JPMorgan Chase & Co. Has $1.34 Billion Stock Holdings in Carrier Global Co. (NYSE:CARR)

JPMorgan Chase & Co. increased its stake in shares of Carrier Global Co. (NYSE:CARR) by 280.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 23,098,687 shares of the company’s stock after buying an additional 17,021,768 shares during the period. JPMorgan Chase & Co.’s holdings in Carrier Global were worth $1,342,727,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Carrier Global during the fourth quarter valued at approximately $444,487,000. Capital Research Global Investors lifted its holdings in shares of Carrier Global by 3.3% during the 4th quarter. Capital Research Global Investors now owns 92,829,907 shares of the company’s stock valued at $5,333,084,000 after purchasing an additional 2,961,923 shares in the last quarter. Bristol Gate Capital Partners Inc. bought a new position in Carrier Global in the fourth quarter valued at approximately $92,651,000. Impax Asset Management Group plc lifted its position in Carrier Global by 47.8% in the 4th quarter. Impax Asset Management Group plc now owns 3,306,877 shares of the company’s stock valued at $189,980,000 after acquiring an additional 1,070,036 shares in the last quarter. Finally, PineStone Asset Management Inc. boosted its stake in Carrier Global by 21.6% in the 4th quarter. PineStone Asset Management Inc. now owns 4,752,550 shares of the company’s stock worth $273,034,000 after purchasing an additional 845,622 shares during the period. Institutional investors own 91.00% of the company’s stock.

Wall Street Analysts Forecast Growth

CARR has been the topic of a number of recent research reports. Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and lifted their target price for the company from $65.00 to $74.00 in a research report on Monday, June 24th. Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 15th. Oppenheimer raised their price target on Carrier Global from $64.00 to $71.00 and gave the company an “outperform” rating in a research note on Thursday, June 27th. TD Cowen upped their price objective on Carrier Global from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, April 29th. Finally, Robert W. Baird raised Carrier Global from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $64.00 to $75.00 in a report on Monday, July 15th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Carrier Global currently has an average rating of “Hold” and an average price target of $64.93.

Carrier Global Stock Performance

CARR stock traded down $0.81 during midday trading on Friday, hitting $66.24. The company’s stock had a trading volume of 2,822,408 shares, compared to its average volume of 4,008,864. Carrier Global Co. has a 1 year low of $45.68 and a 1 year high of $70.09. The stock has a market cap of $59.68 billion, a price-to-earnings ratio of 46.32, a PEG ratio of 2.58 and a beta of 1.32. The stock’s 50-day moving average price is $64.35 and its 200 day moving average price is $59.53. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.31.

Carrier Global (NYSE:CARR) last announced its quarterly earnings data on Thursday, April 25th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.50 by $0.12. The business had revenue of $6.18 billion for the quarter, compared to analyst estimates of $6.27 billion. Carrier Global had a net margin of 5.41% and a return on equity of 26.01%. On average, equities analysts forecast that Carrier Global Co. will post 2.85 EPS for the current year.

Carrier Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 21st will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, June 21st. This represents a $0.76 annualized dividend and a dividend yield of 1.15%. Carrier Global’s payout ratio is presently 53.15%.

Insider Transactions at Carrier Global

In related news, CAO Kyle Crockett sold 4,611 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $66.39, for a total value of $306,124.29. Following the sale, the chief accounting officer now directly owns 2,042 shares in the company, valued at approximately $135,568.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Kyle Crockett sold 4,611 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total transaction of $306,124.29. Following the completion of the transaction, the chief accounting officer now owns 2,042 shares of the company’s stock, valued at $135,568.38. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Nadia Villeneuve sold 98,428 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $65.40, for a total transaction of $6,437,191.20. Following the completion of the sale, the vice president now owns 85,028 shares in the company, valued at $5,560,831.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 262,954 shares of company stock worth $16,650,050. 6.95% of the stock is owned by company insiders.

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.