Short Interest in Carrier Global Co. (NYSE:CARR) Increases By 15.4%

Carrier Global Co. (NYSE:CARR - Get Free Report) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 12,830,000 shares, a growth of 15.4% from the September 30th total of 11,120,000 shares. Based on an average daily volume of 3,490,000 shares, the days-to-cover ratio is currently 3.7 days. Approximately 1.5% of the shares of the company are sold short.

Carrier Global Price Performance

Shares of Carrier Global stock traded down $1.06 during trading on Tuesday, reaching $74.60. 3,715,212 shares of the company's stock were exchanged, compared to its average volume of 4,156,155. The firm's 50-day moving average price is $76.72 and its 200 day moving average price is $68.28. The company has a market cap of $67.35 billion, a P/E ratio of 52.17, a PEG ratio of 2.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08. Carrier Global has a 1-year low of $46.77 and a 1-year high of $83.32.

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.02%. Carrier Global's payout ratio is currently 53.15%.

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

Insider Transactions at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of the business's stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the sale, the vice president now owns 103,066 shares in the company, valued at $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.95% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carrier Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Olistico Wealth LLC bought a new position in shares of Carrier Global during the second quarter valued at $25,000. Meeder Asset Management Inc. raised its position in Carrier Global by 675.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company's stock worth $29,000 after purchasing an additional 405 shares during the last quarter. EdgeRock Capital LLC acquired a new position in Carrier Global during the 2nd quarter worth about $32,000. Hantz Financial Services Inc. bought a new stake in shares of Carrier Global in the 2nd quarter valued at about $35,000. Finally, McClarren Financial Advisors Inc. increased its stake in shares of Carrier Global by 246.0% in the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company's stock valued at $35,000 after buying an additional 310 shares during the period. Institutional investors own 91.00% of the company's stock.

Wall Street Analyst Weigh In

CARR has been the subject of a number of recent research reports. Wolfe Research raised shares of Carrier Global from an "underperform" rating to a "peer perform" rating in a research report on Friday, September 6th. Barclays dropped their price objective on shares of Carrier Global from $90.00 to $89.00 and set an "overweight" rating for the company in a research note on Friday. Royal Bank of Canada decreased their target price on shares of Carrier Global from $91.00 to $87.00 and set an "outperform" rating on the stock in a research report on Friday. Wells Fargo & Company dropped their price target on shares of Carrier Global from $82.00 to $76.00 and set an "equal weight" rating for the company in a research report on Friday. Finally, 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. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company 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.