Carrier Global Co. (NYSE:CARR) Plans $0.19 Quarterly Dividend

Carrier Global Co. (NYSE:CARR) declared a quarterly dividend on Thursday, April 18th, Wall Street Journal reports. Investors of record on Friday, May 3rd will be paid a dividend of 0.19 per share on Wednesday, May 22nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend is Thursday, May 2nd.

Carrier Global has increased its dividend by an average of 49.5% per year over the last three years and has increased its dividend every year for the last 3 years. Carrier Global has a payout ratio of 24.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Carrier Global to earn $3.07 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 24.8%.

Carrier Global Price Performance

Shares of CARR opened at $53.55 on Friday. Carrier Global has a 12-month low of $40.28 and a 12-month high of $60.87. The business’s fifty day moving average is $56.36 and its 200 day moving average is $54.74. The company has a quick ratio of 2.40, a current ratio of 2.73 and a debt-to-equity ratio of 1.58. The stock has a market cap of $48.20 billion, a P/E ratio of 33.89, a P/E/G ratio of 2.25 and a beta of 1.39.

Carrier Global (NYSE:CARR) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.02. Carrier Global had a return on equity of 27.19% and a net margin of 6.10%. The business had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same period last year, the business earned $0.40 EPS. The business’s revenue was down .1% on a year-over-year basis. Sell-side analysts anticipate that Carrier Global will post 2.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Kevin J. O’connor sold 26,551 shares of Carrier Global stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $53.77, for a total value of $1,427,647.27. Following the completion of the sale, the vice president now owns 66,083 shares of the company’s stock, valued at approximately $3,553,282.91. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Carrier Global news, CEO David L. Gitlin sold 354,539 shares of Carrier Global stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.16, for a total transaction of $19,201,832.24. Following the completion of the transaction, the chief executive officer now owns 422,808 shares of the company’s stock, valued at approximately $22,899,281.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Kevin J. O’connor sold 26,551 shares of Carrier Global stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $53.77, for a total value of $1,427,647.27. Following the transaction, the vice president now directly owns 66,083 shares of the company’s stock, valued at approximately $3,553,282.91. The disclosure for this sale can be found here. 6.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CARR. American Century Companies Inc. grew its holdings in Carrier Global by 29.2% during the 1st quarter. American Century Companies Inc. now owns 16,359 shares of the company’s stock valued at $750,000 after buying an additional 3,700 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in Carrier Global by 40.1% during the 1st quarter. Panagora Asset Management Inc. now owns 36,481 shares of the company’s stock valued at $1,673,000 after buying an additional 10,445 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in Carrier Global by 23.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,493 shares of the company’s stock valued at $343,000 after buying an additional 1,412 shares in the last quarter. Candriam Luxembourg S.C.A. grew its holdings in Carrier Global by 22.7% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 65,241 shares of the company’s stock valued at $2,992,000 after buying an additional 12,089 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its position in shares of Carrier Global by 10.6% during the 1st quarter. Baird Financial Group Inc. now owns 786,543 shares of the company’s stock valued at $36,078,000 after acquiring an additional 75,622 shares during the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CARR. Oppenheimer restated an “outperform” rating and set a $63.00 price objective on shares of Carrier Global in a research note on Thursday. Wells Fargo & Company dropped their price objective on Carrier Global from $63.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 7th. Citigroup raised their price objective on Carrier Global from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Royal Bank of Canada lowered their target price on Carrier Global from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. Finally, Barclays lifted their target price on Carrier Global from $71.00 to $78.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $61.15.

About Carrier Global

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.