Cohen Klingenstein LLC Reduces Holdings in Carrier Global Co. (NYSE:CARR)

Cohen Klingenstein LLC lowered its position in Carrier Global Co. (NYSE:CARR) by 20.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,668 shares of the company’s stock after selling 11,614 shares during the quarter. Cohen Klingenstein LLC’s holdings in Carrier Global were worth $3,117,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. FSA Wealth Management LLC acquired a new position in shares of Carrier Global in the 3rd quarter valued at $28,000. McClarren Financial Advisors Inc. grew its stake in 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 purchasing an additional 310 shares during the last quarter. Coastline Trust Co acquired a new position in shares of Carrier Global in the third quarter valued at about $37,000. Country Trust Bank purchased a new position in shares of Carrier Global in the third quarter worth about $40,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Carrier Global during the third quarter worth about $44,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Shares of Carrier Global stock opened at $69.74 on Friday. Carrier Global Co. has a one year low of $53.13 and a one year high of $83.32. The company has a market cap of $62.57 billion, a P/E ratio of 17.66, a PEG ratio of 2.03 and a beta of 1.36. 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 firm has a fifty day moving average of $71.96 and a two-hundred day moving average of $72.18.

Carrier Global declared that its Board of Directors has initiated a share buyback plan on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 4.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Carrier Global Increases Dividend

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

Wall Street Analysts Forecast Growth

CARR has been the topic of a number of research reports. Mizuho increased their price objective on shares of Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. dropped their price target on shares of Carrier Global from $83.00 to $77.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wells Fargo & Company dropped their price objective on Carrier Global from $80.00 to $75.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. UBS Group raised shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price target for the company in a report on Wednesday, November 13th. Finally, Royal Bank of Canada decreased their price target on shares of Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Carrier Global 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.