Monterey Private Wealth Inc. Reduces Stock Holdings in Carrier Global Co. (NYSE:CARR)

Monterey Private Wealth Inc. lowered its stake in Carrier Global Co. (NYSE:CARR) by 6.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,504 shares of the company’s stock after selling 557 shares during the period. Monterey Private Wealth Inc.’s holdings in Carrier Global were worth $580,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. FSA Wealth Management LLC purchased a new position in shares of Carrier Global during the third quarter valued at about $28,000. McClarren Financial Advisors Inc. boosted its position in 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 acquiring an additional 310 shares in the last quarter. Coastline Trust Co purchased a new position in shares of Carrier Global during the 3rd quarter worth approximately $37,000. Country Trust Bank bought a new position in shares of Carrier Global in the 3rd quarter worth approximately $40,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of Carrier Global during the third quarter valued at approximately $44,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Shares of Carrier Global stock opened at $69.74 on Tuesday. Carrier Global Co. has a twelve month low of $53.13 and a twelve month 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 company’s 50 day moving average is $71.83 and its 200 day moving average is $72.35. The company has a market cap of $62.57 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 2.24 and a beta of 1.36.

Carrier Global announced that its board has approved a share repurchase plan on Thursday, October 24th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.29%. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, December 20th. Carrier Global’s dividend payout ratio is presently 22.78%.

Analyst Ratings Changes

CARR has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of Carrier Global from $83.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective on the stock in a report on Wednesday, November 13th. Royal Bank of Canada lowered their target price on shares of Carrier Global from $87.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. 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 research note on Friday, October 18th. Finally, Mizuho lifted their price objective on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Carrier Global presently has an average rating of “Moderate Buy” and a consensus target price of $83.93.

Carrier Global 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.