Bessemer Group Inc. Raises Position in Carrier Global Corporation $CARR

Bessemer Group Inc. increased its holdings in Carrier Global Corporation (NYSE:CARR) by 10.4% in the second quarter, Holdings Channel.com reports. The firm owned 31,767 shares of the company’s stock after purchasing an additional 2,999 shares during the period. Bessemer Group Inc.’s holdings in Carrier Global were worth $2,325,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CARR. Nuveen LLC purchased a new stake in Carrier Global in the 1st quarter valued at about $649,512,000. JPMorgan Chase & Co. lifted its holdings in shares of Carrier Global by 17.6% during the 1st quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company’s stock worth $1,973,444,000 after acquiring an additional 4,668,929 shares during the period. Brown Advisory Inc. boosted its position in shares of Carrier Global by 82.6% in the first quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company’s stock worth $613,330,000 after acquiring an additional 4,377,402 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Carrier Global by 61.9% in the first quarter. Alliancebernstein L.P. now owns 4,318,806 shares of the company’s stock valued at $273,812,000 after purchasing an additional 1,651,873 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Carrier Global by 23.5% in the first quarter. Victory Capital Management Inc. now owns 4,512,774 shares of the company’s stock valued at $286,110,000 after purchasing an additional 857,694 shares during the period. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

Shares of NYSE:CARR opened at $58.78 on Friday. The business’s 50-day simple moving average is $60.72 and its 200 day simple moving average is $66.95. The company has a market cap of $50.02 billion, a P/E ratio of 13.15, a PEG ratio of 2.05 and a beta of 1.25. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 1.14. Carrier Global Corporation has a one year low of $54.22 and a one year high of $81.09.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. Carrier Global had a return on equity of 16.65% and a net margin of 18.05%.The firm had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.65 billion. During the same quarter in the prior year, the business earned $0.83 EPS. Carrier Global’s quarterly revenue was down 6.8% compared to the same quarter last year. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. On average, sell-side analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current fiscal year.

Carrier Global declared that its Board of Directors has approved a share repurchase program on Tuesday, October 28th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 10.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Carrier Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 18th. Investors of record on Wednesday, October 29th will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 29th. Carrier Global’s dividend payout ratio (DPR) is presently 19.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CARR shares. Deutsche Bank Aktiengesellschaft cut their price target on shares of Carrier Global from $70.00 to $64.00 and set a “hold” rating on the stock in a research note on Wednesday. Oppenheimer reaffirmed a “market perform” rating on shares of Carrier Global in a research report on Wednesday. Rothschild & Co Redburn lowered their price target on Carrier Global from $76.00 to $66.00 and set a “neutral” rating for the company in a research report on Wednesday, October 1st. Barclays dropped their price target on Carrier Global from $82.00 to $74.00 and set an “overweight” rating for the company in a research note on Thursday, September 11th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Carrier Global in a research note on Thursday, September 11th. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $74.18.

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.