Wellington Management Group LLP Has $3.63 Million Stake in Carrier Global Co. (NYSE:CARR)

Wellington Management Group LLP raised its position in shares of Carrier Global Co. (NYSE:CARR - Free Report) by 761.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,064 shares of the company's stock after purchasing an additional 39,834 shares during the quarter. Wellington Management Group LLP's holdings in Carrier Global were worth $3,627,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. FSA Wealth Management LLC acquired a new position in Carrier Global during the third quarter valued at approximately $28,000. Meeder Asset Management Inc. boosted its position in shares of Carrier Global by 675.0% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company's stock valued at $29,000 after acquiring an additional 405 shares during the period. EdgeRock Capital LLC acquired a new stake in shares of Carrier Global in the second quarter worth $32,000. Hantz Financial Services Inc. bought a new position in Carrier Global during the second quarter worth $35,000. Finally, McClarren Financial Advisors Inc. boosted its holdings in Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company's stock valued at $35,000 after purchasing an additional 310 shares during the period. Hedge funds and other institutional investors own 91.00% of the company's stock.

Carrier Global Price Performance

Shares of NYSE CARR traded down $0.21 during midday trading on Wednesday, reaching $70.07. The company's stock had a trading volume of 1,774,274 shares, compared to its average volume of 4,216,431. The company has a market cap of $62.87 billion, a P/E ratio of 17.79, a P/E/G ratio of 2.73 and a beta of 1.33. Carrier Global Co. has a fifty-two week low of $53.13 and a fifty-two 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 business's 50 day moving average price is $76.13 and its two-hundred day moving average price is $71.49.

Carrier Global announced that its Board of Directors has approved a share buyback plan on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Carrier Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be issued a $0.225 dividend. 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. This represents a $0.90 annualized dividend and a yield of 1.28%. Carrier Global's payout ratio is currently 22.78%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CARR shares. Wells Fargo & Company cut their price target on Carrier Global from $82.00 to $76.00 and set an "equal weight" rating for the company in a report on Friday, October 25th. Robert W. Baird lowered their price target on shares of Carrier Global from $88.00 to $86.00 and set an "outperform" rating for the company in a report on Friday, October 25th. Barclays upped their price target on Carrier Global from $89.00 to $92.00 and gave the company an "overweight" rating in a research note on Thursday, December 5th. The Goldman Sachs Group assumed coverage on shares of Carrier Global in a research report on Thursday, December 12th. They set a "buy" rating and a $96.00 target price on the stock. Finally, JPMorgan Chase & Co. started coverage on shares of Carrier Global in a report on Thursday, October 10th. They issued a "neutral" rating and a $83.00 target price on the stock. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.50.

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.