State of Michigan Retirement System Has $14.48 Million Stock Position in Carrier Global Co. (NYSE:CARR)

State of Michigan Retirement System boosted its position in shares of Carrier Global Co. (NYSE:CARR) by 0.3% in the second quarter, Holdings Channel reports. The fund owned 229,525 shares of the company’s stock after acquiring an additional 600 shares during the period. State of Michigan Retirement System’s holdings in Carrier Global were worth $14,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Olistico Wealth LLC bought a new stake in Carrier Global in the second quarter valued at $25,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Carrier Global during the 4th quarter worth about $25,000. EdgeRock Capital LLC bought a new position in shares of Carrier Global in the fourth quarter valued at approximately $27,000. Family Firm Inc. acquired a new stake in shares of Carrier Global in the 2nd quarter valued at $37,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Carrier Global during the first quarter valued at $34,000. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $72.00 target price on shares of Carrier Global in a research report on Friday, July 26th. TD Cowen raised their price target on Carrier Global from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, April 29th. Robert W. Baird dropped their target price on Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Barclays lifted their price target on shares of Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Finally, Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and increased their price objective for the company from $65.00 to $74.00 in a report on Monday, June 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $67.08.

Carrier Global Stock Performance

Shares of Carrier Global stock opened at $71.12 on Tuesday. The business has a 50-day moving average price of $65.76 and a two-hundred day moving average price of $61.58. Carrier Global Co. has a 1-year low of $45.68 and a 1-year high of $72.27. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The company has a market cap of $64.08 billion, a P/E ratio of 50.14, a PEG ratio of 2.63 and a beta of 1.32.

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

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 8th. Investors of record on Friday, June 21st were given a dividend of $0.19 per share. The ex-dividend date was Friday, June 21st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.07%. Carrier Global’s payout ratio is presently 53.15%.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the transaction, the vice president now owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.95% of the company’s stock.

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.