Wellington Management Group LLP Acquires 39,834 Shares of Carrier Global Co. (NYSE:CARR)

Wellington Management Group LLP lifted its position in shares of Carrier Global Co. (NYSE:CARR) by 761.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,064 shares of the company’s stock after purchasing an additional 39,834 shares during the period. Wellington Management Group LLP’s holdings in Carrier Global were worth $3,627,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CARR. Blue Trust Inc. lifted its position in shares of Carrier Global by 100.9% during the second quarter. Blue Trust Inc. now owns 2,453 shares of the company’s stock valued at $143,000 after purchasing an additional 1,232 shares in the last quarter. Summit Global Investments bought a new position in shares of Carrier Global during the second quarter valued at about $203,000. Busey Bank lifted its position in shares of Carrier Global by 4.0% during the second quarter. Busey Bank now owns 10,973 shares of the company’s stock valued at $692,000 after purchasing an additional 420 shares in the last quarter. American National Bank lifted its position in shares of Carrier Global by 11.3% during the second quarter. American National Bank now owns 2,326 shares of the company’s stock valued at $147,000 after purchasing an additional 236 shares in the last quarter. Finally, Moss Adams Wealth Advisors LLC bought a new position in shares of Carrier Global during the second quarter valued at about $217,000. 91.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CARR has been the topic of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Carrier Global in a research report on Thursday, December 12th. They set a “buy” rating and a $96.00 price target 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. Morgan Stanley initiated coverage on shares of Carrier Global in a report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective for the company. Mizuho raised their price objective on shares of Carrier Global from $65.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Royal Bank of Canada decreased their price objective on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.50.

Carrier Global Price Performance

CARR opened at $70.28 on Wednesday. The company has a market capitalization of $63.06 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 2.73 and a beta of 1.33. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. The firm has a 50-day moving average price of $76.13 and a 200-day moving average price of $71.49. Carrier Global Co. has a twelve month low of $53.13 and a twelve month high of $83.32.

Carrier Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be paid a $0.225 dividend. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.90 annualized dividend and a dividend yield of 1.28%. Carrier Global’s dividend payout ratio (DPR) is presently 22.78%.

Carrier Global declared that its Board of Directors has approved a stock repurchase plan on Thursday, October 24th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

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.