CIBC Asset Management Inc Raises Holdings in Carrier Global Co. (NYSE:CARR)

CIBC Asset Management Inc grew its position in Carrier Global Co. (NYSE:CARR) by 8.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 124,110 shares of the company’s stock after buying an additional 9,627 shares during the quarter. CIBC Asset Management Inc’s holdings in Carrier Global were worth $9,990,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Capital International Investors lifted its stake in shares of Carrier Global by 4.6% during the 1st quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after purchasing an additional 3,763,666 shares during the last quarter. PineStone Asset Management Inc. lifted its stake in shares of Carrier Global by 139.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after purchasing an additional 3,741,206 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Carrier Global by 1.7% during the 2nd quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock worth $280,010,000 after purchasing an additional 72,633 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Carrier Global by 3.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,298,990 shares of the company’s stock worth $271,202,000 after purchasing an additional 147,835 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Carrier Global by 0.8% during the 3rd quarter. Principal Financial Group Inc. now owns 2,561,877 shares of the company’s stock worth $206,206,000 after purchasing an additional 20,500 shares during the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Stock Down 0.6 %

Shares of CARR opened at $74.53 on Friday. Carrier Global Co. has a 52 week low of $51.20 and a 52 week 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 has a market capitalization of $66.87 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 2.74 and a beta of 1.34. The stock’s 50-day moving average price is $77.73 and its 200-day moving average price is $69.83.

Carrier Global announced that its Board of Directors has approved a share repurchase program on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Carrier Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.02%. Carrier Global’s payout ratio is 19.24%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada decreased their price objective on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Stephens reduced their target price on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Barclays reduced their target price on Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Finally, Mizuho upped their target price on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and a consensus target price of $82.31.

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.