Drive Wealth Management LLC Purchases New Position in Carrier Global Co. (NYSE:CARR)

Drive Wealth Management LLC acquired a new position in Carrier Global Co. (NYSE:CARR) in the 3rd quarter, HoldingsChannel reports. The firm acquired 2,674 shares of the company’s stock, valued at approximately $215,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CARR. Capital International Investors lifted its stake in Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after acquiring an additional 3,763,666 shares during the period. PineStone Asset Management Inc. lifted its stake in Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after acquiring an additional 3,741,206 shares during the period. Point72 Asset Management L.P. purchased a new stake in Carrier Global in the second quarter worth $58,415,000. Mizuho Securities USA LLC lifted its stake in Carrier Global by 1,428.4% in the third quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock worth $79,484,000 after acquiring an additional 922,892 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in Carrier Global by 8,797.3% in the third quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock worth $730,250,000 after acquiring an additional 897,061 shares during the period. Institutional investors own 91.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price target for the company in a research note on Wednesday, November 13th. Bank of America raised their price objective on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Mizuho raised their price objective on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Oppenheimer raised their price objective on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company lowered their price objective on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.31.

Carrier Global Price Performance

CARR opened at $74.05 on Tuesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The stock has a market capitalization of $66.44 billion, a P/E ratio of 18.75, a P/E/G ratio of 2.68 and a beta of 1.34. The company’s 50-day simple moving average is $77.79 and its two-hundred day simple moving average is $69.99. Carrier Global Co. has a 52-week low of $51.20 and a 52-week high of $83.32.

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 18th. Shareholders of record on Friday, October 25th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.03%. The ex-dividend date was Friday, October 25th. Carrier Global’s dividend payout ratio is currently 19.24%.

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

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.