Cullinan Associates Inc. Acquires 5,298 Shares of Carrier Global Co. (NYSE:CARR)

Cullinan Associates Inc. raised its holdings in shares of Carrier Global Co. (NYSE:CARR) by 126.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,498 shares of the company’s stock after purchasing an additional 5,298 shares during the quarter. Cullinan Associates Inc.’s holdings in Carrier Global were worth $552,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Modera Wealth Management LLC increased its stake in shares of Carrier Global by 19.4% during the third quarter. Modera Wealth Management LLC now owns 21,099 shares of the company’s stock valued at $1,165,000 after buying an additional 3,430 shares during the period. Pinnacle Financial Partners Inc increased its stake in shares of Carrier Global by 9.0% during the fourth quarter. Pinnacle Financial Partners Inc now owns 5,781 shares of the company’s stock valued at $332,000 after buying an additional 476 shares during the period. Andrew Hill Investment Advisors Inc. purchased a new position in shares of Carrier Global during the fourth quarter valued at $2,081,000. Nomura Holdings Inc. purchased a new position in shares of Carrier Global during the fourth quarter valued at $973,000. Finally, AIA Group Ltd increased its stake in shares of Carrier Global by 16.5% during the fourth quarter. AIA Group Ltd now owns 98,959 shares of the company’s stock valued at $5,685,000 after buying an additional 14,003 shares during the period. 91.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Citigroup upgraded Carrier Global from a “neutral” rating to a “buy” rating and raised their price target for the company from $65.00 to $74.00 in a research note on Monday, June 24th. Barclays lifted their target price on Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Robert W. Baird lifted their target price on Carrier Global from $60.00 to $64.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Wells Fargo & Company lifted their target price on Carrier Global from $59.00 to $66.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Finally, Oppenheimer lifted their target price on Carrier Global from $64.00 to $71.00 and gave the company an “outperform” rating in a research note on Thursday, June 27th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Carrier Global has a consensus rating of “Hold” and an average price target of $64.14.

Insider Buying and Selling at Carrier Global

In other Carrier Global news, insider Jurgen Timperman sold 159,915 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $61.95, for a total value of $9,906,734.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jurgen Timperman sold 159,915 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $61.95, for a total value of $9,906,734.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kyle Crockett sold 4,611 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total value of $306,124.29. Following the completion of the sale, the chief accounting officer now owns 2,042 shares of the company’s stock, valued at $135,568.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 262,954 shares of company stock valued at $16,650,050. 6.95% of the stock is owned by company insiders.

Carrier Global Trading Up 1.5 %

Carrier Global stock opened at $62.85 on Wednesday. Carrier Global Co. has a 52 week low of $45.68 and a 52 week high of $66.50. The company has a market capitalization of $56.63 billion, a price-to-earnings ratio of 43.95, a price-to-earnings-growth ratio of 2.46 and a beta of 1.32. The stock has a 50-day moving average price of $63.50 and a 200 day moving average price of $58.79. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.31.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Thursday, April 25th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.12. Carrier Global had a return on equity of 26.01% and a net margin of 5.41%. The company had revenue of $6.18 billion during the quarter, compared to the consensus estimate of $6.27 billion. Sell-side analysts anticipate that Carrier Global Co. will post 2.85 EPS for the current year.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 21st will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Friday, June 21st. Carrier Global’s payout ratio is presently 53.15%.

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.