Carrier Global Co. (NYSE:CARR) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in shares of Carrier Global Co. (NYSE:CARR) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,667,872 shares of the company’s stock after buying an additional 105,995 shares during the quarter. Principal Financial Group Inc. owned approximately 0.30% of Carrier Global worth $182,109,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. FSA Wealth Management LLC acquired a new position in shares of Carrier Global during the 3rd quarter worth about $28,000. McClarren Financial Advisors Inc. raised 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 worth $35,000 after acquiring an additional 310 shares in the last quarter. Coastline Trust Co purchased a new stake in Carrier Global during the third quarter worth approximately $37,000. Capital Performance Advisors LLP acquired a new position in Carrier Global in the third quarter valued at approximately $44,000. Finally, Roxbury Financial LLC purchased a new position in Carrier Global in the fourth quarter valued at approximately $49,000. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Stock Up 2.4 %

Shares of Carrier Global stock opened at $65.19 on Tuesday. 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 $58.49 billion, a P/E ratio of 16.50, a PEG ratio of 2.11 and a beta of 1.35. 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 $68.01 and a two-hundred day moving average of $72.32.

Carrier Global (NYSE:CARR) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. Carrier Global had a net margin of 14.98% and a return on equity of 20.52%. During the same quarter in the previous year, the company earned $0.53 earnings per share. On average, analysts forecast that Carrier Global Co. will post 2.52 earnings per share for the current year.

Carrier Global declared that its board has initiated a stock buyback program on Thursday, October 24th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, December 20th were paid a $0.225 dividend. The ex-dividend date was Friday, December 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.38%. Carrier Global’s payout ratio is 22.78%.

Wall Street Analysts Forecast Growth

CARR has been the subject of several research analyst reports. Northcoast Research initiated coverage on shares of Carrier Global in a report on Friday, November 22nd. They issued a “neutral” rating for the company. Wells Fargo & Company decreased their price objective on shares of Carrier Global from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 12th. Stephens cut their target price on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Royal Bank of Canada decreased their target price on Carrier Global from $86.00 to $76.00 and set an “outperform” rating for the company in a research report on Wednesday, February 12th. Finally, JPMorgan Chase & Co. dropped their price target on Carrier Global from $83.00 to $77.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Carrier Global has an average rating of “Moderate Buy” and an average target price of $82.64.

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.