Carrier Global Sees Unusually Large Options Volume (NYSE:CARR)

Carrier Global Co. (NYSE:CARR) was the recipient of unusually large options trading on Tuesday. Stock investors bought 17,572 put options on the company. This is an increase of 141% compared to the average volume of 7,288 put options.

Analyst Upgrades and Downgrades

CARR has been the topic of several analyst reports. Bank of America upped their price objective on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. initiated coverage on Carrier Global in a research report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective on the stock. Northcoast Research initiated coverage on Carrier Global in a research report on Friday, November 22nd. They issued a “neutral” rating on the stock. Stephens lowered their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Finally, Robert W. Baird lowered their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.36.

Institutional Investors Weigh In On Carrier Global

Institutional investors have recently bought and sold shares of the business. FSA Wealth Management LLC purchased a new stake in Carrier Global in the 3rd quarter worth $28,000. Meeder Asset Management Inc. increased its stake in Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after buying an additional 405 shares in the last quarter. McClarren Financial Advisors Inc. increased its stake in Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after buying an additional 310 shares in the last quarter. Coastline Trust Co purchased a new stake in Carrier Global in the 3rd quarter worth $37,000. Finally, Country Trust Bank bought a new position in shares of Carrier Global during the 3rd quarter valued at about $40,000. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Performance

Shares of NYSE:CARR traded up $0.09 during midday trading on Tuesday, hitting $68.80. The company had a trading volume of 866,942 shares, compared to its average volume of 2,741,963. 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 company has a market cap of $61.73 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 2.73 and a beta of 1.36. Carrier Global has a 12-month low of $53.13 and a 12-month high of $83.32. The company has a fifty day moving average of $73.00 and a two-hundred day moving average of $71.98.

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

Carrier Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be paid a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.31%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, December 20th. Carrier Global’s dividend payout ratio is 22.78%.

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.