Meridian Wealth Management LLC Acquires 137 Shares of Carrier Global Co. (NYSE:CARR)

Meridian Wealth Management LLC boosted its holdings in Carrier Global Co. (NYSE:CARR) by 2.3% in the third quarter, Holdings Channel reports. The firm owned 6,030 shares of the company’s stock after purchasing an additional 137 shares during the quarter. Meridian Wealth Management LLC’s holdings in Carrier Global were worth $485,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CARR. 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 valued at $404,903,000 after acquiring an additional 3,741,206 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Carrier Global in the second quarter valued at $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 valued at $79,484,000 after acquiring an additional 922,892 shares during the last quarter. 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 valued at $730,250,000 after acquiring an additional 897,061 shares during the last quarter. Finally, Swedbank AB acquired a new stake in Carrier Global in the first quarter valued at $24,600,000. Institutional investors own 91.00% of the company’s stock.

Carrier Global Price Performance

CARR stock opened at $77.00 on Monday. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. Carrier Global Co. has a 12 month low of $51.20 and a 12 month high of $83.32. The firm has a market cap of $69.09 billion, a P/E ratio of 19.49, a P/E/G ratio of 2.73 and a beta of 1.34. The company’s 50-day moving average price is $77.88 and its two-hundred day moving average price is $70.32.

Carrier Global declared that its board has approved a stock repurchase plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Carrier Global Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 18th. Shareholders of record on Friday, October 25th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Friday, October 25th. Carrier Global’s dividend payout ratio is currently 19.24%.

Analyst Ratings Changes

A number of brokerages have commented on CARR. Bank of America increased their price target on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Stephens cut their target price on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Barclays cut their target price on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Finally, Morgan Stanley began coverage on shares of Carrier Global in a research note on Friday, September 6th. They set an “equal weight” rating and a $75.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.31.

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.