Carrier Global Co. (NYSE:CARR) Sees Significant Decline in Short Interest

Carrier Global Co. (NYSE:CARR) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 10,170,000 shares, a drop of 20.7% from the October 15th total of 12,830,000 shares. Approximately 1.2% of the shares of the stock are short sold. Based on an average trading volume of 3,570,000 shares, the short-interest ratio is currently 2.8 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in shares of Carrier Global by 280.1% during the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock valued at $1,342,727,000 after purchasing an additional 17,021,768 shares during the last quarter. Capital International Investors increased its position in Carrier Global by 4.6% during the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after buying an additional 3,763,666 shares during the last quarter. PineStone Asset Management Inc. grew its position in shares of Carrier Global by 139.7% during the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after purchasing an additional 3,741,206 shares in the last quarter. FMR LLC raised its holdings in Carrier Global by 36.2% in the 3rd quarter. FMR LLC now owns 8,729,073 shares of the company’s stock valued at $702,603,000 after acquiring an additional 2,320,909 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Carrier Global during the 2nd quarter valued at $58,415,000. Institutional investors own 91.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CARR. Wells Fargo & Company lowered 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. Robert W. Baird lowered their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Mizuho lifted their price objective on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Finally, Stephens lowered their price target on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.31.

Carrier Global Stock Performance

Shares of CARR traded down $0.44 during midday trading on Friday, hitting $74.53. 4,549,950 shares of the stock traded hands, compared to its average volume of 4,173,486. 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 business’s 50 day moving average price is $77.63 and its two-hundred day moving average price is $69.69. The firm has a market capitalization of $66.87 billion, a PE ratio of 18.98, a price-to-earnings-growth ratio of 2.74 and a beta of 1.34. Carrier Global has a 1-year low of $51.20 and a 1-year high of $83.32.

Carrier Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.02%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio is 19.24%.

Carrier Global declared that its board has authorized a stock repurchase program on Thursday, October 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board 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.