Short Interest in Carrier Global Co. (NYSE:CARR) Grows By 5.8%

Carrier Global Co. (NYSE:CARR) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 10,760,000 shares, a growth of 5.8% from the October 31st total of 10,170,000 shares. Based on an average daily trading volume, of 4,050,000 shares, the days-to-cover ratio is presently 2.7 days. Currently, 1.3% of the company’s stock are sold short.

Institutional Investors Weigh In On Carrier Global

A number of institutional investors and hedge funds have recently modified their holdings of CARR. PineStone Asset Management Inc. lifted its stake 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 worth $404,903,000 after purchasing an additional 3,741,206 shares in the last quarter. FMR LLC increased its holdings in shares of Carrier Global by 36.2% in the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after purchasing an additional 2,320,909 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in shares of Carrier Global in the third quarter worth $130,479,000. Point72 Asset Management L.P. bought a new stake in Carrier Global during the second quarter valued at $58,415,000. Finally, Mizuho Securities USA LLC grew its position in Carrier Global by 1,428.4% during the third quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock worth $79,484,000 after buying an additional 922,892 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

Shares of CARR traded up $0.51 during trading hours on Wednesday, hitting $76.09. The company’s stock had a trading volume of 451,183 shares, compared to its average volume of 4,197,130. The business has a 50 day simple moving average of $77.56 and a two-hundred day simple moving average of $70.90. Carrier Global has a 52-week low of $52.44 and a 52-week high of $83.32. 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 company has a market cap of $68.27 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 2.82 and a beta of 1.33.

Carrier Global announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Carrier Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 18th. Shareholders of record on Friday, October 25th were issued a dividend of $0.19 per share. The ex-dividend date was Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a yield of 1.00%. Carrier Global’s payout ratio is 19.24%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CARR. JPMorgan Chase & Co. began coverage on Carrier Global in a research note on Thursday, October 10th. They set a “neutral” rating and a $83.00 price objective on the stock. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. UBS Group raised shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Wednesday, November 13th. Royal Bank of Canada dropped their target price 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. Finally, Wells Fargo & Company decreased their price target on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating for the company in a research report on Friday, October 25th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Carrier Global currently has an average rating of “Moderate Buy” and a consensus price target of $82.31.

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.