Jacobs Levy Equity Management Inc. Acquires New Shares in Carrier Global Co. (NYSE:CARR)

Jacobs Levy Equity Management Inc. bought a new position in Carrier Global Co. (NYSE:CARR) in the third quarter, HoldingsChannel reports. The fund bought 43,442 shares of the company’s stock, valued at approximately $3,497,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Manning & Napier Advisors LLC acquired a new position in shares of Carrier Global in the second quarter valued at approximately $442,000. OLD National Bancorp IN raised its stake in shares of Carrier Global by 15.2% during the second quarter. OLD National Bancorp IN now owns 7,793 shares of the company’s stock valued at $492,000 after acquiring an additional 1,029 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Carrier Global by 6.0% during the second quarter. QRG Capital Management Inc. now owns 61,760 shares of the company’s stock worth $3,896,000 after purchasing an additional 3,469 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Carrier Global in the second quarter worth $92,000. Finally, SG Americas Securities LLC increased its holdings in Carrier Global by 774.8% in the second quarter. SG Americas Securities LLC now owns 161,778 shares of the company’s stock valued at $10,205,000 after purchasing an additional 185,751 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Stock Performance

Shares of CARR opened at $73.62 on Friday. Carrier Global Co. has a one year low of $52.54 and a one year high of $83.32. The company has a market cap of $66.05 billion, a PE ratio of 18.65, a P/E/G ratio of 2.80 and a beta of 1.33. The stock has a 50-day moving average of $77.35 and a 200-day moving average of $70.95. 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 announced that its board has initiated a stock repurchase plan on Thursday, October 24th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Carrier Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.225 per share. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 annualized dividend and a dividend yield of 1.22%. Carrier Global’s payout ratio is currently 19.24%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CARR. Barclays upped their price target on Carrier Global from $89.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday. Morgan Stanley started coverage on shares of Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 target price for the company. Robert W. Baird dropped their price target 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. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Wednesday, November 13th. Finally, Northcoast Research initiated coverage on shares of Carrier Global in a report on Friday, November 22nd. They issued a “neutral” rating on the stock. Eight 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.54.

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.