Concentric Wealth Management LLC Invests $213,000 in Carrier Global Co. (NYSE:CARR)

Concentric Wealth Management LLC acquired a new position in shares of Carrier Global Co. (NYSE:CARR) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,650 shares of the company’s stock, valued at approximately $213,000.

Other hedge funds have also added to or reduced their stakes in the company. Olistico Wealth LLC bought a new stake in Carrier Global in the second quarter valued at approximately $25,000. Meeder Asset Management Inc. boosted its stake in shares of Carrier Global by 675.0% during 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 in the last quarter. EdgeRock Capital LLC purchased a new position in shares of Carrier Global during the second quarter valued at about $32,000. Hantz Financial Services Inc. bought a new position in Carrier Global in the second quarter worth about $35,000. Finally, McClarren Financial Advisors Inc. boosted its position in Carrier Global by 246.0% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after acquiring an additional 310 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

Analyst Upgrades and Downgrades

CARR has been the topic of several analyst reports. UBS Group raised Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Wednesday, November 13th. Barclays lowered their price target on Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Robert W. Baird reduced their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Royal Bank of Canada dropped their price target on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, Wells Fargo & Company decreased their price objective on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.31.

Carrier Global Price Performance

Shares of NYSE:CARR opened at $77.00 on Monday. The company has a market capitalization of $69.09 billion, a P/E ratio of 19.49, a P/E/G ratio of 2.77 and a beta of 1.34. Carrier Global Co. has a 1-year low of $51.20 and a 1-year high of $83.32. The firm’s 50 day simple moving average is $77.88 and its two-hundred day simple moving average is $70.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82.

Carrier Global Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 18th. Investors 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%.

Carrier Global announced that its board has initiated a stock repurchase program on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

About Carrier Global

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.