LRI Investments LLC Cuts Position in Carrier Global Co. (NYSE:CARR)

LRI Investments LLC reduced its stake in shares of Carrier Global Co. (NYSE:CARR) by 0.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,497 shares of the company’s stock after selling 239 shares during the quarter. LRI Investments LLC’s holdings in Carrier Global were worth $4,385,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CARR. Hamilton Capital LLC purchased a new position in shares of Carrier Global in the 3rd quarter valued at approximately $226,000. EWA LLC raised its stake in Carrier Global by 7.1% in the 3rd quarter. EWA LLC now owns 3,488 shares of the company’s stock worth $261,000 after acquiring an additional 231 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Carrier Global by 7.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 238,988 shares of the company’s stock worth $19,236,000 after acquiring an additional 15,609 shares during the period. Y Intercept Hong Kong Ltd grew its stake in Carrier Global by 91.5% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 125,251 shares of the company’s stock valued at $10,081,000 after purchasing an additional 59,851 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Carrier Global in the third quarter valued at about $130,479,000. Institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Performance

Shares of CARR opened at $73.67 on Monday. The company has a 50-day moving average of $77.22 and a two-hundred day moving average of $71.08. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The stock has a market cap of $66.10 billion, a P/E ratio of 18.65, a PEG ratio of 2.73 and a beta of 1.33. Carrier Global Co. has a 12-month low of $52.54 and a 12-month high of $83.32.

Carrier Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.22%. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s payout ratio is currently 19.24%.

Carrier Global declared that its Board of Directors has approved a stock repurchase program on Thursday, October 24th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CARR. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Stephens lowered their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Barclays upped their target price on Carrier Global from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. initiated coverage on Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price target for the company. Finally, Oppenheimer lifted their target price on shares of Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Eight 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 company. According to MarketBeat, Carrier Global has a consensus rating of “Moderate Buy” and a consensus price target of $82.54.

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.