Montecito Bank & Trust Has $647,000 Stock Position in Carrier Global Co. (NYSE:CARR)

Montecito Bank & Trust increased its stake in Carrier Global Co. (NYSE:CARR) by 4.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,034 shares of the company’s stock after buying an additional 372 shares during the quarter. Montecito Bank & Trust’s holdings in Carrier Global were worth $647,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in Carrier Global by 0.8% during the third quarter. Principal Financial Group Inc. now owns 2,561,877 shares of the company’s stock worth $206,206,000 after purchasing an additional 20,500 shares during the period. WoodTrust Financial Corp bought a new position in shares of Carrier Global during the 3rd quarter worth approximately $245,000. Graypoint LLC boosted its stake in shares of Carrier Global by 4.6% during the 3rd quarter. Graypoint LLC now owns 10,449 shares of the company’s stock worth $841,000 after acquiring an additional 464 shares during the period. Concurrent Investment Advisors LLC increased its holdings in shares of Carrier Global by 2.7% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 31,485 shares of the company’s stock worth $2,534,000 after acquiring an additional 816 shares during the last quarter. Finally, Maia Wealth LLC bought a new stake in Carrier Global in the 3rd quarter valued at $73,000. 91.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on CARR shares. Wells Fargo & Company reduced their price objective on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Barclays lowered their price target on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Royal Bank of Canada reduced their price objective on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Oppenheimer increased their target price on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Finally, Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.33.

Carrier Global Stock Down 0.3 %

Shares of NYSE CARR opened at $75.13 on Friday. The stock has a market capitalization of $67.41 billion, a P/E ratio of 19.02, a PEG ratio of 2.60 and a beta of 1.34. The stock’s fifty day moving average is $77.03 and its 200 day moving average is $68.99. Carrier Global Co. has a 52 week low of $50.31 and a 52 week high of $83.32. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.01%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio is currently 19.24%.

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

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.