Carrier Global Co. (NYSE:CARR) Shares Sold by Groesbeck Investment Management Corp NJ

Groesbeck Investment Management Corp NJ reduced its stake in Carrier Global Co. (NYSE:CARR) by 20.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 11,299 shares of the company’s stock after selling 2,987 shares during the quarter. Carrier Global accounts for 1.3% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 24th largest position. Groesbeck Investment Management Corp NJ’s holdings in Carrier Global were worth $909,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Olistico Wealth LLC purchased a new stake in shares of Carrier Global in the 2nd quarter valued at approximately $25,000. Meeder Asset Management Inc. boosted its position in shares of Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after purchasing an additional 405 shares during the period. EdgeRock Capital LLC acquired a new stake in Carrier Global during the 2nd quarter worth approximately $32,000. Register Financial Advisors LLC acquired a new stake in Carrier Global during the 1st quarter worth approximately $34,000. Finally, Hantz Financial Services Inc. acquired a new stake in Carrier Global during the 2nd quarter worth approximately $35,000. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Carrier Global

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the transaction, the vice president now owns 103,066 shares in the company, valued at $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.95% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Mizuho increased their price objective on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Morgan Stanley assumed coverage on Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective for the company. Bank of America increased their price objective on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Stephens cut Carrier Global from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $75.00 to $85.00 in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company reduced their price target on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and a consensus price target of $81.75.

Carrier Global Price Performance

Carrier Global stock traded up $1.01 during mid-day trading on Friday, hitting $73.72. 5,301,655 shares of the company were exchanged, compared to its average volume of 4,155,103. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. The business’s 50 day simple moving average is $76.46 and its two-hundred day simple moving average is $67.87. The company has a market capitalization of $66.42 billion, a P/E ratio of 51.55, a PEG ratio of 2.94 and a beta of 1.32. Carrier Global Co. has a 12-month low of $45.68 and a 12-month high of $83.32.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Thursday, October 24th. The company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.04). The company had revenue of $5.98 billion for the quarter, compared to analysts’ expectations of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. Analysts forecast that Carrier Global Co. will post 2.85 earnings per share for the current fiscal year.

Carrier Global announced that its Board of Directors has initiated 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 purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are usually an indication 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. Investors of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s payout ratio is currently 53.15%.

Carrier Global Company 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.