Short Interest in Carrier Global Co. (NYSE:CARR) Expands By 15.4%

Carrier Global Co. (NYSE:CARR) saw a significant growth in short interest in October. As of October 15th, there was short interest totalling 12,830,000 shares, a growth of 15.4% from the September 30th total of 11,120,000 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,490,000 shares, the short-interest ratio is currently 3.7 days.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CARR shares. Morgan Stanley initiated coverage on Carrier Global in a report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective on the stock. Wells Fargo & Company decreased their price target on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 15th. Finally, Mizuho upped their target price on shares of Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.33.

Carrier Global Trading Down 0.0 %

Shares of CARR stock traded down $0.01 on Thursday, reaching $73.59. The company had a trading volume of 325,780 shares, compared to its average volume of 4,138,839. The stock has a market cap of $66.43 billion, a PE ratio of 51.47, a PEG ratio of 2.94 and a beta of 1.32. The company has a 50-day moving average of $76.80 and a 200-day moving average of $68.32. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. Carrier Global has a 12 month low of $47.12 and a 12 month high of $83.32.

Carrier Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be given a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.03%. Carrier Global’s dividend payout ratio is presently 53.15%.

Carrier Global announced that its board has initiated a stock buyback plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the transaction, the vice president now owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.95% of the company’s stock.

Institutional Trading of Carrier Global

Hedge funds and other institutional investors have recently modified their holdings of the stock. Brookstone Capital Management raised its position in Carrier Global by 14.4% during the first quarter. Brookstone Capital Management now owns 5,683 shares of the company’s stock worth $330,000 after acquiring an additional 715 shares in the last quarter. Wealthcare Advisory Partners LLC raised its stake in Carrier Global by 18.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 6,847 shares of the company’s stock valued at $398,000 after purchasing an additional 1,088 shares in the last quarter. Cullinan Associates Inc. raised its position in shares of Carrier Global by 126.1% in the 1st quarter. Cullinan Associates Inc. now owns 9,498 shares of the company’s stock valued at $552,000 after buying an additional 5,298 shares in the last quarter. Farmers & Merchants Investments Inc. lifted its stake in Carrier Global by 1.4% during the first quarter. Farmers & Merchants Investments Inc. now owns 74,762 shares of the company’s stock worth $4,346,000 after purchasing an additional 997 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV bought a new stake in shares of Carrier Global during the 1st quarter worth $1,665,000. Institutional investors and hedge funds 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.