Louisiana State Employees Retirement System Lowers Stake in Carrier Global Co. (NYSE:CARR)

Louisiana State Employees Retirement System reduced its holdings in shares of Carrier Global Co. (NYSE:CARR) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,900 shares of the company’s stock after selling 2,400 shares during the period. Louisiana State Employees Retirement System’s holdings in Carrier Global were worth $3,065,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CARR. Exchange Traded Concepts LLC raised its holdings in Carrier Global by 69.6% in the third quarter. Exchange Traded Concepts LLC now owns 1,187 shares of the company’s stock worth $96,000 after buying an additional 487 shares during the last quarter. Koshinski Asset Management Inc. purchased a new position in Carrier Global in the third quarter worth about $201,000. Creative Planning raised its holdings in Carrier Global by 2.6% in the third quarter. Creative Planning now owns 465,226 shares of the company’s stock worth $37,446,000 after buying an additional 11,655 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in Carrier Global in the third quarter worth about $263,000. Finally, Financial Advisors LLC purchased a new position in Carrier Global in the third quarter worth about $218,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

Shares of NYSE CARR opened at $63.70 on Friday. The firm has a 50 day moving average of $68.55 and a 200 day moving average of $72.34. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $57.15 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. Carrier Global Co. has a 12-month low of $53.13 and a 12-month high of $83.32.

Carrier Global (NYSE:CARR) last announced its earnings results on Tuesday, February 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Carrier Global had a net margin of 14.98% and a return on equity of 20.52%. During the same quarter last year, the business earned $0.53 earnings per share. On average, research analysts anticipate that Carrier Global Co. will post 2.52 earnings per share for the current year.

Carrier Global declared that its Board of Directors has authorized a stock repurchase plan on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Carrier Global Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, December 20th were given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.41%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date was Friday, December 20th. Carrier Global’s payout ratio is 22.78%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CARR. Robert W. Baird decreased their target price on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a report on Friday, October 25th. The Goldman Sachs Group began coverage on shares of Carrier Global in a report on Thursday, December 12th. They issued a “buy” rating and a $96.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of Carrier Global from $83.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Barclays reduced their price target on shares of Carrier Global from $90.00 to $87.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Citigroup reduced their price target on shares of Carrier Global from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Eight research 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.64.

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.