Short Interest in Carrier Global Co. (NYSE:CARR) Grows By 30.9%

Carrier Global Co. (NYSE:CARR) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 10,240,000 shares, an increase of 30.9% from the August 15th total of 7,820,000 shares. Based on an average daily volume of 4,220,000 shares, the short-interest ratio is presently 2.4 days. Currently, 1.2% of the company’s stock are sold short.

Several analysts have recently commented on the stock. Robert W. Baird assumed coverage on shares of Carrier Global in a research report on Wednesday, July 21st. They set a “neutral” rating and a $55.00 price target on the stock. UBS Group lowered shares of Carrier Global from a “buy” rating to a “neutral” rating and lifted their price target for the company from $50.00 to $60.00 in a research report on Thursday, August 12th. Zacks Investment Research raised shares of Carrier Global from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Friday, June 25th. KeyCorp boosted their target price on Carrier Global from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, July 30th. Finally, Barclays boosted their target price on Carrier Global from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, July 8th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $54.38.

Shares of CARR stock traded down $1.74 on Tuesday, reaching $52.08. 314,647 shares of the stock were exchanged, compared to its average volume of 5,380,440. The company has a current ratio of 1.56, a quick ratio of 1.23 and a debt-to-equity ratio of 1.35. The business’s 50 day moving average price is $54.84 and its 200 day moving average price is $47.83. The company has a market capitalization of $45.19 billion, a price-to-earnings ratio of 19.09, a PEG ratio of 1.71 and a beta of 0.79. Carrier Global has a twelve month low of $28.79 and a twelve month high of $58.89.

Carrier Global (NYSE:CARR) last released its quarterly earnings data on Thursday, July 29th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.08. Carrier Global had a net margin of 12.65% and a return on equity of 28.73%. The company had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $4.95 billion. Equities research analysts forecast that Carrier Global will post 2.22 earnings per share for the current year.

In related news, insider David Appel sold 34,259 shares of Carrier Global stock in a transaction dated Wednesday, August 4th. The stock was sold at an average price of $57.38, for a total value of $1,965,781.42. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Ajay Agrawal sold 18,969 shares of Carrier Global stock in a transaction dated Thursday, August 19th. The stock was sold at an average price of $55.13, for a total value of $1,045,760.97. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CARR. Bank of America Corp DE boosted its stake in Carrier Global by 210.5% in the second quarter. Bank of America Corp DE now owns 23,783,530 shares of the company’s stock valued at $1,155,879,000 after acquiring an additional 16,122,688 shares in the last quarter. Capital International Investors raised its holdings in shares of Carrier Global by 50.3% in the first quarter. Capital International Investors now owns 47,362,708 shares of the company’s stock valued at $1,999,679,000 after buying an additional 15,846,189 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Carrier Global by 221.7% in the first quarter. Nuveen Asset Management LLC now owns 11,436,481 shares of the company’s stock valued at $482,848,000 after buying an additional 7,881,210 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Carrier Global by 9,982.3% in the first quarter. Nordea Investment Management AB now owns 5,363,984 shares of the company’s stock valued at $226,467,000 after buying an additional 5,310,782 shares during the last quarter. Finally, Amundi purchased a new stake in shares of Carrier Global in the second quarter valued at about $228,420,000. Institutional investors own 83.70% 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 worldwide. It operates through three segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment provides products, controls, services, and solutions to meet the heating and cooling needs of residential and commercial customers.

Read More: How do investors use RSI to grade stocks?

Receive News & Ratings for Carrier Global Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carrier Global and related companies with MarketBeat.com's FREE daily email newsletter.