Canoe Financial LP Sells 3,247 Shares of Carrier Global Co. (NYSE:CARR)

Canoe Financial LP trimmed its stake in Carrier Global Co. (NYSE:CARR) by 1.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 198,103 shares of the company’s stock after selling 3,247 shares during the quarter. Canoe Financial LP’s holdings in Carrier Global were worth $13,523,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Frank Rimerman Advisors LLC increased its stake in shares of Carrier Global by 54,708.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock worth $864,000 after purchasing an additional 13,677 shares during the last quarter. Cerity Partners LLC increased its position in Carrier Global by 39.0% during the third quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock worth $11,013,000 after buying an additional 38,365 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Carrier Global by 12.3% during the third quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock worth $8,084,000 after buying an additional 11,032 shares during the last quarter. Sheaff Brock Investment Advisors LLC bought a new stake in Carrier Global in the third quarter valued at approximately $1,068,000. Finally, Miracle Mile Advisors LLC acquired a new stake in shares of Carrier Global in the fourth quarter valued at approximately $2,213,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Price Performance

Carrier Global stock opened at $69.74 on Friday. The stock’s fifty day moving average price is $72.10 and its two-hundred day moving average price is $72.13. The firm has a market cap of $62.57 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 2.03 and a beta of 1.36. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. Carrier Global Co. has a one year low of $53.13 and a one year high of $83.32.

Carrier Global announced that its Board of Directors has initiated a share repurchase program on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Carrier Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, December 20th will be given a $0.225 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.29%. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio (DPR) is presently 22.78%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CARR. Royal Bank of Canada decreased their target price on Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. The Goldman Sachs Group started coverage on shares of Carrier Global in a report on Thursday, December 12th. They issued a “buy” rating and a $96.00 price objective on the stock. Wells Fargo & Company cut their target price on shares of Carrier Global from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Northcoast Research assumed coverage on shares of Carrier Global in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock. Finally, Robert W. Baird lowered their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.93.

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.