CIBC Asset Management Inc Increases Stock Holdings in Carrier Global Co. (NYSE:CARR)

CIBC Asset Management Inc boosted its position in Carrier Global Co. (NYSE:CARR) by 8.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 124,110 shares of the company’s stock after purchasing an additional 9,627 shares during the period. CIBC Asset Management Inc’s holdings in Carrier Global were worth $9,990,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Olistico Wealth LLC purchased a new position in shares of Carrier Global during the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. lifted its position in shares of Carrier Global by 675.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after buying an additional 405 shares in the last quarter. EdgeRock Capital LLC purchased a new position in shares of Carrier Global during the 2nd quarter valued at about $32,000. Hantz Financial Services Inc. purchased a new position in shares of Carrier Global during the 2nd quarter valued at about $35,000. Finally, McClarren Financial Advisors Inc. lifted its position in shares of Carrier Global by 246.0% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after buying an additional 310 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

NYSE CARR opened at $74.53 on Friday. The company has a market cap of $66.87 billion, a P/E ratio of 18.87, a P/E/G ratio of 2.74 and a beta of 1.34. 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 $77.73 and its 200-day moving average price is $69.83. Carrier Global Co. has a fifty-two week low of $51.20 and a fifty-two week high of $83.32.

Carrier Global declared that its board has initiated a share buyback plan on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.02%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio is currently 19.24%.

Analyst Upgrades and Downgrades

CARR has been the topic of a number of analyst reports. Royal Bank of Canada lowered their price objective 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. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Bank of America lifted their target price on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. began coverage on Carrier Global in a research note on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Finally, Oppenheimer lifted their target price on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $82.31.

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.