JPMorgan Chase & Co. Has $2.32 Billion Stake in Carrier Global Co. (NYSE:CARR)

JPMorgan Chase & Co. lessened its holdings in shares of Carrier Global Co. (NYSE:CARR) by 6.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 28,833,396 shares of the company’s stock after selling 1,947,581 shares during the period. JPMorgan Chase & Co.’s holdings in Carrier Global were worth $2,320,800,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Frank Rimerman Advisors LLC increased its holdings in Carrier Global by 54,708.0% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 13,702 shares of the company’s stock worth $864,000 after purchasing an additional 13,677 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Carrier Global by 39.0% during the third quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock worth $11,013,000 after buying an additional 38,365 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Carrier Global by 12.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock valued at $8,084,000 after buying an additional 11,032 shares during the last quarter. Sheaff Brock Investment Advisors LLC acquired a new stake in Carrier Global in the 3rd quarter valued at approximately $1,068,000. Finally, DRW Securities LLC acquired a new position in Carrier Global during the 3rd quarter worth approximately $748,000. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CARR. Royal Bank of Canada lowered their price objective on shares of Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Northcoast Research assumed coverage on shares of Carrier Global in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock. Morgan Stanley initiated coverage on shares of Carrier Global in a research note on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective for the company. JPMorgan Chase & Co. began coverage on Carrier Global in a research report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 target price on the stock. Finally, Wells Fargo & Company reduced 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, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and a consensus target price of $83.50.

Carrier Global Price Performance

Shares of CARR opened at $69.64 on Friday. The company’s 50-day moving average is $74.30 and its 200-day moving average is $71.66. 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 firm has a market capitalization of $62.48 billion, a PE ratio of 17.63, a PEG ratio of 2.73 and a beta of 1.33. Carrier Global Co. has a fifty-two week low of $53.13 and a fifty-two week high of $83.32.

Carrier Global Increases Dividend

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

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

About Carrier Global

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.