Lifeworks Advisors LLC Decreases Position in Carrier Global Co. (NYSE:CARR)

Lifeworks Advisors LLC cut its stake in Carrier Global Co. (NYSE:CARR) by 33.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,846 shares of the company’s stock after selling 13,321 shares during the quarter. Lifeworks Advisors LLC’s holdings in Carrier Global were worth $2,161,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Carrier Global by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock valued at $5,481,077,000 after purchasing an additional 466,829 shares during the last quarter. Capital International Investors boosted its position in Carrier Global by 4.6% in the 1st quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock valued at $4,931,001,000 after buying an additional 3,763,666 shares during the period. JPMorgan Chase & Co. boosted its position in Carrier Global by 280.1% in the 1st quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock valued at $1,342,727,000 after buying an additional 17,021,768 shares during the period. PineStone Asset Management Inc. boosted its position in Carrier Global by 139.7% in the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock valued at $404,903,000 after buying an additional 3,741,206 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Carrier Global by 1.7% during the 2nd quarter. Victory Capital Management Inc. now owns 4,438,959 shares of the company’s stock worth $280,010,000 after purchasing an additional 72,633 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Shares of NYSE CARR traded down $0.27 on Thursday, hitting $76.13. The company’s stock had a trading volume of 921,293 shares, compared to its average volume of 4,153,432. Carrier Global Co. has a 12-month low of $51.20 and a 12-month high of $83.32. The company has a market capitalization of $68.31 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 2.71 and a beta of 1.34. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The stock has a 50 day moving average of $77.51 and a 200-day moving average of $69.66.

Carrier Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is presently 19.24%.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Royal Bank of Canada cut their price target on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Bank of America lifted their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Barclays cut their price target on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, Robert W. Baird cut 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 note on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Carrier Global has a consensus rating of “Moderate Buy” and a consensus price target of $82.31.

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.