First City Capital Management Inc. Sells 350 Shares of Carrier Global Co. (NYSE:CARR)

First City Capital Management Inc. lessened its position in Carrier Global Co. (NYSE:CARR) by 3.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,537 shares of the company’s stock after selling 350 shares during the quarter. First City Capital Management Inc.’s holdings in Carrier Global were worth $651,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CARR. FSA Wealth Management LLC bought a new stake in shares of Carrier Global in the 3rd quarter valued at about $28,000. McClarren Financial Advisors Inc. raised its stake in Carrier Global by 246.0% in the third quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after buying an additional 310 shares in the last quarter. Coastline Trust Co purchased a new stake in Carrier Global during the third quarter worth $37,000. Meeder Asset Management Inc. boosted its position in 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. Finally, Country Trust Bank purchased a new position in shares of Carrier Global in the 3rd quarter valued at $40,000. 91.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CARR has been the subject of a number of recent research reports. Wells Fargo & Company reduced their target price on shares of Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday, October 25th. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Northcoast Research initiated coverage on Carrier Global in a research note 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 note on Friday, October 25th. Finally, Bank of America lifted their target price on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and an average price target of $83.43.

Carrier Global Stock Up 1.6 %

CARR traded up $1.12 on Friday, hitting $69.45. 1,440,491 shares of the company were exchanged, compared to its average volume of 2,539,008. The firm has a 50-day moving average price of $73.22 and a two-hundred day moving average price of $71.83. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The company has a market cap of $62.31 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 2.73 and a beta of 1.33. Carrier Global Co. has a twelve month low of $53.13 and a twelve month high of $83.32.

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

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, December 20th will be paid a dividend of $0.225 per share. The ex-dividend date is Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.30%. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s payout ratio is presently 22.78%.

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.