Lake Street Advisors Group LLC Lowers Position in Carrier Global Co. (NYSE:CARR)

Lake Street Advisors Group LLC cut its stake in Carrier Global Co. (NYSE:CARR) by 6.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,959 shares of the company’s stock after selling 1,349 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Carrier Global were worth $1,606,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CARR. Marathon Capital Management increased its position in shares of Carrier Global by 4.1% during the second quarter. Marathon Capital Management now owns 3,923 shares of the company’s stock valued at $247,000 after acquiring an additional 156 shares during the last quarter. Savant Capital LLC increased its position in shares of Carrier Global by 0.5% during the second quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock valued at $2,044,000 after acquiring an additional 162 shares during the last quarter. Foundations Investment Advisors LLC increased its position in shares of Carrier Global by 2.9% during the third quarter. Foundations Investment Advisors LLC now owns 5,779 shares of the company’s stock valued at $465,000 after acquiring an additional 163 shares during the last quarter. Busey Bank increased its position in shares of Carrier Global by 1.5% during the third quarter. Busey Bank now owns 11,138 shares of the company’s stock valued at $896,000 after acquiring an additional 165 shares during the last quarter. Finally, Founders Capital Management LLC increased its position in shares of Carrier Global by 3.4% during the second quarter. Founders Capital Management LLC now owns 5,250 shares of the company’s stock valued at $331,000 after acquiring an additional 175 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

NYSE CARR traded up $0.57 during trading hours on Friday, reaching $73.28. 1,242,815 shares of the stock traded hands, compared to its average volume of 4,134,546. The stock has a 50 day simple moving average of $76.33 and a two-hundred day simple moving average of $67.76. Carrier Global Co. has a 1 year low of $45.68 and a 1 year high of $83.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80. The company has a market cap of $66.03 billion, a price-to-earnings ratio of 51.12, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.77 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.04). The company had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $6.61 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. On average, analysts predict that Carrier Global Co. will post 2.85 EPS for the current fiscal year.

Carrier Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 annualized dividend and a dividend yield of 1.04%. Carrier Global’s dividend payout ratio is currently 53.15%.

Carrier Global announced that its board has initiated a stock buyback program on Thursday, October 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 4.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CARR. Wolfe Research raised Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Royal Bank of Canada increased their price objective on Carrier Global from $72.00 to $79.00 and gave the company an “outperform” rating in a report on Thursday, September 5th. Wells Fargo & Company reduced their price objective on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a report on Friday. Stephens lowered Carrier Global from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $75.00 to $85.00 in a report on Wednesday, October 16th. Finally, Robert W. Baird dropped their price objective on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.17.

Insider Transactions at Carrier Global

In other news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the transaction, the vice president now owns 103,066 shares in the company, valued at approximately $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.95% of the company’s stock.

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.