Retirement Systems of Alabama Sells 4,121 Shares of Carrier Global Co. (NYSE:CARR)

Retirement Systems of Alabama reduced its stake in shares of Carrier Global Co. (NYSE:CARR) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 180,660 shares of the company’s stock after selling 4,121 shares during the period. Retirement Systems of Alabama’s holdings in Carrier Global were worth $12,332,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CARR. Atomi Financial Group Inc. boosted its holdings in Carrier Global by 20.9% during the third quarter. Atomi Financial Group Inc. now owns 5,528 shares of the company’s stock worth $445,000 after purchasing an additional 956 shares during the last quarter. Brookstone Capital Management lifted its position in shares of Carrier Global by 9.4% during the 3rd quarter. Brookstone Capital Management now owns 5,999 shares of the company’s stock worth $483,000 after buying an additional 513 shares in the last quarter. Marcum Wealth LLC purchased a new position in shares of Carrier Global in the 3rd quarter worth approximately $211,000. Wedmont Private Capital grew its holdings in shares of Carrier Global by 5.8% in the third quarter. Wedmont Private Capital now owns 20,779 shares of the company’s stock valued at $1,671,000 after acquiring an additional 1,145 shares in the last quarter. Finally, UMB Bank n.a. increased its position in shares of Carrier Global by 1.6% during the third quarter. UMB Bank n.a. now owns 13,150 shares of the company’s stock valued at $1,058,000 after acquiring an additional 206 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Stock Down 1.6 %

CARR opened at $64.17 on Friday. The firm has a market capitalization of $57.58 billion, a P/E ratio of 16.25, a price-to-earnings-growth ratio of 2.12 and a beta of 1.35. Carrier Global Co. has a one year low of $53.13 and a one year high of $83.32. The company has a fifty day moving average price of $69.45 and a 200-day moving average price of $72.35. 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 announced that its Board of Directors has initiated a share buyback plan 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 plans are generally an indication that the company’s management believes its stock is undervalued.

Carrier Global Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, December 20th were given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.40%. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date was Friday, December 20th. Carrier Global’s payout ratio is presently 22.78%.

Wall Street Analysts Forecast Growth

CARR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reduced their price objective on Carrier Global from $83.00 to $77.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. Wells Fargo & Company decreased their price objective on shares of Carrier Global from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Robert W. Baird dropped their target price on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Northcoast Research began coverage on shares of Carrier Global in a research note on Friday, November 22nd. They set a “neutral” rating for the company. Finally, Barclays dropped their price objective on Carrier Global from $92.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. 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 company’s stock. According to data from MarketBeat, Carrier Global has an average rating of “Moderate Buy” and an average price target of $83.93.

Carrier Global Company 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.