Bar Harbor Wealth Management Cuts Stake in Carrier Global Co. (NYSE:CARR)

Bar Harbor Wealth Management lessened its stake in shares of Carrier Global Co. (NYSE:CARR) by 6.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,717 shares of the company’s stock after selling 1,002 shares during the period. Bar Harbor Wealth Management’s holdings in Carrier Global were worth $936,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. FMR LLC grew its stake in shares of Carrier Global by 36.2% during the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock valued at $702,603,000 after buying an additional 2,320,909 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in Carrier Global during the 3rd quarter worth approximately $130,479,000. Point72 Asset Management L.P. purchased a new position in Carrier Global in the 2nd quarter worth approximately $58,415,000. Mizuho Securities USA LLC increased its stake in Carrier Global by 1,428.4% in the 3rd quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock worth $79,484,000 after purchasing an additional 922,892 shares during the period. Finally, International Assets Investment Management LLC lifted its position in 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 valued at $730,250,000 after purchasing an additional 897,061 shares during the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price target for the company in a report on Wednesday, November 13th. JPMorgan Chase & Co. initiated coverage on shares of Carrier Global in a research note on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price target for the company. Wells Fargo & Company cut their price objective on Carrier Global from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada decreased their target price on Carrier Global from $87.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Finally, Bank of America lifted their price target on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given 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 an average price target of $84.36.

Carrier Global Stock Up 1.0 %

Shares of NYSE:CARR traded up $0.67 during trading on Monday, reaching $67.18. 3,725,244 shares of the stock traded hands, compared to its average volume of 3,989,495. The stock has a market cap of $60.28 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 2.73 and a beta of 1.36. 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 50-day moving average of $72.55 and a two-hundred day moving average of $72.10. Carrier Global Co. has a 52-week low of $53.13 and a 52-week high of $83.32.

Carrier Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be issued a $0.225 dividend. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.34%. Carrier Global’s dividend payout ratio (DPR) is presently 22.78%.

Carrier Global announced that its Board of Directors has authorized a share repurchase plan on Thursday, October 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase 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 shares are undervalued.

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.