Adams Diversified Equity Fund Inc. Invests $14.05 Million in Carrier Global Co. (NYSE:CARR)

Adams Diversified Equity Fund Inc. bought a new stake in shares of Carrier Global Co. (NYSE:CARR - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 174,500 shares of the company's stock, valued at approximately $14,046,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. JPMorgan Chase & Co. increased its position in shares of Carrier Global by 280.1% during the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company's stock valued at $1,342,727,000 after acquiring an additional 17,021,768 shares during the last quarter. Capital International Investors boosted its holdings in shares of Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company's stock worth $4,931,001,000 after acquiring an additional 3,763,666 shares during the period. PineStone Asset Management Inc. boosted its holdings in shares of Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company's stock worth $404,903,000 after acquiring an additional 3,741,206 shares during the period. Point72 Asset Management L.P. bought a new stake in Carrier Global during the second quarter valued at $58,415,000. Finally, International Assets Investment Management LLC boosted its stake in Carrier Global by 8,797.3% during the third quarter. International Assets Investment Management LLC now owns 907,258 shares of the company's stock valued at $730,250,000 after buying an additional 897,061 shares during the period. Institutional investors own 91.00% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Mizuho raised their price target on Carrier Global from $65.00 to $78.00 and gave the company a "neutral" rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. assumed coverage on Carrier Global in a research report on Thursday, October 10th. They set a "neutral" rating and a $83.00 price target on the stock. Bank of America raised their price target on Carrier Global from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, October 18th. 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. Finally, Royal Bank of Canada lowered their price target on Carrier Global from $91.00 to $87.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Seven research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.33.

Carrier Global Stock Down 1.3 %

Shares of CARR traded down $1.00 during mid-day trading on Wednesday, reaching $73.60. The company had a trading volume of 4,332,138 shares, compared to its average volume of 4,156,996. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08. The firm has a 50-day moving average price of $76.80 and a 200 day moving average price of $68.32. Carrier Global Co. has a 52 week low of $47.12 and a 52 week high of $83.32. The company has a market capitalization of $66.44 billion, a price-to-earnings ratio of 51.47, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32.

Carrier Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be issued 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 yield of 1.03%. Carrier Global's payout ratio is currently 53.15%.

Carrier Global announced that its Board of Directors has authorized a share repurchase plan on Thursday, October 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

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

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.