Miracle Mile Advisors LLC Invests $2.21 Million in Carrier Global Co. (NYSE:CARR)

Miracle Mile Advisors LLC purchased a new position in shares of Carrier Global Co. (NYSE:CARR - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 32,420 shares of the company's stock, valued at approximately $2,213,000.

Several other hedge funds have also recently added to or reduced their stakes in CARR. Frank Rimerman Advisors LLC lifted its position in Carrier Global by 54,708.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company's stock worth $864,000 after buying an additional 13,677 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Carrier Global by 39.0% during the third quarter. Cerity Partners LLC now owns 136,821 shares of the company's stock worth $11,013,000 after acquiring an additional 38,365 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Carrier Global by 12.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company's stock worth $8,084,000 after acquiring an additional 11,032 shares during the last quarter. Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Carrier Global in the 3rd quarter valued at $1,068,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Carrier Global during the 3rd quarter valued at $793,000. Institutional investors own 91.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CARR shares. Royal Bank of Canada lowered their price target on shares of Carrier Global from $87.00 to $86.00 and set an "outperform" rating for the company in a research note on Friday, January 3rd. Citigroup lowered their target price on Carrier Global from $94.00 to $90.00 and set a "buy" rating for the company in a research note on Monday. Northcoast Research initiated coverage on Carrier Global in a research report on Friday, November 22nd. They set a "neutral" rating on the stock. Stephens decreased 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. Finally, Barclays dropped their price objective on Carrier Global from $92.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Eight research 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 data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $84.36.

Carrier Global Trading Up 1.9 %

Shares of CARR traded up $1.25 during trading hours on Tuesday, reaching $68.36. 3,409,688 shares of the company traded hands, compared to its average volume of 4,278,936. Carrier Global Co. has a 12 month low of $53.13 and a 12 month 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's fifty day moving average price is $72.34 and its two-hundred day moving average price is $72.17. The company has a market capitalization of $61.33 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 2.73 and a beta of 1.36.

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.225 per share. This is an increase from Carrier Global's previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.32%. Carrier Global's dividend payout ratio is 22.78%.

Carrier Global announced that its Board of Directors has approved a share buyback plan on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

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.