Old Port Advisors Acquires Shares of 2,714 Carrier Global Co. (NYSE:CARR)

Old Port Advisors bought a new position in shares of Carrier Global Co. (NYSE:CARR) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,714 shares of the company’s stock, valued at approximately $218,000.

A number of other hedge funds also recently modified their holdings of CARR. Olistico Wealth LLC acquired a new stake in Carrier Global during the second quarter worth about $25,000. Meeder Asset Management Inc. lifted its holdings in shares of Carrier Global by 675.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after acquiring an additional 405 shares during the period. EdgeRock Capital LLC acquired a new stake in shares of Carrier Global during the 2nd quarter worth approximately $32,000. Hantz Financial Services Inc. bought a new position in Carrier Global in the second quarter valued at approximately $35,000. Finally, McClarren Financial Advisors Inc. raised its position in Carrier Global by 246.0% during the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after purchasing an additional 310 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Performance

Shares of Carrier Global stock opened at $74.60 on Wednesday. The stock has a market cap of $67.35 billion, a price-to-earnings ratio of 52.17, a P/E/G ratio of 2.94 and a beta of 1.32. Carrier Global Co. has a twelve month low of $46.77 and a twelve month high of $83.32. The company’s fifty day moving average is $76.72 and its 200 day moving average is $68.28. 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 announced that its Board of Directors has approved a share buyback plan on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 4.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be given a $0.19 dividend. The ex-dividend date is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.02%. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Insider Activity

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction that occurred 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 of the company’s stock, valued at $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.95% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CARR. Bank of America lifted their price target on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Morgan Stanley started coverage on Carrier Global in a research report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 target price on the stock. Barclays dropped their target price on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Oppenheimer lifted their price target on shares of Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company decreased their target price on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.33.

Carrier Global Company 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.