Meridian Investment Counsel Inc. Reduces Stock Position in Carrier Global Co. (NYSE:CARR)

Meridian Investment Counsel Inc. decreased its position in Carrier Global Co. (NYSE:CARR) by 12.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,742 shares of the company’s stock after selling 675 shares during the period. Meridian Investment Counsel Inc.’s holdings in Carrier Global were worth $382,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CARR. Olistico Wealth LLC acquired a new position in shares of Carrier Global in the second quarter valued at approximately $25,000. 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 worth $29,000 after acquiring an additional 405 shares during the period. EdgeRock Capital LLC acquired a new position in Carrier Global in the second quarter valued at $32,000. Hantz Financial Services Inc. purchased a new stake in Carrier Global during the second quarter valued at about $35,000. Finally, McClarren Financial Advisors Inc. increased 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 acquiring an additional 310 shares during the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

Shares of CARR stock opened at $74.53 on Friday. The stock has a market capitalization of $66.87 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 2.74 and a beta of 1.34. Carrier Global Co. has a one year low of $51.20 and a one year high of $83.32. The company’s 50-day simple moving average is $77.73 and its 200-day simple moving average is $69.78. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08.

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

Carrier Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be given a $0.19 dividend. The ex-dividend date is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.02%. Carrier Global’s payout ratio is 19.24%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Wells Fargo & Company cut their target price on shares of 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 upped their price target on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. UBS Group upgraded Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective on the stock in a research note on Wednesday. Finally, Bank of America upped their price target on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.31.

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.