Balentine LLC Buys New Stake in Carrier Global Co. (NYSE:CARR)

Balentine LLC purchased a new position in shares of Carrier Global Co. (NYSE:CARR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,791 shares of the company’s stock, valued at approximately $225,000.

A number of other institutional investors also recently made changes to their positions in the stock. Olistico Wealth LLC purchased a new position in shares of Carrier Global during the second quarter valued at approximately $25,000. McClarren Financial Advisors Inc. boosted its holdings in shares of Carrier Global by 246.0% during 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 last quarter. Meeder Asset Management Inc. grew its position in shares of Carrier Global by 675.0% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after purchasing an additional 405 shares during the period. Country Trust Bank acquired a new position in Carrier Global in the third quarter valued at $40,000. Finally, EdgeRock Capital LLC purchased a new position in Carrier Global during the second quarter worth about $32,000. 91.00% of the stock is owned by institutional investors and hedge funds.

Carrier Global Stock Up 2.1 %

NYSE CARR opened at $73.90 on Wednesday. The stock has a market cap of $66.31 billion, a PE ratio of 18.71, a P/E/G ratio of 2.61 and a beta of 1.34. The business has a 50 day moving average price of $76.94 and a two-hundred day moving average price of $68.94. Carrier Global Co. has a fifty-two week low of $49.62 and a fifty-two week high of $83.32. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69.

Carrier Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Investors 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 yield of 1.03%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is 19.24%.

Carrier Global announced that its board has authorized a share repurchase program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to buy up to 4.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on CARR. Baird R W upgraded Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Bank of America increased their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Morgan Stanley assumed coverage on shares of Carrier Global in a research note on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective for the company. Barclays cut their target price on Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Finally, Stephens lowered their price target on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Seven 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 company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.33.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the sale, the vice president now directly owns 103,066 shares in the company, valued at $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.95% of the stock is currently owned by company insiders.

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.