Price T Rowe Associates Inc. MD Trims Stock Position in Carrier Global Co. (NYSE:CARR)

Price T Rowe Associates Inc. MD cut its stake in Carrier Global Co. (NYSE:CARR) by 72.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,033,941 shares of the company’s stock after selling 10,787,341 shares during the period. Price T Rowe Associates Inc. MD owned about 0.45% of Carrier Global worth $234,494,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Carrier Global by 0.5% in the first quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock valued at $5,481,077,000 after acquiring an additional 466,829 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Carrier Global by 3.3% in the fourth quarter. Capital Research Global Investors now owns 92,829,907 shares of the company’s stock valued at $5,333,084,000 after buying an additional 2,961,923 shares during the last quarter. Capital International Investors raised its holdings in shares of Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock valued at $4,931,001,000 after buying an additional 3,763,666 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Carrier Global by 280.1% in the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock valued at $1,342,727,000 after buying an additional 17,021,768 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Carrier Global by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 13,307,231 shares of the company’s stock valued at $764,500,000 after buying an additional 310,453 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Jurgen Timperman sold 159,915 shares of the firm’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Kyle Crockett sold 4,611 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $135,568.38. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jurgen Timperman sold 159,915 shares of the firm’s stock in a transaction that occurred 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 worth $16,650,050. 6.95% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CARR shares. TD Cowen upped their target price on shares of Carrier Global from $66.00 to $70.00 and gave the company a “buy” rating in a report on Monday, April 29th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $72.00 target price on shares of Carrier Global in a report on Friday. Oppenheimer reduced their target price on shares of Carrier Global from $71.00 to $70.00 and set an “outperform” rating for the company in a report on Friday. Baird R W upgraded shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Finally, Barclays boosted their price target 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. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $65.64.

Carrier Global Price Performance

CARR traded up $1.94 on Friday, hitting $66.77. 4,351,536 shares of the company were exchanged, compared to its average volume of 4,160,366. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.99 and a current ratio of 1.08. The business’s fifty day moving average is $64.53 and its 200 day moving average is $59.92. Carrier Global Co. has a fifty-two week low of $45.68 and a fifty-two week high of $70.09. The firm has a market capitalization of $60.16 billion, a P/E ratio of 46.69, a price-to-earnings-growth ratio of 2.60 and a beta of 1.32.

Carrier Global (NYSE:CARR) last issued its earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, topping 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 company had revenue of $6.70 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same period in the prior year, the business posted $0.79 earnings per share. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carrier Global Co. will post 2.85 EPS for the current year.

Carrier Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 21st will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, June 21st. This represents a $0.76 annualized dividend and a yield of 1.14%. Carrier Global’s payout ratio is currently 53.15%.

Carrier Global 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.