Carrier Global Co. (NYSE:CARR) Short Interest Update

Carrier Global Co. (NYSE:CARR) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 12,830,000 shares, an increase of 15.4% from the September 30th total of 11,120,000 shares. Approximately 1.5% of the company’s shares are sold short. Based on an average trading volume of 3,490,000 shares, the short-interest ratio is presently 3.7 days.

Carrier Global Stock Performance

Shares of Carrier Global stock opened at $73.60 on Thursday. The firm has a market capitalization of $66.44 billion, a P/E ratio of 51.47, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The business’s fifty day simple moving average is $76.80 and its 200 day simple moving average is $68.32. Carrier Global has a 12 month low of $47.12 and a 12 month high of $83.32.

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is currently 53.15%.

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

Analyst Upgrades and Downgrades

CARR has been the topic of a number of research analyst reports. Royal Bank of Canada cut their price objective on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Oppenheimer increased their target price on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Barclays decreased their price target on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Baird R W raised shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Finally, Morgan Stanley initiated 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. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.33.

Insiders Place Their Bets

In related news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the completion of the sale, the vice president now owns 103,066 shares of the company’s stock, valued at $6,652,910.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.95% of the company’s stock.

Institutional Trading of Carrier Global

Several hedge funds have recently added to or reduced their stakes in CARR. Brookstone Capital Management increased its position in Carrier Global by 14.4% in the first quarter. Brookstone Capital Management now owns 5,683 shares of the company’s stock worth $330,000 after buying an additional 715 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its position in shares of Carrier Global by 18.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 6,847 shares of the company’s stock valued at $398,000 after acquiring an additional 1,088 shares during the period. Cullinan Associates Inc. grew its stake in Carrier Global by 126.1% during the first quarter. Cullinan Associates Inc. now owns 9,498 shares of the company’s stock valued at $552,000 after acquiring an additional 5,298 shares in the last quarter. Farmers & Merchants Investments Inc. increased its holdings in Carrier Global by 1.4% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 74,762 shares of the company’s stock worth $4,346,000 after acquiring an additional 997 shares during the period. Finally, Azzad Asset Management Inc. ADV purchased a new stake in Carrier Global in the 1st quarter worth approximately $1,665,000. Institutional investors own 91.00% of the company’s stock.

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.