Massachusetts Financial Services Co. MA Trims Stock Holdings in Carrier Global Co. (NYSE:CARR)

Massachusetts Financial Services Co. MA decreased its stake in Carrier Global Co. (NYSE:CARR) by 6.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,189,703 shares of the company’s stock after selling 88,300 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Carrier Global were worth $75,046,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Carrier Global by 0.5% in the first quarter. Vanguard Group Inc. now owns 94,289,980 shares of the company’s stock worth $5,481,077,000 after acquiring an additional 466,829 shares during the period. Capital Research Global Investors boosted its stake in shares of Carrier Global by 3.3% in the fourth quarter. Capital Research Global Investors now owns 92,829,907 shares of the company’s stock worth $5,333,084,000 after acquiring an additional 2,961,923 shares during the period. Capital International Investors boosted its stake in shares of Carrier Global by 4.6% in the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after acquiring an additional 3,763,666 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Carrier Global by 280.1% in the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after acquiring an additional 17,021,768 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in shares of Carrier Global by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 13,307,231 shares of the company’s stock worth $764,500,000 after acquiring an additional 310,453 shares during the period. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Insider Buying and Selling

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 directly owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.95% of the stock is owned by corporate insiders.

Carrier Global Price Performance

Shares of Carrier Global stock opened at $78.19 on Thursday. The stock has a market cap of $70.45 billion, a price-to-earnings ratio of 54.68, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08. The stock has a 50 day moving average price of $68.93 and a 200-day moving average price of $63.69. Carrier Global Co. has a one year low of $45.68 and a one year high of $79.75.

Carrier Global (NYSE:CARR) last announced its earnings results on Thursday, July 25th. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The firm had revenue of $6.70 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter in the previous year, the business earned $0.79 EPS. The company’s quarterly revenue was up 11.7% on a year-over-year basis. Equities analysts expect that Carrier Global Co. will post 2.84 EPS for the current year.

Wall Street Analyst Weigh In

CARR has been the subject of a number of recent analyst reports. Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $65.00 to $74.00 in a research note on Monday, June 24th. Wells Fargo & Company increased their price target on Carrier Global from $66.00 to $73.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Barclays increased their price target on Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Royal Bank of Canada increased their price target on Carrier Global from $72.00 to $79.00 and gave the company an “outperform” rating in a research note on Thursday, September 5th. Finally, Oppenheimer increased their price target on Carrier Global from $70.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued 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 price target of $71.73.

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.