Pinnacle Associates Ltd. Buys 1,534 Shares of Carrier Global Co. (NYSE:CARR)

Pinnacle Associates Ltd. increased its stake in Carrier Global Co. (NYSE:CARR) by 3.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 40,653 shares of the company’s stock after purchasing an additional 1,534 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Carrier Global were worth $3,272,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Boston Financial Mangement LLC increased its stake in Carrier Global by 1.7% during the 3rd quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company’s stock valued at $741,000 after purchasing an additional 150 shares in the last quarter. Marathon Capital Management grew its stake in shares of Carrier Global by 4.1% in the 2nd quarter. Marathon Capital Management now owns 3,923 shares of the company’s stock worth $247,000 after acquiring an additional 156 shares in the last quarter. Arkadios Wealth Advisors boosted its holdings in shares of Carrier Global by 1.3% in the 3rd quarter. Arkadios Wealth Advisors now owns 12,199 shares of the company’s stock worth $982,000 after buying an additional 159 shares during the last quarter. Savant Capital LLC boosted its holdings in shares of Carrier Global by 0.5% in the 2nd quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock worth $2,044,000 after buying an additional 162 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in shares of Carrier Global by 2.9% in the 3rd quarter. Foundations Investment Advisors LLC now owns 5,779 shares of the company’s stock worth $465,000 after buying an additional 163 shares during the last quarter. Institutional investors own 91.00% of the company’s stock.

Insider Activity at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction on 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 sale, the vice president now owns 103,066 shares in the company, valued at $6,652,910.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.95% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CARR. Baird R W raised shares of Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. Robert W. Baird lowered their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Morgan Stanley initiated coverage on shares of Carrier Global in a research report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective on the stock. Finally, Bank of America lifted their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and an average price target of $81.33.

Carrier Global Stock Performance

NYSE:CARR opened at $72.72 on Friday. The stock has a market cap of $65.65 billion, a P/E ratio of 50.85, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. The firm’s fifty day simple moving average is $76.86 and its 200 day simple moving average is $68.35. Carrier Global Co. has a twelve month low of $47.12 and a twelve month high of $83.32. The company has a quick ratio of 0.80, a current ratio of 1.08 and a debt-to-equity ratio of 0.80.

Carrier Global announced that its Board of Directors has approved a share buyback plan on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 4.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.05%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is currently 53.15%.

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.