Geode Capital Management LLC Increases Holdings in Carrier Global Co. (NYSE:CARR)

Geode Capital Management LLC raised its stake in Carrier Global Co. (NYSE:CARR) by 1.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,937,689 shares of the company’s stock after acquiring an additional 289,439 shares during the period. Geode Capital Management LLC owned approximately 1.89% of Carrier Global worth $1,357,961,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FSA Wealth Management LLC purchased a new stake in Carrier Global in the third quarter worth approximately $28,000. 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 valued at $29,000 after buying an additional 405 shares during the period. EdgeRock Capital LLC purchased a new position in shares of Carrier Global in the 2nd quarter worth $32,000. Hantz Financial Services Inc. bought a new stake in shares of Carrier Global in the second quarter worth $35,000. Finally, McClarren Financial Advisors Inc. increased 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 acquiring an additional 310 shares during the last quarter. 91.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CARR has been the topic of several analyst reports. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Oppenheimer boosted their price target 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 initiated coverage on Carrier Global in a research note on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective on the stock. UBS Group upgraded Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Wednesday, November 13th. Finally, Stephens decreased their target price on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.54.

Carrier Global Trading Down 0.5 %

CARR opened at $72.83 on Wednesday. The stock has a 50-day moving average of $77.07 and a 200 day moving average of $71.14. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. Carrier Global Co. has a 12 month low of $53.13 and a 12 month high of $83.32. The firm has a market cap of $65.35 billion, a P/E ratio of 18.44, a P/E/G ratio of 2.73 and a beta of 1.33.

Carrier Global announced that its board has authorized a share repurchase program on Thursday, October 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be paid a $0.225 dividend. The ex-dividend date is Friday, December 20th. This represents a $0.90 annualized dividend and a dividend yield of 1.24%. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio is currently 19.24%.

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.