Welch Group LLC Buys 7,912 Shares of Carrier Global Co. (NYSE:CARR)

Welch Group LLC grew its holdings in Carrier Global Co. (NYSE:CARR) by 9.4% during the 3rd quarter, Holdings Channel reports. The fund owned 92,424 shares of the company’s stock after buying an additional 7,912 shares during the period. Welch Group LLC’s holdings in Carrier Global were worth $7,439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CARR. Marathon Capital Management boosted its holdings 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 purchasing an additional 156 shares during the last quarter. Arkadios Wealth Advisors lifted its position in shares of Carrier Global by 1.3% in the third quarter. Arkadios Wealth Advisors now owns 12,199 shares of the company’s stock worth $982,000 after buying an additional 159 shares in the last quarter. Savant Capital LLC boosted its stake in Carrier Global by 0.5% during the second quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock valued at $2,044,000 after buying an additional 162 shares during the last quarter. Foundations Investment Advisors LLC grew its holdings in Carrier Global by 2.9% during the 3rd quarter. Foundations Investment Advisors LLC now owns 5,779 shares of the company’s stock valued at $465,000 after buying an additional 163 shares in the last quarter. Finally, Busey Bank increased its stake in Carrier Global by 1.5% in the 3rd quarter. Busey Bank now owns 11,138 shares of the company’s stock worth $896,000 after acquiring an additional 165 shares during the last quarter. Institutional investors own 91.00% of the company’s stock.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the transaction, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.95% of the stock is currently owned by corporate insiders.

Carrier Global Stock Performance

Shares of CARR stock traded down $0.04 on Monday, hitting $73.68. The company had a trading volume of 263,374 shares, compared to its average volume of 4,136,393. The firm has a market cap of $66.39 billion, a P/E ratio of 51.55, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. The company has a 50-day moving average price of $76.46 and a 200-day moving average price of $68.02. 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 Co. has a twelve month low of $46.77 and a twelve month high of $83.32.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The company had revenue of $6.70 billion for the quarter, compared to analysts’ expectations of $7.05 billion. Carrier Global’s revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.79 EPS. As a group, equities research analysts predict that Carrier Global Co. will post 2.85 earnings per share for the current fiscal year.

Carrier Global declared that its board has authorized a share buyback program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to buy up to 4.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Carrier Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio is currently 53.15%.

Analysts Set New Price Targets

Several equities analysts have commented on CARR shares. Morgan Stanley initiated coverage on shares of Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective for the company. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Bank of America lifted their price objective on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Stephens cut shares of Carrier Global from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $75.00 to $85.00 in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. initiated coverage on Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Seven research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.75.

Carrier Global 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.