. boosted its position in Carrier Global by 139.7% in the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after buying an additional 3,741,206 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Carrier Global by 1.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock worth $280,010,000 after acquiring an additional 72,633 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

Insider Activity

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction that occurred on 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 in the company, valued at $6,652,910.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 6.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CARR. Bank of America lifted their price target 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. Robert W. Baird lowered their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Stephens cut 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. Oppenheimer upped their price objective on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. began coverage on shares of Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.33.

Carrier Global Stock Up 2.1 %

Carrier Global stock opened at $73.90 on Wednesday. The business has a fifty day moving average price of $76.94 and a 200-day moving average price of $68.94. Carrier Global Co. has a 1-year low of $49.62 and a 1-year high of $83.32. The stock has a market capitalization of $66.31 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 2.61 and a beta of 1.34. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82.

Carrier Global declared that its Board of Directors has authorized 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Carrier Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be paid a dividend of $0.19 per share. The ex-dividend date is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.03%. Carrier Global’s payout ratio is 19.24%.

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.