Fiduciary Trust Co Trims Stock Holdings in Carrier Global Co. (NYSE:CARR)

Fiduciary Trust Co trimmed its holdings in Carrier Global Co. (NYSE:CARR) by 2.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,836 shares of the company’s stock after selling 1,946 shares during the period. Fiduciary Trust Co’s holdings in Carrier Global were worth $6,828,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CARR. Olistico Wealth LLC bought a new position in Carrier Global during the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. raised its position in shares of Carrier Global by 675.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after acquiring an additional 405 shares in the last quarter. EdgeRock Capital LLC bought a new position in Carrier Global during the second quarter worth $32,000. Hantz Financial Services Inc. acquired a new position in Carrier Global in the second quarter worth $35,000. Finally, McClarren Financial Advisors Inc. increased its stake in Carrier Global by 246.0% during the third 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. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

Shares of NYSE CARR opened at $76.90 on Friday. Carrier Global Co. has a 1 year low of $51.20 and a 1 year high of $83.32. 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 stock has a fifty day moving average price of $77.80 and a two-hundred day moving average price of $70.58. The firm has a market cap of $69.00 billion, a P/E ratio of 19.47, a PEG ratio of 2.83 and a beta of 1.34.

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

Carrier Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 18th. Investors of record on Friday, October 25th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Friday, October 25th. Carrier Global’s payout ratio is currently 19.24%.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Northcoast Research started coverage on shares of Carrier Global in a report on Friday, November 22nd. They issued a “neutral” rating for the company. Robert W. Baird dropped their price target on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Morgan Stanley assumed coverage on Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target on the stock. Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Stephens lowered their price target on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.31.

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.