Carrier Global Co. (NYSE:CARR) Shares Sold by Groesbeck Investment Management Corp NJ

Groesbeck Investment Management Corp NJ trimmed its position in Carrier Global Co. (NYSE:CARR) by 20.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,299 shares of the company’s stock after selling 2,987 shares during the period. Carrier Global makes up approximately 1.3% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 24th biggest holding. Groesbeck Investment Management Corp NJ’s holdings in Carrier Global were worth $909,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Carrier Global by 0.5% during the first quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock worth $5,481,077,000 after buying an additional 466,829 shares during the period. Capital International Investors lifted its stake in shares of Carrier Global by 4.6% during the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after buying an additional 3,763,666 shares during the period. JPMorgan Chase & Co. lifted its stake 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 worth $1,342,727,000 after buying an additional 17,021,768 shares during the period. PineStone Asset Management Inc. lifted its stake in shares of Carrier Global by 139.7% during the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after buying an additional 3,741,206 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Carrier Global by 1.7% during the second quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock worth $280,010,000 after buying an additional 72,633 shares during the period. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Carrier Global Price Performance

Shares of CARR stock traded up $1.01 on Friday, reaching $73.72. 5,301,655 shares of the company were exchanged, compared to its average volume of 4,155,103. The company has a market cap of $66.42 billion, a price-to-earnings ratio of 51.55, a P/E/G ratio of 2.94 and a beta of 1.32. The business has a 50-day moving average price of $76.46 and a 200 day moving average price of $67.87. 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 Co. has a 1 year low of $45.68 and a 1 year high of $83.32.

Carrier Global (NYSE:CARR) last released its earnings results on Thursday, October 24th. The company reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.04). The company had revenue of $5.98 billion for the quarter, compared to analysts’ expectations of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. Equities research analysts forecast that Carrier Global Co. will post 2.85 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 annualized dividend and a yield of 1.03%. Carrier Global’s dividend payout ratio is presently 53.15%.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CARR shares. Barclays lowered 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. Oppenheimer boosted their target price on shares of Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. 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 target price for the company. Morgan Stanley began coverage on shares of Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 target price for the company. Finally, Mizuho boosted their target price on shares of Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.75.

Insider Activity at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were 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 of the company’s stock, valued at approximately $6,652,910.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.95% of the stock is owned by corporate insiders.

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.