Navellier & Associates Inc. Takes $250,000 Position in Carrier Global Co. (NYSE:CARR)

Navellier & Associates Inc. acquired a new position in Carrier Global Co. (NYSE:CARR) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,110 shares of the company’s stock, valued at approximately $250,000.

Several other large investors also recently added to or reduced their stakes in the business. PineStone Asset Management Inc. raised its stake in shares of Carrier Global by 139.7% in the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after buying an additional 3,741,206 shares during the period. Point72 Asset Management L.P. purchased a new stake in Carrier Global in the 2nd quarter worth approximately $58,415,000. Mizuho Securities USA LLC raised its stake in Carrier Global by 1,428.4% during the 3rd quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock worth $79,484,000 after acquiring an additional 922,892 shares during the period. International Assets Investment Management LLC lifted its holdings in Carrier Global by 8,797.3% during the third quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock valued at $730,250,000 after purchasing an additional 897,061 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of Carrier Global in the first quarter worth approximately $24,600,000. 91.00% of the stock is currently owned by institutional investors.

Carrier Global Price Performance

Carrier Global stock opened at $77.00 on Friday. Carrier Global Co. has a 52-week low of $51.20 and a 52-week high of $83.32. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. The firm’s fifty day moving average is $77.88 and its 200 day moving average is $70.23. The company has a market cap of $69.09 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 2.67 and a beta of 1.34.

Carrier Global announced that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Carrier Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, October 25th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.99%. The ex-dividend date was Friday, October 25th. Carrier Global’s dividend payout ratio is 19.24%.

Analysts Set New Price Targets

Several brokerages have recently commented on CARR. Robert W. Baird decreased their price objective on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Barclays decreased their price target on Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. started coverage on Carrier Global in a research note on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price objective for the company. Bank of America lifted their target price on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada dropped their price target on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.31.

Carrier Global 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.