New York State Teachers Retirement System Trims Stake in Carrier Global Co. (NYSE:CARR)

New York State Teachers Retirement System trimmed its stake in Carrier Global Co. (NYSE:CARR) by 5.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 670,172 shares of the company’s stock after selling 35,845 shares during the period. New York State Teachers Retirement System’s holdings in Carrier Global were worth $53,942,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CARR. Boston Financial Mangement LLC increased its stake in Carrier Global by 1.7% in the 3rd quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company’s stock worth $741,000 after buying an additional 150 shares in the last quarter. Marathon Capital Management increased its stake in Carrier Global by 4.1% in the 2nd quarter. Marathon Capital Management now owns 3,923 shares of the company’s stock worth $247,000 after buying an additional 156 shares in the last quarter. Arkadios Wealth Advisors increased its stake in Carrier Global by 1.3% in the 3rd quarter. Arkadios Wealth Advisors now owns 12,199 shares of the company’s stock worth $982,000 after buying an additional 159 shares in the last quarter. Savant Capital LLC increased its stake in Carrier Global by 0.5% in the 2nd quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock worth $2,044,000 after buying an additional 162 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its position in shares of Carrier Global by 2.9% during the third quarter. Foundations Investment Advisors LLC now owns 5,779 shares of the company’s stock valued at $465,000 after purchasing an additional 163 shares in the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CARR. JPMorgan Chase & Co. began coverage on Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price objective for the company. Morgan Stanley began coverage on Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective for the company. Oppenheimer raised their price objective on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company cut their price objective on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Finally, Robert W. Baird cut their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $81.33.

Carrier Global Stock Down 1.3 %

Shares of NYSE CARR opened at $73.60 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. The company has a market cap of $66.44 billion, a P/E ratio of 51.47, a PEG ratio of 2.94 and a beta of 1.32. Carrier Global Co. has a 1 year low of $47.12 and a 1 year high of $83.32. The firm has a 50-day simple moving average of $76.80 and a two-hundred day simple moving average of $68.32.

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s dividend payout ratio is presently 53.15%.

Carrier Global declared that its Board of Directors has initiated a stock buyback plan on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the sale, the vice president now owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 6.95% of the company’s stock.

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.