Professional Advisory Services Inc. Acquires 11,585 Shares of Carrier Global Co. (NYSE:CARR)

Professional Advisory Services Inc. grew its stake in shares of Carrier Global Co. (NYSE:CARR) by 4.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 295,627 shares of the company’s stock after buying an additional 11,585 shares during the period. Carrier Global accounts for about 2.8% of Professional Advisory Services Inc.’s investment portfolio, making the stock its 19th largest position. Professional Advisory Services Inc.’s holdings in Carrier Global were worth $20,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. FSA Wealth Management LLC purchased a new position in Carrier Global during the 3rd quarter valued at approximately $28,000. McClarren Financial Advisors Inc. raised its holdings in shares of Carrier Global by 246.0% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after acquiring an additional 310 shares in the last quarter. Coastline Trust Co bought a new position in shares of Carrier Global during the 3rd quarter valued at approximately $37,000. Country Trust Bank purchased a new position in shares of Carrier Global in the third quarter valued at $40,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of Carrier Global in the third quarter valued at $44,000. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Price Performance

Shares of CARR opened at $69.74 on Friday. The firm has a fifty day moving average price of $72.10 and a 200-day moving average price of $72.13. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $62.57 billion, a P/E ratio of 17.66, a P/E/G ratio of 2.03 and a beta of 1.36. Carrier Global Co. has a 12-month low of $53.13 and a 12-month high of $83.32.

Carrier Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Friday, December 20th will be given a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.29%. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, December 20th. Carrier Global’s payout ratio is 22.78%.

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

Wall Street Analyst Weigh In

CARR has been the subject of several research reports. Northcoast Research started coverage on shares of Carrier Global in a research report on Friday, November 22nd. They set a “neutral” rating for the company. Mizuho increased their price target on shares of Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Oppenheimer boosted their price objective on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Stephens lowered their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Finally, Wells Fargo & Company cut their target price on Carrier Global from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Carrier Global currently has an average rating of “Moderate Buy” and an average target price of $83.93.

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.