Bank of New York Mellon Corp Invests $590.76 Million in Carrier Global Corporation $CARR

Key Points

• Bank of New York Mellon purchased 8.05 million Carrier Global shares worth approximately $590.76 million, acquiring a 0.98% stake. Institutional investors collectively own about 91% of the company.
• Carrier Global exceeded quarterly expectations, reporting $0.86 in EPS versus the $0.82 consensus estimate and $6.35 billion in revenue versus $6.02 billion expected. Revenue increased 3.9% year over year.
• The company maintains a quarterly dividend of $0.24 per share, equivalent to an annualized $0.96 payout and a 1.6% yield. Analysts have a consensus “Moderate Buy” rating with a $73.67 target price.

Bank of New York Mellon Corp purchased a new stake in shares of Carrier Global Corporation (NYSE:CARR - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 8,053,967 shares of the company's stock, valued at approximately $590,759,000. Bank of New York Mellon Corp owned about 0.98% of Carrier Global at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CARR. Dynamic Advisor Solutions LLC lifted its holdings in shares of Carrier Global by 2.8% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 5,801 shares of the company's stock worth $426,000 after buying an additional 158 shares during the period. Aigen Investment Management LP raised its holdings in shares of Carrier Global by 0.3% in the 4th quarter. Aigen Investment Management LP now owns 49,268 shares of the company's stock valued at $2,603,000 after purchasing an additional 166 shares in the last quarter. Advisory Alpha LLC boosted its stake in shares of Carrier Global by 2.9% during the fourth quarter. Advisory Alpha LLC now owns 6,034 shares of the company's stock valued at $319,000 after purchasing an additional 171 shares in the last quarter. Texas Bank & Trust Co increased its holdings in Carrier Global by 1.3% during the first quarter. Texas Bank & Trust Co now owns 13,176 shares of the company's stock valued at $742,000 after buying an additional 175 shares during the period. Finally, Advisor OS LLC increased its holdings in Carrier Global by 0.8% during the fourth quarter. Advisor OS LLC now owns 21,477 shares of the company's stock valued at $1,135,000 after buying an additional 178 shares during the period. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Shares of NYSE CARR opened at $60.40 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.02 and a quick ratio of 0.72. Carrier Global Corporation has a 12 month low of $50.24 and a 12 month high of $76.76. The firm's 50 day simple moving average is $67.37 and its 200-day simple moving average is $64.11. The stock has a market capitalization of $49.79 billion, a price-to-earnings ratio of 41.94, a PEG ratio of 2.22 and a beta of 1.31.

Carrier Global (NYSE:CARR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to analysts' expectations of $6.02 billion. Carrier Global had a return on equity of 14.68% and a net margin of 5.52%.The business's quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS. Carrier Global has set its FY 2026 guidance at 2.900-2.900 EPS. Analysts expect that Carrier Global Corporation will post 2.89 EPS for the current year.

Carrier Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, July 21st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, July 21st. Carrier Global's payout ratio is presently 66.67%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CARR. Wolfe Research restated an "outperform" rating and set a $80.00 price objective on shares of Carrier Global in a research note on Thursday, July 9th. Barclays boosted their target price on shares of Carrier Global from $67.00 to $79.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Zacks Research raised shares of Carrier Global from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 30th. Citigroup boosted their price objective on shares of Carrier Global from $79.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Finally, Morgan Stanley increased their target price on shares of Carrier Global from $55.00 to $60.00 and gave the company an "equal weight" rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Carrier Global has an average rating of "Moderate Buy" and a consensus target price of $73.67.

Carrier Global Company Profile

Carrier Global Corporation is a leading global provider of heating, ventilation and air conditioning (HVAC), refrigeration, fire and security, and building automation solutions. The company designs, manufactures and sells a broad portfolio of products that includes air conditioners, furnaces, heat pumps, chillers, rooftop units, commercial refrigeration systems, fire and smoke detection and suppression systems, security sensors and access controls, and a range of building controls and analytics software.

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