Traders Buy Large Volume of Carrier Global Put Options (NYSE:CARR)

Carrier Global Co. (NYSE:CARR) saw some unusual options trading on Tuesday. Investors acquired 17,572 put options on the company. This represents an increase of 141% compared to the typical volume of 7,288 put options.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Bank of America lifted their price target on Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Royal Bank of Canada reduced their target price on shares of Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. JPMorgan Chase & Co. began coverage on shares of Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price target for the company. Robert W. Baird dropped their price objective on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Stephens decreased their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Eight 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. Based on data from MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and an average target price of $83.36.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CARR. Frank Rimerman Advisors LLC raised its holdings in Carrier Global by 54,708.0% in the second 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 during the period. Cerity Partners LLC raised its stake in Carrier Global by 39.0% during the 3rd 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 during the period. Daiwa Securities Group Inc. raised its stake in Carrier Global by 12.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock worth $8,084,000 after buying an additional 11,032 shares during the period. Sheaff Brock Investment Advisors LLC bought a new position in Carrier Global during the third quarter worth about $1,068,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Carrier Global in the third quarter valued at about $793,000. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Trading Down 0.8 %

NYSE CARR opened at $68.17 on Wednesday. Carrier Global has a 12 month low of $53.13 and a 12 month high of $83.32. The stock has a 50-day simple moving average of $72.87 and a 200 day simple moving average of $72.02. 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 company has a market capitalization of $61.16 billion, a PE ratio of 17.26, a P/E/G ratio of 2.73 and a beta of 1.36.

Carrier Global Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, December 20th. This is a boost from Carrier Global’s previous quarterly dividend of $0.19. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.32%. Carrier Global’s dividend payout ratio is 22.78%.

Carrier Global declared that its board has authorized a stock repurchase program on Thursday, October 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors 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.