Confluence Wealth Services Inc. Takes Position in Carrier Global Co. (NYSE:CARR)

Confluence Wealth Services Inc. bought a new position in Carrier Global Co. (NYSE:CARR) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,944 shares of the company’s stock, valued at approximately $237,000.

Several other institutional investors and hedge funds have also bought and sold shares of CARR. Creative Capital Management Investments LLC boosted its stake in Carrier Global by 42.9% during the third quarter. Creative Capital Management Investments LLC now owns 2,708 shares of the company’s stock valued at $218,000 after buying an additional 813 shares during the period. Phillips Wealth Planners LLC purchased a new position in shares of Carrier Global in the third quarter worth about $277,000. Farther Finance Advisors LLC increased its stake in Carrier Global by 4.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 7,198 shares of the company’s stock worth $579,000 after purchasing an additional 294 shares during the period. Hills Bank & Trust Co purchased a new position in shares of Carrier Global in the third quarter valued at about $108,000. Finally, Focus Financial Network Inc. increased its holdings in Carrier Global by 220.5% during the 3rd quarter. Focus Financial Network Inc. now owns 9,593 shares of the company’s stock valued at $772,000 after purchasing an additional 6,600 shares during the period. 91.00% of the stock is owned by institutional investors.

Carrier Global Stock Down 0.3 %

CARR opened at $72.40 on Tuesday. Carrier Global Co. has a 52 week low of $49.62 and a 52 week high of $83.32. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. The firm has a 50-day simple moving average of $76.90 and a two-hundred day simple moving average of $68.80. The company has a market capitalization of $64.96 billion, a PE ratio of 18.33, a price-to-earnings-growth ratio of 2.61 and a beta of 1.34.

Carrier Global announced that its board has authorized a share buyback program on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding 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 of directors believes its stock is undervalued.

Carrier Global Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.05%. Carrier Global’s dividend payout ratio (DPR) is 19.24%.

Insider Activity

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction that occurred 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 6.95% of the company’s stock.

Wall Street Analysts Forecast Growth

CARR has been the subject of several research analyst reports. Stephens dropped their target price on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. 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 target for the company. JPMorgan Chase & Co. started coverage on shares of Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective for the company. Oppenheimer raised 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, Bank of America lifted their price objective on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Carrier Global has an average rating of “Moderate Buy” and a consensus target price 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.