BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Lowers Holdings in Carrier Global Co. (NYSE:CARR)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in Carrier Global Co. (NYSE:CARR - Free Report) by 12.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,305 shares of the company's stock after selling 19,867 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Carrier Global were worth $10,891,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CARR. Frank Rimerman Advisors LLC raised its stake in Carrier Global by 54,708.0% during the second quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company's stock valued at $864,000 after buying an additional 13,677 shares during the last quarter. Kintegral Advisory LLC raised its position in shares of Carrier Global by 44.2% in the 2nd quarter. Kintegral Advisory LLC now owns 28,395 shares of the company's stock worth $1,797,000 after purchasing an additional 8,705 shares during the last quarter. Foster Victor Wealth Advisors LLC bought a new position in Carrier Global in the 2nd quarter worth about $7,720,000. Vista Investment Partners LLC purchased a new stake in Carrier Global during the 2nd quarter valued at about $744,000. Finally, Daiwa Securities Group Inc. increased its stake in Carrier Global by 12.3% during the 3rd 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 in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Shares of Carrier Global stock traded down $1.09 on Monday, reaching $76.28. The company's stock had a trading volume of 3,486,678 shares, compared to its average volume of 4,220,761. 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 has a market capitalization of $68.44 billion, a P/E ratio of 19.31, a PEG ratio of 2.86 and a beta of 1.34. The stock has a 50-day moving average price of $77.75 and a 200-day moving average price of $70.75. Carrier Global Co. has a 52-week low of $52.28 and a 52-week high of $83.32.

Carrier Global announced that its board has initiated a share repurchase plan on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, October 25th were given a $0.19 dividend. The ex-dividend date was Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.00%. Carrier Global's dividend payout ratio (DPR) is presently 19.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Royal Bank of Canada decreased their price target on Carrier Global from $91.00 to $87.00 and set an "outperform" rating for the company in a research note on Friday, October 25th. Stephens lowered their price objective on shares of Carrier Global from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Monday, October 28th. Bank of America lifted their target price on shares of Carrier Global from $80.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Northcoast Research began coverage on Carrier Global in a report on Friday, November 22nd. They set a "neutral" rating on the stock. Finally, JPMorgan Chase & Co. started coverage on Carrier Global in a report on Thursday, October 10th. They issued a "neutral" rating and a $83.00 price objective for the company. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $82.31.

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.