Fernwood Investment Management LLC Takes $214,000 Position in Carrier Global Co. (NYSE:CARR)

03 Nov 2024, 16:34 by Mitch Edgeman · The Markets Daily

Fernwood Investment Management LLC acquired a new position in shares of Carrier Global Co. (NYSE:CARR – Free Report) during the third quarter, HoldingsChannel.com reports. The firm acquired 2,660 shares of the company’s stock, valued at approximately $214,000.

A number of other institutional investors have also recently added to or reduced their stakes in CARR. Olistico Wealth LLC acquired a new stake in shares of Carrier Global in the 2nd quarter worth $25,000. Meeder Asset Management Inc. increased its position in Carrier Global by 675.0% during the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock worth $29,000 after purchasing an additional 405 shares during the last quarter. EdgeRock Capital LLC purchased a new position in Carrier Global during the second quarter worth about $32,000. Hantz Financial Services Inc. acquired a new position in Carrier Global in the 2nd quarter valued at about $35,000. Finally, McClarren Financial Advisors Inc. grew its stake in shares of Carrier Global by 246.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after buying an additional 310 shares during the period. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Down 0.2 %

Shares of CARR stock traded down $0.13 during trading on Friday, reaching $72.59. The company’s stock had a trading volume of 3,525,001 shares, compared to its average volume of 4,152,405. Carrier Global Co. has a 1-year low of $49.62 and a 1-year high of $83.32. The stock’s 50-day moving average price is $76.89 and its 200 day moving average price is $68.56. The company has a market capitalization of $65.13 billion, a price-to-earnings ratio of 18.38, a P/E/G ratio of 2.64 and a beta of 1.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82.

Carrier Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio is currently 19.24%.

Carrier Global declared that its Board of Directors has approved a share repurchase program on Thursday, October 24th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to buy up to 4.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

CARR has been the topic of several analyst reports. Robert W. Baird reduced their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Royal Bank of Canada decreased their price target on Carrier Global from $91.00 to $87.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Barclays lowered their price target on Carrier Global from $90.00 to $89.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Morgan Stanley initiated coverage on shares of Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price objective on the stock. Finally, Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.33.

Get Our Latest Research Report on CARR

Insider Activity

In other news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction dated Thursday, August 8th. The stock was 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 in the company, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 6.95% of the company’s stock.

Carrier Global Profile

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