CIBC Asset Management Inc Boosts Stake in Carrier Global Co. (NYSE:CARR)

CIBC Asset Management Inc raised its holdings in shares of Carrier Global Co. (NYSE:CARR) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 129,154 shares of the company’s stock after buying an additional 5,044 shares during the quarter. CIBC Asset Management Inc’s holdings in Carrier Global were worth $8,816,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CARR. FSA Wealth Management LLC purchased a new position in Carrier Global during the third quarter worth about $28,000. Coastline Trust Co bought a new stake in Carrier Global during the third quarter worth about $37,000. Capital Performance Advisors LLP bought a new stake in Carrier Global during the third quarter worth about $44,000. Roxbury Financial LLC bought a new stake in Carrier Global during the fourth quarter worth about $49,000. Finally, Ashton Thomas Securities LLC bought a new stake in Carrier Global during the third quarter worth about $50,000. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Stock Up 2.2 %

Shares of NYSE:CARR opened at $66.55 on Wednesday. Carrier Global Co. has a 1 year low of $53.13 and a 1 year high of $83.32. The company has a market cap of $59.71 billion, a PE ratio of 16.85, a P/E/G ratio of 2.11 and a beta of 1.35. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The stock’s 50-day moving average is $67.89 and its 200 day moving average is $72.34.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Carrier Global had a return on equity of 20.52% and a net margin of 14.98%. During the same quarter in the prior year, the firm posted $0.53 EPS. Sell-side analysts anticipate that Carrier Global Co. will post 2.52 EPS for the current year.

Carrier Global declared that its board has authorized a share repurchase program on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 4.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently announced 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 is an increase from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date was Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.35%. Carrier Global’s dividend payout ratio is 22.78%.

Analysts Set New Price Targets

CARR has been the subject of several research analyst reports. Barclays dropped their price target on Carrier Global from $90.00 to $87.00 and set an “overweight” rating for the company in a research note on Wednesday, February 12th. Citigroup dropped their price target on Carrier Global from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. The Goldman Sachs Group began coverage on Carrier Global in a research note on Thursday, December 12th. They issued a “buy” rating and a $96.00 target price for the company. Royal Bank of Canada lowered their target price on Carrier Global from $86.00 to $76.00 and set an “outperform” rating for the company in a research note on Wednesday, February 12th. Finally, Mizuho raised Carrier Global from a “neutral” rating to an “outperform” rating and set a $78.00 target price for the company in a research note on Friday, February 14th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.64.

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.