Geode Capital Management LLC Decreases Position in Carrier Global Corporation $CARR

Geode Capital Management LLC trimmed its holdings in shares of Carrier Global Corporation (NYSE:CARR) by 1.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,176,586 shares of the company’s stock after selling 168,545 shares during the quarter. Geode Capital Management LLC owned 2.02% of Carrier Global worth $1,250,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Costello Asset Management INC grew its stake in shares of Carrier Global by 4.2% during the second quarter. Costello Asset Management INC now owns 3,153 shares of the company’s stock worth $231,000 after acquiring an additional 127 shares during the last quarter. Rehmann Capital Advisory Group grew its position in Carrier Global by 1.3% during the 2nd quarter. Rehmann Capital Advisory Group now owns 12,083 shares of the company’s stock worth $884,000 after purchasing an additional 150 shares during the last quarter. Penobscot Investment Management Company Inc. grew its position in Carrier Global by 0.7% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 20,833 shares of the company’s stock worth $1,525,000 after purchasing an additional 155 shares during the last quarter. Lindbrook Capital LLC raised its holdings in shares of Carrier Global by 1.3% in the first quarter. Lindbrook Capital LLC now owns 12,294 shares of the company’s stock worth $779,000 after buying an additional 156 shares during the last quarter. Finally, Abacus Wealth Partners LLC lifted its stake in shares of Carrier Global by 4.3% during the second quarter. Abacus Wealth Partners LLC now owns 3,982 shares of the company’s stock worth $291,000 after buying an additional 165 shares during the period. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on CARR shares. Barclays dropped their price target on Carrier Global from $82.00 to $74.00 and set an “overweight” rating on the stock in a research note on Thursday, September 11th. Robert W. Baird set a $72.00 target price on Carrier Global in a research report on Wednesday, October 29th. Oppenheimer reissued a “market perform” rating on shares of Carrier Global in a research report on Wednesday, October 29th. Rothschild & Co Redburn lifted their price objective on shares of Carrier Global from $66.00 to $67.00 in a research note on Thursday, October 30th. Finally, The Goldman Sachs Group cut their price objective on shares of Carrier Global from $76.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Ten 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. Based on data from MarketBeat, Carrier Global currently has a consensus rating of “Hold” and a consensus target price of $72.94.

Carrier Global Trading Down 1.9%

CARR stock opened at $55.89 on Thursday. Carrier Global Corporation has a 52-week low of $54.22 and a 52-week high of $81.09. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76. The firm has a market cap of $47.07 billion, a P/E ratio of 12.50, a PEG ratio of 2.38 and a beta of 1.30. The company’s 50-day simple moving average is $59.24 and its 200-day simple moving average is $66.85.

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

Carrier Global declared that its board has initiated a stock buyback plan on Tuesday, October 28th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 10.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Carrier Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 18th. Stockholders of record on Wednesday, October 29th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Wednesday, October 29th. Carrier Global’s dividend payout ratio is presently 20.13%.

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.