Carrier Global Corporation $CARR Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in Carrier Global Corporation (NYSE:CARR) by 13.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 2,194,482 shares of the company’s stock after selling 354,096 shares during the period. Principal Financial Group Inc.’s holdings in Carrier Global were worth $131,011,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Carrier Global by 23.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 38,536,301 shares of the company’s stock valued at $2,820,485,000 after purchasing an additional 7,409,432 shares during the last quarter. Norges Bank acquired a new stake in shares of Carrier Global during the second quarter worth $524,939,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Carrier Global by 1,742.8% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,623,000 shares of the company’s stock valued at $265,167,000 after buying an additional 3,426,395 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in Carrier Global by 63.6% in the 2nd quarter. Artisan Partners Limited Partnership now owns 4,952,738 shares of the company’s stock worth $362,491,000 after acquiring an additional 1,924,804 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Carrier Global by 29.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,740,099 shares of the company’s stock worth $402,384,000 after acquiring an additional 1,525,266 shares during the period. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Barclays cut their price objective on Carrier Global from $74.00 to $72.00 and set an “overweight” rating on the stock in a report on Wednesday, December 10th. The Goldman Sachs Group cut their price target on shares of Carrier Global from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, December 16th. UBS Group decreased their price objective on shares of Carrier Global from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, January 5th. Deutsche Bank Aktiengesellschaft cut their price objective 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, October 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of Carrier Global from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Friday, January 16th. Ten equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.06.

Carrier Global Stock Up 1.4%

CARR opened at $60.43 on Tuesday. The company has a fifty day moving average of $54.74 and a two-hundred day moving average of $59.58. The stock has a market capitalization of $50.89 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 2.40 and a beta of 1.32. Carrier Global Corporation has a fifty-two week low of $50.24 and a fifty-two week high of $81.09. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 1.14.

Carrier Global declared that its board has authorized a share buyback program on Tuesday, October 28th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 9th. Shareholders of record on Tuesday, January 20th will be given a dividend of $0.24 per share. This is an increase from Carrier Global’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Tuesday, January 20th. Carrier Global’s dividend payout ratio (DPR) is currently 21.48%.

About Carrier Global

Carrier Global Corporation is a leading global provider of heating, ventilation and air conditioning (HVAC), refrigeration, fire and security, and building automation solutions. The company designs, manufactures and sells a broad portfolio of products that includes air conditioners, furnaces, heat pumps, chillers, rooftop units, commercial refrigeration systems, fire and smoke detection and suppression systems, security sensors and access controls, and a range of building controls and analytics software.