Carrier Global Co. Announces Quarterly Dividend of $0.19 (NYSE:CARR)

Carrier Global Co. (NYSE:CARR) announced a quarterly dividend on Thursday, April 18th, Wall Street Journal reports. Investors of record on Friday, May 3rd will be paid a dividend of 0.19 per share on Wednesday, May 22nd. This represents a $0.76 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend is Thursday, May 2nd.

Carrier Global has increased its dividend by an average of 49.5% per year over the last three years and has raised its dividend every year for the last 3 years. Carrier Global has a payout ratio of 24.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Carrier Global to earn $3.07 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 24.8%.

Carrier Global Stock Performance

NYSE:CARR opened at $53.55 on Friday. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.73 and a quick ratio of 2.40. Carrier Global has a 1 year low of $40.28 and a 1 year high of $60.87. The stock’s 50 day simple moving average is $56.36 and its two-hundred day simple moving average is $54.74. The company has a market cap of $48.20 billion, a price-to-earnings ratio of 33.89, a PEG ratio of 2.25 and a beta of 1.39.

Carrier Global (NYSE:CARR) last released its quarterly earnings data on Tuesday, February 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. Carrier Global had a return on equity of 27.19% and a net margin of 6.10%. The business had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter in the previous year, the company posted $0.40 EPS. The company’s revenue was down .1% compared to the same quarter last year. As a group, equities analysts anticipate that Carrier Global will post 2.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Citigroup lifted their price objective on Carrier Global from $60.00 to $63.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $63.00 price objective on shares of Carrier Global in a research note on Thursday. Royal Bank of Canada reduced their price objective on Carrier Global from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. Barclays lifted their target price on Carrier Global from $71.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company dropped their target price on Carrier Global from $63.00 to $57.00 and set an “equal weight” rating for the company in a report on Wednesday, February 7th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Carrier Global presently has a consensus rating of “Hold” and a consensus target price of $61.15.

Insider Activity at Carrier Global

In related news, VP Kevin J. O’connor sold 26,551 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the completion of the transaction, the vice president now owns 66,083 shares in the company, valued at approximately $3,553,282.91. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Kevin J. O’connor sold 26,551 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the completion of the transaction, the vice president now owns 66,083 shares in the company, valued at approximately $3,553,282.91. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David L. Gitlin sold 354,539 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.16, for a total value of $19,201,832.24. Following the transaction, the chief executive officer now owns 422,808 shares of the company’s stock, valued at approximately $22,899,281.28. The disclosure for this sale can be found here. 6.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Carrier Global

Several hedge funds have recently made changes to their positions in CARR. American Century Companies Inc. lifted its holdings in shares of Carrier Global by 29.2% in the 1st quarter. American Century Companies Inc. now owns 16,359 shares of the company’s stock worth $750,000 after buying an additional 3,700 shares during the period. Panagora Asset Management Inc. lifted its holdings in shares of Carrier Global by 40.1% in the 1st quarter. Panagora Asset Management Inc. now owns 36,481 shares of the company’s stock worth $1,673,000 after buying an additional 10,445 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of Carrier Global by 23.2% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,493 shares of the company’s stock worth $343,000 after buying an additional 1,412 shares during the period. Candriam Luxembourg S.C.A. lifted its holdings in shares of Carrier Global by 22.7% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 65,241 shares of the company’s stock worth $2,992,000 after buying an additional 12,089 shares during the period. Finally, Baird Financial Group Inc. lifted its holdings in shares of Carrier Global by 10.6% in the 1st quarter. Baird Financial Group Inc. now owns 786,543 shares of the company’s stock worth $36,078,000 after buying an additional 75,622 shares during the period. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

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.