Short Interest in Carrier Global Co. (NYSE:CARR) Drops By 16.1%

Carrier Global Co. (NYSE:CARR) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 11,120,000 shares, a drop of 16.1% from the September 15th total of 13,250,000 shares. Approximately 1.3% of the company’s stock are short sold. Based on an average daily volume of 3,540,000 shares, the short-interest ratio is currently 3.1 days.

Carrier Global Stock Performance

CARR stock traded down $0.56 during midday trading on Wednesday, reaching $81.05. The stock had a trading volume of 3,274,638 shares, compared to its average volume of 4,147,468. The firm has a fifty day simple moving average of $74.28 and a two-hundred day simple moving average of $66.78. Carrier Global has a 52-week low of $45.68 and a 52-week high of $83.32. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08. The stock has a market cap of $73.03 billion, a PE ratio of 56.94, a P/E/G ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. The firm had revenue of $6.70 billion during the quarter, compared to analysts’ expectations of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period last year, the business posted $0.79 earnings per share. As a group, equities research analysts anticipate that Carrier Global will post 2.85 EPS for the current year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is currently 53.15%.

Analyst Ratings Changes

Several equities analysts have issued reports on CARR shares. Baird R W upgraded Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Morgan Stanley started coverage on shares of Carrier Global in a research report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of Carrier Global from $73.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Bank of America raised their target price on shares of Carrier Global from $72.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Finally, Robert W. Baird reduced their price target on Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Six 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. According to data from MarketBeat, Carrier Global has an average rating of “Moderate Buy” and an average price target of $80.00.

Insider Buying and Selling at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the transaction, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.95% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CARR. JPMorgan Chase & Co. grew its position in Carrier Global by 280.1% during the 1st quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after purchasing an additional 17,021,768 shares during the period. Capital International Investors boosted its stake in shares of Carrier Global by 4.6% in the first 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 last quarter. PineStone Asset Management Inc. grew its holdings in Carrier Global by 139.7% during the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after acquiring an additional 3,741,206 shares during the period. Point72 Asset Management L.P. purchased a new position in Carrier Global during the second quarter valued at approximately $58,415,000. Finally, Los Angeles Capital Management LLC lifted its holdings in Carrier Global by 62.3% in the first quarter. Los Angeles Capital Management LLC now owns 1,586,408 shares of the company’s stock valued at $92,218,000 after acquiring an additional 609,071 shares during the period. Hedge funds and other institutional investors own 91.00% of the company’s stock.

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.