Cumberland Partners Ltd Has $6.74 Million Holdings in Carrier Global Co. (NYSE:CARR)

Cumberland Partners Ltd lowered its stake in Carrier Global Co. (NYSE:CARR) by 8.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 83,725 shares of the company’s stock after selling 7,335 shares during the quarter. Cumberland Partners Ltd’s holdings in Carrier Global were worth $6,739,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in Carrier Global by 280.1% during the 1st quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock valued at $1,342,727,000 after purchasing an additional 17,021,768 shares during the period. Capital International Investors raised its holdings in Carrier Global by 4.6% in the 1st quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock valued at $4,931,001,000 after acquiring an additional 3,763,666 shares in the last quarter. PineStone Asset Management Inc. raised its holdings in Carrier Global by 139.7% in the 2nd 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 in the last quarter. Point72 Asset Management L.P. acquired a new position in Carrier Global in the 2nd quarter valued at approximately $58,415,000. Finally, International Assets Investment Management LLC raised its holdings in Carrier Global by 8,797.3% in the 3rd 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 in the last quarter. 91.00% of the stock is currently owned by institutional investors.

Carrier Global Stock Performance

Shares of NYSE:CARR traded up $0.16 during trading on Tuesday, reaching $76.45. 230,890 shares of the stock were exchanged, compared to its average volume of 4,132,884. Carrier Global Co. has a 12 month low of $50.67 and a 12 month high of $83.32. The firm has a market cap of $68.59 billion, a PE ratio of 19.31, a PEG ratio of 2.75 and a beta of 1.34. The stock has a 50-day moving average price of $77.26 and a 200-day moving average price of $69.50. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69.

Carrier Global announced that its board has authorized a share repurchase plan on Thursday, October 24th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Carrier Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be given 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 0.99%. Carrier Global’s payout ratio is 19.24%.

Analysts Set New Price Targets

CARR has been the subject of a number of recent research reports. Wells Fargo & Company dropped their target price on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Bank of America increased their target price on Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Finally, Mizuho increased their target price on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has issued 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 target price of $81.33.

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.