Principal Financial Group Inc. Acquires 20,500 Shares of Carrier Global Co. (NYSE:CARR)

Principal Financial Group Inc. boosted its holdings in Carrier Global Co. (NYSE:CARR) by 0.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,561,877 shares of the company’s stock after acquiring an additional 20,500 shares during the quarter. Principal Financial Group Inc. owned 0.29% of Carrier Global worth $206,206,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CARR. FSA Wealth Management LLC acquired a new position in Carrier Global during the third quarter worth $28,000. Meeder Asset Management Inc. increased its position 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 purchasing an additional 405 shares in the last quarter. EdgeRock Capital LLC bought a new position in Carrier Global during the 2nd quarter valued at about $32,000. Hantz Financial Services Inc. acquired a new position in Carrier Global in the second quarter valued at about $35,000. Finally, McClarren Financial Advisors Inc. grew its stake in Carrier Global by 246.0% during the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after buying an additional 310 shares during the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Trading Down 0.5 %

Shares of NYSE CARR opened at $66.69 on Friday. The company’s 50 day simple moving average is $75.55 and its 200 day simple moving average is $71.43. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. Carrier Global Co. has a fifty-two week low of $53.13 and a fifty-two week high of $83.32. The firm has a market capitalization of $59.84 billion, a P/E ratio of 16.88, a P/E/G ratio of 2.73 and a beta of 1.33.

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

Carrier Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be given a $0.225 dividend. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s dividend payout ratio (DPR) is currently 22.78%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CARR. UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Wednesday, November 13th. Wells Fargo & Company reduced their price objective on 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. Oppenheimer raised their target price on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Barclays upped their price target on shares of Carrier Global from $89.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $83.50.

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.