Carmel Capital Partners LLC Makes New Investment in Carrier Global Co. (NYSE:CARR)

Carmel Capital Partners LLC acquired a new stake in Carrier Global Co. (NYSE:CARR - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,225 shares of the company's stock, valued at approximately $1,225,000.

A number of other hedge funds have also modified their holdings of CARR. Olistico Wealth LLC acquired a new position in shares of Carrier Global in the second quarter valued at about $25,000. Meeder Asset Management Inc. grew its holdings in Carrier Global by 675.0% during the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company's stock worth $29,000 after acquiring an additional 405 shares during the period. EdgeRock Capital LLC acquired a new stake in Carrier Global during the second quarter worth about $32,000. Hantz Financial Services Inc. acquired a new stake in Carrier Global during the second quarter worth about $35,000. Finally, McClarren Financial Advisors Inc. grew its holdings in Carrier Global by 246.0% during the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company's stock worth $35,000 after acquiring an additional 310 shares during the period. 91.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. JPMorgan Chase & Co. assumed coverage on Carrier Global in a report on Thursday, October 10th. They set a "neutral" rating and a $83.00 target price on the stock. Oppenheimer raised their target price on Carrier Global from $74.00 to $88.00 and gave the stock an "outperform" rating in a report on Wednesday, October 2nd. Bank of America increased their price target on Carrier Global from $80.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Robert W. Baird lowered their price target on Carrier Global from $88.00 to $86.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Finally, Wells Fargo & Company lowered their price target on Carrier Global from $82.00 to $76.00 and set an "equal weight" rating on the stock in a research report on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Carrier Global presently has an average rating of "Moderate Buy" and an average price target of $81.33.

Carrier Global Price Performance

Shares of NYSE CARR traded up $1.55 during midday trading on Friday, hitting $76.68. The stock had a trading volume of 3,403,874 shares, compared to its average volume of 3,986,720. The company has a market capitalization of $68.80 billion, a PE ratio of 19.41, a P/E/G ratio of 2.71 and a beta of 1.34. The stock has a 50 day simple moving average of $77.19 and a 200-day simple moving average of $69.19. Carrier Global Co. has a 1 year low of $50.31 and a 1 year 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.

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

Carrier Global Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 0.99%. Carrier Global's dividend payout ratio (DPR) is presently 19.24%.

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.