Carrier Global Co. (NYSE:CARR) Short Interest Up 15.4% in October

Carrier Global Co. (NYSE:CARR) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 12,830,000 shares, an increase of 15.4% from the September 30th total of 11,120,000 shares. Approximately 1.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,490,000 shares, the days-to-cover ratio is currently 3.7 days.

Insiders Place Their Bets

In other Carrier Global news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the completion of the transaction, the vice president now owns 103,066 shares of the company’s stock, valued at $6,652,910.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 6.95% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in Carrier Global by 280.1% during the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after purchasing an additional 17,021,768 shares during the period. Capital International Investors grew its stake in Carrier Global by 4.6% in the 1st quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock valued at $4,931,001,000 after buying an additional 3,763,666 shares in the last quarter. PineStone Asset Management Inc. raised its holdings in Carrier Global by 139.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after acquiring an additional 3,741,206 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Carrier Global during the second quarter worth $58,415,000. Finally, International Assets Investment Management LLC boosted its holdings in shares of Carrier Global by 8,797.3% in the third quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock worth $730,250,000 after acquiring an additional 897,061 shares during the period. 91.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CARR shares. Bank of America lifted their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Barclays cut their target price on Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Oppenheimer increased their price target on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Robert W. Baird cut their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Stephens reduced their target price on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.33.

Carrier Global Stock Down 0.0 %

CARR traded down $0.01 during midday trading on Thursday, reaching $73.59. 325,780 shares of the company were exchanged, compared to its average volume of 4,138,839. The company has a market cap of $66.43 billion, a price-to-earnings ratio of 51.47, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. Carrier Global has a one year low of $47.12 and a one year high of $83.32. The company’s fifty day moving average price is $76.80 and its 200 day moving average price is $68.32. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08.

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

Carrier Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be paid a $0.19 dividend. The ex-dividend date is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

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.