Kentucky Retirement Systems Insurance Trust Fund Reduces Position in Carrier Global Co. (NYSE:CARR)

Kentucky Retirement Systems Insurance Trust Fund decreased its holdings in shares of Carrier Global Co. (NYSE:CARR) by 8.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,857 shares of the company’s stock after selling 2,170 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Carrier Global were worth $2,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of CARR. Capital International Investors boosted its position in shares of Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after purchasing an additional 3,763,666 shares during the period. PineStone Asset Management Inc. lifted its stake in shares of Carrier Global by 139.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after buying an additional 3,741,206 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Carrier Global in the 2nd quarter worth $58,415,000. International Assets Investment Management LLC raised its holdings in Carrier Global by 8,797.3% during the third quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock valued at $730,250,000 after acquiring an additional 897,061 shares during the period. Finally, Swedbank AB purchased a new position in shares of Carrier Global in the first quarter valued at about $24,600,000. 91.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CARR has been the topic of several recent analyst reports. Mizuho lifted their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Morgan Stanley assumed coverage on shares of Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 target price on the stock. 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 note on Wednesday. Robert W. Baird decreased their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Royal Bank of Canada reduced their target price on Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $82.31.

Carrier Global Price Performance

Shares of Carrier Global stock opened at $74.53 on Friday. The stock has a market cap of $66.87 billion, a price-to-earnings ratio of 18.87, a price-to-earnings-growth ratio of 2.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The stock has a 50 day moving average price of $77.73 and a 200-day moving average price of $69.83. Carrier Global Co. has a one year low of $51.20 and a one year high of $83.32.

Carrier Global Announces Dividend

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

Carrier Global declared that its board has approved a share repurchase program on Thursday, October 24th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are 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.