Gabelli Funds LLC Grows Stock Holdings in Carrier Global Co. (NYSE:CARR)

Gabelli Funds LLC raised its stake in Carrier Global Co. (NYSE:CARR) by 72.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 432,652 shares of the company’s stock after buying an additional 182,232 shares during the period. Gabelli Funds LLC’s holdings in Carrier Global were worth $25,150,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Manchester Capital Management LLC boosted its position in Carrier Global by 4.3% in the 1st quarter. Manchester Capital Management LLC now owns 4,385 shares of the company’s stock valued at $255,000 after buying an additional 180 shares during the period. Sunbelt Securities Inc. raised its holdings in shares of Carrier Global by 2.3% in the 1st quarter. Sunbelt Securities Inc. now owns 8,033 shares of the company’s stock valued at $467,000 after purchasing an additional 182 shares in the last quarter. Graypoint LLC raised its holdings in shares of Carrier Global by 1.9% in the 4th quarter. Graypoint LLC now owns 9,752 shares of the company’s stock valued at $560,000 after purchasing an additional 184 shares in the last quarter. Sovereign Financial Group Inc. raised its holdings in shares of Carrier Global by 4.7% in the 4th quarter. Sovereign Financial Group Inc. now owns 4,224 shares of the company’s stock valued at $243,000 after purchasing an additional 188 shares in the last quarter. Finally, Checchi Capital Advisers LLC raised its holdings in shares of Carrier Global by 2.3% in the 1st quarter. Checchi Capital Advisers LLC now owns 8,900 shares of the company’s stock valued at $517,000 after purchasing an additional 197 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on CARR shares. Royal Bank of Canada reiterated an “outperform” rating and set a $72.00 price objective on shares of Carrier Global in a research note on Friday. TD Cowen boosted their price objective on shares of Carrier Global from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, April 29th. Wells Fargo & Company boosted their price objective on shares of Carrier Global from $59.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Barclays boosted their price objective on shares of Carrier Global from $79.00 to $81.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, Citigroup upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $65.00 to $74.00 in a research note on Monday, June 24th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $65.64.

Carrier Global Stock Performance

Shares of CARR stock traded up $1.94 during trading hours on Friday, hitting $66.77. The company’s stock had a trading volume of 4,351,536 shares, compared to its average volume of 4,160,366. The company has a 50 day moving average of $64.53 and a 200 day moving average of $59.89. The stock has a market cap of $60.16 billion, a PE ratio of 46.69, a price-to-earnings-growth ratio of 2.52 and a beta of 1.32. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.80. Carrier Global Co. has a 12-month low of $45.68 and a 12-month high of $70.09.

Carrier Global (NYSE:CARR) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The business had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $7.05 billion. During the same period in the prior year, the firm earned $0.79 EPS. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. On average, sell-side analysts forecast that Carrier Global Co. will post 2.85 EPS for the current fiscal year.

Carrier Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Friday, June 21st will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend is Friday, June 21st. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Insider Buying and Selling

In related news, insider Jurgen Timperman sold 159,915 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $61.95, for a total transaction of $9,906,734.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Carrier Global news, CAO Kyle Crockett sold 4,611 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total transaction of $306,124.29. Following the completion of the transaction, the chief accounting officer now directly owns 2,042 shares in the company, valued at $135,568.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jurgen Timperman sold 159,915 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $61.95, for a total transaction of $9,906,734.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 262,954 shares of company stock valued at $16,650,050. Corporate 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.