Cacti Asset Management LLC Reduces Position in Carrier Global Co. (NYSE:CARR)

Cacti Asset Management LLC decreased its holdings in Carrier Global Co. (NYSE:CARR) by 4.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 41,740 shares of the company’s stock after selling 1,750 shares during the period. Cacti Asset Management LLC’s holdings in Carrier Global were worth $2,848,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC grew its stake in shares of Carrier Global by 36.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 6,904 shares of the company’s stock valued at $427,000 after purchasing an additional 1,843 shares during the period. Ritholtz Wealth Management bought a new position in shares of Carrier Global in the second quarter worth about $206,000. Valmark Advisers Inc. purchased a new position in shares of Carrier Global during the 2nd quarter valued at about $242,000. Natixis Advisors LLC grew its stake in shares of Carrier Global by 13.2% during the 2nd quarter. Natixis Advisors LLC now owns 223,104 shares of the company’s stock valued at $14,073,000 after acquiring an additional 25,972 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its holdings in Carrier Global by 0.9% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 71,998 shares of the company’s stock worth $4,542,000 after acquiring an additional 610 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Up 1.1 %

Shares of CARR traded up $0.74 during trading hours on Thursday, hitting $69.00. The company had a trading volume of 1,383,077 shares, compared to its average volume of 4,242,985. Carrier Global Co. has a one year low of $53.13 and a one year high of $83.32. The company’s fifty day moving average price is $73.32 and its two-hundred day moving average price is $71.86. The company has a market capitalization of $61.91 billion, a PE ratio of 17.47, a price-to-earnings-growth ratio of 2.73 and a beta of 1.33. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69.

Carrier Global declared that its board has initiated a stock repurchase plan on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.30%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, December 20th. Carrier Global’s dividend payout ratio is presently 22.78%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CARR. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price target for the company in a research report on Wednesday, November 13th. Mizuho increased their price target on Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Stephens decreased their target price 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. Barclays lifted their price objective on shares of Carrier Global from $89.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada dropped their price objective on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

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.