Meyer Handelman Co. Trims Holdings in Carrier Global Co. (NYSE:CARR)

Meyer Handelman Co. lowered its holdings in Carrier Global Co. (NYSE:CARR) by 2.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 123,280 shares of the company’s stock after selling 2,725 shares during the period. Meyer Handelman Co.’s holdings in Carrier Global were worth $8,415,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. FSA Wealth Management LLC bought a new stake in Carrier Global in the third quarter valued at $28,000. McClarren Financial Advisors Inc. lifted its position in shares of Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after purchasing an additional 310 shares during the period. Coastline Trust Co purchased a new stake in shares of Carrier Global in the 3rd quarter worth about $37,000. Country Trust Bank bought a new stake in shares of Carrier Global during the 3rd quarter valued at about $40,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of Carrier Global during the third quarter valued at about $44,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Shares of NYSE CARR opened at $68.36 on Wednesday. Carrier Global Co. has a twelve month low of $53.13 and a twelve month high of $83.32. The company has a 50 day moving average of $72.34 and a 200 day moving average of $72.17. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. The firm has a market cap of $61.33 billion, a P/E ratio of 17.31, a PEG ratio of 2.73 and a beta of 1.36.

Carrier Global announced that its Board of Directors has approved a share repurchase program on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Carrier Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, December 20th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.32%. This is an increase 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 presently 22.78%.

Analyst Ratings Changes

Several analysts have weighed in on CARR shares. Barclays cut their price objective on Carrier Global from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Citigroup dropped their price target on Carrier Global from $94.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday. The Goldman Sachs Group assumed coverage on Carrier Global in a report on Thursday, December 12th. They issued a “buy” rating and a $96.00 price objective for the company. JPMorgan Chase & Co. started coverage on shares of Carrier Global in a report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Finally, Robert W. Baird decreased their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.36.

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.