Investors Buy Large Volume of Carrier Global Put Options (NYSE:CARR)

Carrier Global Co. (NYSE:CARR - Get Free Report) was the target of some unusual options trading activity on Tuesday. Investors acquired 17,572 put options on the company. This represents an increase of 141% compared to the average daily volume of 7,288 put options.

Carrier Global Price Performance

Shares of CARR traded down $0.54 during midday trading on Tuesday, hitting $68.17. 4,743,174 shares of the company traded hands, compared to its average volume of 3,788,619. Carrier Global has a 52 week low of $53.13 and a 52 week high of $83.32. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The firm has a 50 day moving average of $73.00 and a 200-day moving average of $71.98. The stock has a market cap of $61.16 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 2.73 and a beta of 1.36.

Carrier Global declared that its board has approved a share repurchase plan on Thursday, October 24th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently declared 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 represents a $0.90 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend is Friday, December 20th. This is a boost from Carrier Global's previous quarterly dividend of $0.19. Carrier Global's dividend payout ratio (DPR) is currently 22.78%.

Analyst Ratings Changes

CARR has been the subject of a number of recent research reports. Northcoast Research assumed coverage on Carrier Global in a research note on Friday, November 22nd. They set a "neutral" rating for the company. UBS Group upgraded shares of Carrier Global from a "neutral" rating to a "buy" rating and set a $94.00 target price for the company in a research report on Wednesday, November 13th. Stephens decreased their price target 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. JPMorgan Chase & Co. began coverage on shares of Carrier Global in a research report on Thursday, October 10th. They set a "neutral" rating and a $83.00 price objective for the company. Finally, Barclays upped their price target on Carrier Global from $89.00 to $92.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.36.

Institutional Investors Weigh In On Carrier Global

Several large investors have recently bought and sold shares of CARR. FSM Wealth Advisors LLC increased its position in shares of Carrier Global by 2.2% during the 3rd quarter. FSM Wealth Advisors LLC now owns 6,373 shares of the company's stock valued at $513,000 after purchasing an additional 136 shares during the last quarter. Meridian Wealth Management LLC increased its position in Carrier Global by 2.3% during the third quarter. Meridian Wealth Management LLC now owns 6,030 shares of the company's stock valued at $485,000 after acquiring an additional 137 shares during the last quarter. Essex Savings Bank lifted its holdings in shares of Carrier Global by 2.2% in the 3rd quarter. Essex Savings Bank now owns 6,608 shares of the company's stock worth $532,000 after acquiring an additional 144 shares during the last quarter. Boston Financial Mangement LLC boosted its stake in shares of Carrier Global by 1.7% during the 3rd quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company's stock worth $741,000 after purchasing an additional 150 shares during the period. Finally, Sittner & Nelson LLC grew its holdings in Carrier Global by 4.9% during the 3rd quarter. Sittner & Nelson LLC now owns 3,187 shares of the company's stock valued at $257,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 91.00% of the company's stock.

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.