Sumitomo Mitsui Trust Group Inc. Acquires 16,993 Shares of Carrier Global Co. (NYSE:CARR)

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Carrier Global Co. (NYSE:CARR) by 0.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,879,036 shares of the company’s stock after acquiring an additional 16,993 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Carrier Global worth $128,263,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CARR. FSA Wealth Management LLC acquired a new stake in shares of Carrier Global in the third quarter valued at approximately $28,000. McClarren Financial Advisors Inc. boosted its position in Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after buying an additional 310 shares during the last quarter. Coastline Trust Co acquired a new stake in shares of Carrier Global in the 3rd quarter valued at $37,000. Capital Performance Advisors LLP bought a new stake in shares of Carrier Global during the third quarter worth $44,000. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Carrier Global during the third quarter valued at $50,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CARR shares. Northcoast Research assumed coverage on Carrier Global in a research report on Friday, November 22nd. They issued a “neutral” rating for the company. Wells Fargo & Company dropped their price target on shares of Carrier Global from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Mizuho increased their price objective on shares of Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Barclays lowered their target price on shares of Carrier Global from $92.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. cut their price target on Carrier Global from $83.00 to $77.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Carrier Global presently has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Carrier Global Trading Down 1.6 %

NYSE CARR opened at $64.17 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The stock’s 50-day moving average is $69.45 and its 200-day moving average is $72.35. Carrier Global Co. has a one year low of $53.13 and a one year high of $83.32. The firm has a market cap of $57.58 billion, a P/E ratio of 16.25, a P/E/G ratio of 2.12 and a beta of 1.35.

Carrier Global Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Friday, December 20th were paid a $0.225 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.90 dividend on an annualized basis and a yield of 1.40%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s payout ratio is presently 22.78%.

Carrier Global announced that its Board of Directors has approved a share repurchase program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is 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.