First City Capital Management Inc. Reduces Stock Position in Carrier Global Co. (NYSE:CARR)

First City Capital Management Inc. trimmed its stake in shares of Carrier Global Co. (NYSE:CARR) by 6.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,887 shares of the company’s stock after selling 650 shares during the period. First City Capital Management Inc.’s holdings in Carrier Global were worth $624,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CARR. Savant Capital LLC boosted its stake in shares of Carrier Global by 0.5% during the 2nd quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock worth $2,044,000 after acquiring an additional 162 shares during the last quarter. Founders Capital Management LLC raised its holdings in Carrier Global by 3.4% in the 2nd quarter. Founders Capital Management LLC now owns 5,250 shares of the company’s stock worth $331,000 after purchasing an additional 175 shares during the period. Manchester Capital Management LLC lifted its position in Carrier Global by 4.3% during the first quarter. Manchester Capital Management LLC now owns 4,385 shares of the company’s stock valued at $255,000 after purchasing an additional 180 shares in the last quarter. Sunbelt Securities Inc. lifted its position in Carrier Global by 2.3% during the first quarter. Sunbelt Securities Inc. now owns 8,033 shares of the company’s stock valued at $467,000 after purchasing an additional 182 shares in the last quarter. Finally, Checchi Capital Advisers LLC increased its position in Carrier Global by 2.3% in the first quarter. Checchi Capital Advisers LLC now owns 8,900 shares of the company’s stock worth $517,000 after buying an additional 197 shares in the last quarter. 91.00% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CARR shares. Oppenheimer lifted their price objective on Carrier Global from $70.00 to $74.00 and gave the company an “outperform” rating in a research report on Friday, August 16th. Bank of America upped their price target on shares of Carrier Global from $72.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Wells Fargo & Company increased their price objective on shares of Carrier Global from $66.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Friday, September 6th. 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 target price on the stock. Finally, Citigroup upgraded Carrier Global from a “neutral” rating to a “buy” rating and increased their price target for the stock from $65.00 to $74.00 in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and a consensus price target of $71.73.

Insiders Place Their Bets

In related 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 value of $4,026,758.10. Following the completion of the transaction, the vice president now owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.95% of the company’s stock.

Carrier Global Price Performance

Shares of Carrier Global stock opened at $79.92 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. Carrier Global Co. has a 12 month low of $45.68 and a 12 month high of $81.24. The stock has a 50 day moving average of $69.49 and a 200 day moving average of $64.02. The firm has a market cap of $72.01 billion, a PE ratio of 55.89, a PEG ratio of 2.94 and a beta of 1.32.

Carrier Global (NYSE:CARR) last posted its earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $6.70 billion during the quarter, compared to analyst estimates of $7.05 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. Carrier Global’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period last year, the firm posted $0.79 earnings per share. On average, research analysts expect that Carrier Global Co. will post 2.84 EPS for the current fiscal year.

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.