QRG Capital Management Inc. Increases Stock Position in Carrier Global Co. (NYSE:CARR)

QRG Capital Management Inc. boosted its holdings in Carrier Global Co. (NYSE:CARR) by 8.9% in the third quarter, Holdings Channel reports. The institutional investor owned 67,272 shares of the company’s stock after acquiring an additional 5,512 shares during the quarter. QRG Capital Management Inc.’s holdings in Carrier Global were worth $5,415,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CARR. Olistico Wealth LLC purchased a new stake in shares of Carrier Global in the second quarter worth about $25,000. Meeder Asset Management Inc. lifted its stake in Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after purchasing an additional 405 shares in the last quarter. EdgeRock Capital LLC purchased a new stake in Carrier Global in the 2nd quarter worth approximately $32,000. Hantz Financial Services Inc. bought a new position in Carrier Global in the 2nd quarter valued at $35,000. Finally, McClarren Financial Advisors Inc. grew its position in shares of Carrier Global by 246.0% during the 3rd 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

NYSE CARR opened at $73.90 on Wednesday. The firm has a market cap of $66.31 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 2.61 and a beta of 1.34. The company has a 50-day simple moving average of $76.94 and a two-hundred day simple moving average of $68.94. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. Carrier Global Co. has a 12-month low of $49.62 and a 12-month high of $83.32.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 annualized dividend and a yield of 1.03%. Carrier Global’s payout ratio is 19.24%.

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

Analyst Ratings Changes

CARR has been the subject of several research analyst reports. 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 research note on Friday, October 18th. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Barclays decreased their price objective on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 15th. Finally, Mizuho increased their price target on shares of Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Carrier Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.33.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total value of $4,026,758.10. Following the transaction, the vice president now owns 103,066 shares in the company, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.95% of the company’s stock.

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.