Kovack Advisors Inc. Acquires Shares of 2,852 Carrier Global Co. (NYSE:CARR)

Kovack Advisors Inc. bought a new position in shares of Carrier Global Co. (NYSE:CARR) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,852 shares of the company’s stock, valued at approximately $230,000.

Several other hedge funds have also modified their holdings of the stock. Oppenheimer Asset Management Inc. acquired a new position in Carrier Global in the third quarter valued at approximately $200,000. Oppenheimer & Co. Inc. raised its position in shares of Carrier Global by 25.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 65,810 shares of the company’s stock valued at $5,297,000 after acquiring an additional 13,354 shares during the last quarter. Hartline Investment Corp lifted its stake in shares of Carrier Global by 720.0% in the 3rd quarter. Hartline Investment Corp now owns 81,913 shares of the company’s stock valued at $6,593,000 after purchasing an additional 71,924 shares during the period. Mengis Capital Management Inc. bought a new position in shares of Carrier Global in the 3rd quarter worth $234,000. Finally, Haverford Trust Co grew its stake in shares of Carrier Global by 2.6% during the third quarter. Haverford Trust Co now owns 8,247 shares of the company’s stock worth $664,000 after purchasing an additional 211 shares during the period. 91.00% of the stock is owned by institutional investors.

Carrier Global Stock Performance

Shares of CARR opened at $74.53 on Friday. The stock has a 50 day moving average price of $77.63 and a two-hundred day moving average price of $69.69. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. Carrier Global Co. has a 52 week low of $51.20 and a 52 week high of $83.32. The firm has a market capitalization of $66.87 billion, a P/E ratio of 18.87, a P/E/G ratio of 2.74 and a beta of 1.34.

Carrier Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.02%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is presently 19.24%.

Carrier Global announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 4.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CARR. Morgan Stanley began coverage on Carrier Global in a research note on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target on the stock. Oppenheimer boosted their target price on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Bank of America lifted their target price on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. UBS Group raised shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price for the company in a research report on Wednesday. Finally, Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.31.

Carrier Global 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.