Kovack Advisors Inc. Makes New Investment in Carrier Global Co. (NYSE:CARR)

Kovack Advisors Inc. bought a new stake in shares of Carrier Global Co. (NYSE:CARR) during the third quarter, HoldingsChannel reports. The firm bought 2,852 shares of the company’s stock, valued at approximately $230,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sei Investments Co. grew its stake in shares of Carrier Global by 0.6% in the 1st quarter. Sei Investments Co. now owns 238,181 shares of the company’s stock worth $13,846,000 after buying an additional 1,519 shares during the last quarter. Kingsview Wealth Management LLC raised its stake in shares of Carrier Global by 8.0% in the first quarter. Kingsview Wealth Management LLC now owns 13,866 shares of the company’s stock worth $806,000 after purchasing an additional 1,023 shares during the last quarter. Blair William & Co. IL increased its holdings in Carrier Global by 36.1% in the 1st quarter. Blair William & Co. IL now owns 149,758 shares of the company’s stock worth $8,705,000 after buying an additional 39,739 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in shares of Carrier Global by 7.3% during the first quarter. Orion Portfolio Solutions LLC now owns 41,008 shares of the company’s stock valued at $2,384,000 after purchasing an additional 2,792 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Carrier Global by 280.1% in the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after purchasing an additional 17,021,768 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CARR. Royal Bank of Canada lowered their price objective on Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. JPMorgan Chase & Co. started coverage on Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price target on the stock. Mizuho raised their target price on shares of Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Bank of America lifted their price target on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, UBS Group raised shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Wednesday. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.31.

Carrier Global Price Performance

Shares of CARR stock opened at $74.53 on Friday. The company has a market cap of $66.87 billion, a P/E ratio of 18.87, a PEG ratio of 2.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The stock’s 50-day moving average is $77.63 and its 200 day moving average is $69.69. Carrier Global Co. has a 1-year low of $51.20 and a 1-year high of $83.32.

Carrier Global declared that its board has authorized a share repurchase plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 4.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Carrier Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be given a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a yield of 1.02%. Carrier Global’s dividend payout ratio is currently 19.24%.

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.