Carrier Global Target of Unusually Large Options Trading (NYSE:CARR)

Carrier Global Co. (NYSE:CARR) was the recipient of unusually large options trading on Wednesday. Stock investors purchased 11,670 put options on the stock. This is an increase of approximately 87% compared to the typical volume of 6,253 put options.

Carrier Global Stock Down 3.2 %

CARR stock traded down $2.12 during midday trading on Wednesday, hitting $65.18. The company’s stock had a trading volume of 4,686,280 shares, compared to its average volume of 5,194,810. 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 has a 52-week low of $53.13 and a 52-week high of $83.32. The firm has a market capitalization of $58.48 billion, a P/E ratio of 16.50, a PEG ratio of 2.26 and a beta of 1.36. The firm has a 50-day simple moving average of $71.14 and a 200-day simple moving average of $72.57.

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

Carrier Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be given a dividend of $0.225 per share. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s payout ratio is 22.78%.

Institutional Investors Weigh In On Carrier Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. RFG Advisory LLC lifted its position in Carrier Global by 36.2% in the fourth quarter. RFG Advisory LLC now owns 7,170 shares of the company’s stock valued at $489,000 after acquiring an additional 1,904 shares during the last quarter. Cerity Partners LLC increased its stake in Carrier Global by 39.0% in the third quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock valued at $11,013,000 after purchasing an additional 38,365 shares during the period. Daiwa Securities Group Inc. increased its stake in Carrier Global by 12.3% in the third quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock valued at $8,084,000 after purchasing an additional 11,032 shares during the period. Miracle Mile Advisors LLC acquired a new position in Carrier Global in the fourth quarter valued at $2,213,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new position in Carrier Global in the third quarter valued at $1,068,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CARR has been the subject of a number of recent analyst reports. Northcoast Research started coverage on Carrier Global in a research report on Friday, November 22nd. They set a “neutral” rating for the company. Royal Bank of Canada reduced their target price on Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Wells Fargo & Company reduced their target price on Carrier Global from $80.00 to $75.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Mizuho upped 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. Finally, Stephens cut their price target on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Carrier Global presently has an average rating of “Moderate Buy” and an average price target of $83.93.

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.