The Manufacturers Life Insurance Company Sells 508,624 Shares of Carrier Global Co. (NYSE:CARR)

The Manufacturers Life Insurance Company trimmed its holdings in Carrier Global Co. (NYSE:CARR) by 50.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 501,417 shares of the company’s stock after selling 508,624 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Carrier Global were worth $31,629,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CARR. Marathon Capital Management lifted its holdings in shares of Carrier Global by 4.1% in the second quarter. Marathon Capital Management now owns 3,923 shares of the company’s stock worth $247,000 after buying an additional 156 shares in the last quarter. Savant Capital LLC boosted its holdings 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 valued at $2,044,000 after purchasing an additional 162 shares during the last quarter. Founders Capital Management LLC grew its position in shares of Carrier Global by 3.4% during the second quarter. Founders Capital Management LLC now owns 5,250 shares of the company’s stock valued at $331,000 after purchasing an additional 175 shares in the last quarter. Manchester Capital Management LLC increased its holdings in shares of Carrier Global by 4.3% in the first quarter. Manchester Capital Management LLC now owns 4,385 shares of the company’s stock worth $255,000 after purchasing an additional 180 shares during the last quarter. Finally, Sunbelt Securities Inc. lifted its position in shares of Carrier Global by 2.3% in the first quarter. Sunbelt Securities Inc. now owns 8,033 shares of the company’s stock worth $467,000 after buying an additional 182 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

Shares of NYSE:CARR opened at $80.49 on Tuesday. 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 $81.64. The company has a market capitalization of $72.52 billion, a price-to-earnings ratio of 56.29, a PEG ratio of 3.23 and a beta of 1.32. The firm’s 50-day moving average is $71.00 and its 200 day moving average is $65.00.

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

Wall Street Analyst Weigh In

CARR has been the subject of several research analyst reports. Baird R W upgraded Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Wells Fargo & Company upped their price target on shares of Carrier Global from $66.00 to $73.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Morgan Stanley assumed coverage on shares of Carrier Global in a research note on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective for the company. Finally, Citigroup upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and upped their target price for the company from $65.00 to $74.00 in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.73.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of the business’s stock in a transaction on 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 completion of the sale, the vice president now directly owns 103,066 shares of the company’s stock, valued at $6,652,910.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.