Investors Purchase High Volume of Carrier Global Put Options (NYSE:CARR)

Carrier Global Co. (NYSE:CARR) saw unusually large options trading on Thursday. Traders bought 24,760 put options on the company. This is an increase of approximately 255% compared to the typical daily volume of 6,980 put options.

Carrier Global Stock Performance

Shares of Carrier Global stock opened at $72.89 on Friday. The stock has a market cap of $65.67 billion, a price-to-earnings ratio of 51.48, a P/E/G ratio of 2.94 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 1.08 and a debt-to-equity ratio of 0.80. Carrier Global has a twelve month low of $45.68 and a twelve month high of $83.32. The company’s fifty day moving average is $76.24 and its 200 day moving average is $67.73.

Carrier Global (NYSE:CARR) last released its earnings results on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The business had revenue of $6.70 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the previous year, the business earned $0.79 earnings per share. Carrier Global’s revenue for the quarter was up 11.7% on a year-over-year basis. Sell-side analysts forecast that Carrier Global will post 2.85 EPS for the current year.

Carrier Global announced that its Board of Directors has initiated a share buyback program on Thursday, October 24th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Carrier Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.04%. Carrier Global’s dividend payout ratio is presently 53.15%.

Insider Transactions at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the transaction, the vice president now directly owns 103,066 shares in the company, valued at $6,652,910.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

A number of institutional investors have recently added to or reduced their stakes in the company. Marathon Capital Management grew its position in shares of Carrier Global by 4.1% during the 2nd quarter. Marathon Capital Management now owns 3,923 shares of the company’s stock valued at $247,000 after acquiring an additional 156 shares during the period. Arkadios Wealth Advisors lifted its stake in Carrier Global by 1.3% in the 3rd quarter. Arkadios Wealth Advisors now owns 12,199 shares of the company’s stock worth $982,000 after purchasing an additional 159 shares in the last quarter. Savant Capital LLC lifted its stake in Carrier Global by 0.5% in the 2nd quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock worth $2,044,000 after purchasing an additional 162 shares in the last quarter. Foundations Investment Advisors LLC lifted its stake in Carrier Global by 2.9% in the 3rd quarter. Foundations Investment Advisors LLC now owns 5,779 shares of the company’s stock worth $465,000 after purchasing an additional 163 shares in the last quarter. Finally, Busey Bank raised its position in shares of Carrier Global by 1.5% during the 3rd quarter. Busey Bank now owns 11,138 shares of the company’s stock valued at $896,000 after buying an additional 165 shares in the last quarter. 91.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CARR shares. Mizuho lifted their price objective on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Oppenheimer lifted their price objective on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Morgan Stanley started coverage on Carrier Global in a report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective on the stock. Robert W. Baird decreased their price objective on Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Finally, Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.67.

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.