Meyer Handelman Co. Sells 2,725 Shares of Carrier Global Co. (NYSE:CARR)

Meyer Handelman Co. lowered its position in Carrier Global Co. (NYSE:CARR) by 2.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 123,280 shares of the company’s stock after selling 2,725 shares during the quarter. Meyer Handelman Co.’s holdings in Carrier Global were worth $8,415,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FSA Wealth Management LLC bought a new stake in shares of Carrier Global during the third quarter valued at about $28,000. McClarren Financial Advisors Inc. increased its holdings in shares of Carrier Global by 246.0% in the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after purchasing an additional 310 shares during the period. Coastline Trust Co purchased a new stake in shares of Carrier Global in the third quarter worth $37,000. Country Trust Bank bought a new stake in Carrier Global during the third quarter valued at $40,000. Finally, Capital Performance Advisors LLP purchased a new position in Carrier Global during the third quarter worth about $44,000. 91.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Oppenheimer raised their price target on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Bank of America raised their target price on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Northcoast Research began coverage on shares of Carrier Global in a research note on Friday, November 22nd. They issued a “neutral” rating for the company. Stephens lowered their price objective on shares of 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, UBS Group upgraded 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, November 13th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $84.36.

Carrier Global Trading Up 1.9 %

NYSE CARR opened at $68.36 on Wednesday. The stock has a 50-day moving average of $72.34 and a 200-day moving average of $72.17. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. Carrier Global Co. has a 1-year low of $53.13 and a 1-year high of $83.32. The firm has a market cap of $61.33 billion, a PE ratio of 17.31, a price-to-earnings-growth ratio of 2.73 and a beta of 1.36.

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 dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, December 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio is 22.78%.

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

Carrier Global Company 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.