Patten Group Inc. Decreases Stake in Carrier Global Corporation $CARR

Patten Group Inc. reduced its position in Carrier Global Corporation (NYSE:CARR) by 2.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 62,151 shares of the company’s stock after selling 1,871 shares during the period. Carrier Global makes up approximately 1.0% of Patten Group Inc.’s investment portfolio, making the stock its 20th biggest position. Patten Group Inc.’s holdings in Carrier Global were worth $4,549,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Costello Asset Management INC boosted its position in Carrier Global by 4.2% in the 2nd quarter. Costello Asset Management INC now owns 3,153 shares of the company’s stock valued at $231,000 after buying an additional 127 shares during the last quarter. Penobscot Investment Management Company Inc. boosted its position in Carrier Global by 0.7% in the 2nd quarter. Penobscot Investment Management Company Inc. now owns 20,833 shares of the company’s stock valued at $1,525,000 after buying an additional 155 shares during the last quarter. Lindbrook Capital LLC boosted its position in Carrier Global by 1.3% in the 1st quarter. Lindbrook Capital LLC now owns 12,294 shares of the company’s stock valued at $779,000 after buying an additional 156 shares during the last quarter. Code Waechter LLC boosted its position in Carrier Global by 5.1% in the 1st quarter. Code Waechter LLC now owns 3,383 shares of the company’s stock valued at $214,000 after buying an additional 164 shares during the last quarter. Finally, Abacus Wealth Partners LLC raised its stake in shares of Carrier Global by 4.3% in the 2nd quarter. Abacus Wealth Partners LLC now owns 3,982 shares of the company’s stock valued at $291,000 after purchasing an additional 165 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CARR shares. Robert W. Baird cut their target price on shares of Carrier Global from $84.00 to $75.00 in a research note on Thursday, September 11th. Citigroup cut their target price on shares of Carrier Global from $89.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, September 12th. Wolfe Research cut their target price on shares of Carrier Global from $77.00 to $76.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 8th. Oppenheimer lowered shares of Carrier Global from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 14th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Carrier Global in a research note on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $75.67.

Carrier Global Stock Performance

Shares of NYSE CARR opened at $59.84 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 1.17 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average price is $61.82 and its two-hundred day moving average price is $66.94. Carrier Global Corporation has a 52-week low of $54.22 and a 52-week high of $81.30. The stock has a market capitalization of $50.92 billion, a P/E ratio of 13.04, a P/E/G ratio of 1.89 and a beta of 1.25.

Carrier Global (NYSE:CARR) last issued its earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.02. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. The firm had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.08 billion. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. As a group, sell-side analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 18th. Shareholders of record on Wednesday, October 29th will be issued a $0.225 dividend. The ex-dividend date of this dividend is Wednesday, October 29th. This represents a $0.90 dividend on an annualized basis and a yield of 1.5%. Carrier Global’s dividend payout ratio (DPR) is currently 19.61%.

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.