Carrier Global Co. (NYSE:CARR) Short Interest Up 15.4% in October

Carrier Global Co. (NYSE:CARR) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 12,830,000 shares, a growth of 15.4% from the September 30th total of 11,120,000 shares. Based on an average trading volume of 3,490,000 shares, the days-to-cover ratio is presently 3.7 days. Approximately 1.5% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.95% of the company’s stock.

Institutional Investors Weigh In On Carrier Global

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its position in shares of Carrier Global by 280.1% in the 1st 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 in the last quarter. Capital International Investors boosted its holdings in Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after acquiring an additional 3,763,666 shares in the last quarter. PineStone Asset Management Inc. grew its stake in shares of Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after acquiring an additional 3,741,206 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Carrier Global in the 2nd quarter worth about $58,415,000. Finally, International Assets Investment Management LLC boosted its stake in Carrier Global by 8,797.3% in the 3rd quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock worth $730,250,000 after purchasing an additional 897,061 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

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 quick ratio of 0.80 and a current ratio of 1.08. Carrier Global has a 52-week low of $47.12 and a 52-week high of $83.32. The firm has a market capitalization of $66.44 billion, a P/E ratio of 51.47, a P/E/G ratio of 2.94 and a beta of 1.32. The stock has a 50 day moving average price of $76.80 and a 200-day moving average price of $68.32.

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

Carrier Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis 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%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Oppenheimer raised their price target on Carrier Global from $74.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Stephens lowered their price objective on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday. Baird R W raised shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Barclays lowered their price target on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Finally, Robert W. Baird reduced their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $81.33.

Carrier Global Company Profile

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.