Cacti Asset Management LLC Sells 1,750 Shares of Carrier Global Co. (NYSE:CARR)

Cacti Asset Management LLC reduced its stake in Carrier Global Co. (NYSE:CARR) by 4.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,740 shares of the company’s stock after selling 1,750 shares during the period. Cacti Asset Management LLC’s holdings in Carrier Global were worth $2,848,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. lifted its stake in Carrier Global by 0.8% in the third quarter. Principal Financial Group Inc. now owns 2,561,877 shares of the company’s stock valued at $206,206,000 after buying an additional 20,500 shares in the last quarter. SMART Wealth LLC bought a new position in Carrier Global during the 3rd quarter worth about $218,000. Garden State Investment Advisory Services LLC raised its stake in shares of Carrier Global by 2.8% in the 3rd quarter. Garden State Investment Advisory Services LLC now owns 5,950 shares of the company’s stock valued at $480,000 after purchasing an additional 161 shares during the period. Franklin Resources Inc. grew its holdings in shares of Carrier Global by 1.2% during the third quarter. Franklin Resources Inc. now owns 224,323 shares of the company’s stock worth $18,545,000 after buying an additional 2,596 shares in the last quarter. Finally, Peapack Gladstone Financial Corp lifted its stake in Carrier Global by 1.4% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 176,984 shares of the company’s stock valued at $14,246,000 after acquiring an additional 2,397 shares in the last quarter. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Carrier Global Stock Performance

Shares of NYSE:CARR traded up $0.74 during trading on Thursday, hitting $69.00. 1,383,077 shares of the company were exchanged, compared to its average volume of 4,242,985. Carrier Global Co. has a 52-week low of $53.13 and a 52-week high of $83.32. The stock has a 50 day moving average of $73.32 and a 200 day moving average of $71.86. The company has a market cap of $61.91 billion, a PE ratio of 17.47, a P/E/G ratio of 2.73 and a beta of 1.33. 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 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be given a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.30%. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s dividend payout ratio (DPR) is currently 22.78%.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. assumed coverage on Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective for the company. UBS Group upgraded Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Wednesday, November 13th. Oppenheimer upped their price target on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley assumed coverage on shares of Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

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.