CIBC Asset Management Inc Boosts Stake in Carrier Global Co. (NYSE:CARR)

CIBC Asset Management Inc grew its position in shares of Carrier Global Co. (NYSE:CARR) by 4.1% during the fourth quarter, Holdings Channel reports. The fund owned 129,154 shares of the company’s stock after purchasing an additional 5,044 shares during the period. CIBC Asset Management Inc’s holdings in Carrier Global were worth $8,816,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CARR. FMR LLC grew its stake in shares of Carrier Global by 36.2% in the 3rd quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after buying an additional 2,320,909 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Carrier Global in the 3rd quarter worth approximately $130,479,000. Mizuho Securities USA LLC grew its stake in shares of Carrier Global by 1,428.4% in the 3rd quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock worth $79,484,000 after buying an additional 922,892 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Carrier Global by 8,797.3% in the 3rd quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock worth $730,250,000 after buying an additional 897,061 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Carrier Global by 1.4% in the 3rd quarter. State Street Corp now owns 33,665,505 shares of the company’s stock worth $2,709,736,000 after buying an additional 469,108 shares during the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Stephens cut their price target on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Mizuho raised Carrier Global from a “neutral” rating to an “outperform” rating and set a $78.00 price objective on the stock in a research report on Friday, February 14th. The Goldman Sachs Group assumed coverage on Carrier Global in a research report on Thursday, December 12th. They issued a “buy” rating and a $96.00 price objective on the stock. Robert W. Baird lowered their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Royal Bank of Canada lowered their price objective on Carrier Global from $86.00 to $76.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 12th. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $82.64.

Carrier Global Price Performance

NYSE CARR opened at $66.55 on Wednesday. The business’s fifty day moving average price is $67.89 and its 200-day moving average price is $72.34. The stock has a market capitalization of $59.71 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 2.11 and a beta of 1.35. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. Carrier Global Co. has a 1-year low of $53.13 and a 1-year high of $83.32.

Carrier Global (NYSE:CARR) last announced its earnings results on Tuesday, February 11th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Carrier Global had a return on equity of 20.52% and a net margin of 14.98%. During the same period in the previous year, the company posted $0.53 EPS. On average, equities analysts predict that Carrier Global Co. will post 2.52 earnings per share for the current year.

Carrier Global declared that its Board of Directors has approved a share buyback program on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Carrier Global Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, December 20th were issued a $0.225 dividend. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend was Friday, December 20th. Carrier Global’s dividend payout ratio (DPR) is currently 22.78%.

Carrier Global Company 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.