Hemenway Trust Co LLC Raises Stake in Carrier Global Co. (NYSE:CARR)

Hemenway Trust Co LLC raised its stake in Carrier Global Co. (NYSE:CARR - Free Report) by 41.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 288,023 shares of the company's stock after purchasing an additional 84,208 shares during the quarter. Carrier Global makes up about 1.8% of Hemenway Trust Co LLC's portfolio, making the stock its 25th biggest holding. Hemenway Trust Co LLC's holdings in Carrier Global were worth $23,183,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CARR. Frank Rimerman Advisors LLC raised its holdings in shares of Carrier Global by 54,708.0% during 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 in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Carrier Global by 50.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 390,272 shares of the company's stock worth $22,687,000 after acquiring an additional 130,192 shares in the last quarter. Quadrature Capital Ltd bought a new position in Carrier Global in the first quarter worth approximately $2,019,000. Kintegral Advisory LLC boosted its holdings in Carrier Global by 44.2% in the second quarter. Kintegral Advisory LLC now owns 28,395 shares of the company's stock worth $1,797,000 after acquiring an additional 8,705 shares in the last quarter. Finally, Rockport Wealth LLC bought a new position in shares of Carrier Global in the first quarter valued at approximately $478,000. 91.00% of the stock is currently owned by institutional investors.

Carrier Global Stock Performance

Shares of NYSE:CARR traded down $0.89 on Tuesday, reaching $75.40. 4,500,487 shares of the company's stock were exchanged, compared to its average volume of 4,152,367. Carrier Global Co. has a fifty-two week low of $50.67 and a fifty-two week 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 business's 50-day moving average is $77.26 and its two-hundred day moving average is $69.50. The firm has a market capitalization of $67.65 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 2.75 and a beta of 1.34.

Carrier Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global's dividend payout ratio (DPR) is presently 19.24%.

Carrier Global announced that its board has initiated a stock buyback program on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Barclays decreased their target price on Carrier Global from $90.00 to $89.00 and set an "overweight" rating for the company in a research report on Friday, October 25th. Robert W. Baird reduced their price target on Carrier Global from $88.00 to $86.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. Bank of America lifted their price objective on Carrier Global from $80.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Morgan Stanley assumed coverage on Carrier Global in a research note on Friday, September 6th. They set an "equal weight" rating and a $75.00 price target for the company. Finally, Mizuho lifted their price target on Carrier Global from $65.00 to $78.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Carrier Global currently has a consensus rating of "Moderate Buy" and an average price target of $81.33.

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.