Callan Family Office LLC Reduces Stock Position in Carrier Global Corporation (NYSE:CARR)

Key Points

• Callan Family Office LLC has decreased its position in Carrier Global Corporation by 17.0%, now holding 24,532 shares valued at approximately $1.55 million.
• Multiple analysts have revised their price targets for Carrier Global, with Wells Fargo increasing it to $75.00 while Barclays and Morgan Stanley have lowered theirs to $82.00 and $75.00 respectively, reflecting a generally optimistic outlook for the stock.
• Carrier Global recently declared a quarterly dividend of $0.225 per share, translating to a 1.4% yield, with a current payout ratio of 19.61%.

Callan Family Office LLC trimmed its position in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 17.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,532 shares of the company's stock after selling 5,040 shares during the quarter. Callan Family Office LLC's holdings in Carrier Global were worth $1,555,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CARR. Nuveen LLC acquired a new position in shares of Carrier Global in the first quarter worth approximately $649,512,000. JPMorgan Chase & Co. lifted its stake in shares of Carrier Global by 17.6% in the first quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company's stock worth $1,973,444,000 after acquiring an additional 4,668,929 shares during the period. Brown Advisory Inc. lifted its stake in shares of Carrier Global by 82.6% in the first quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company's stock worth $613,330,000 after acquiring an additional 4,377,402 shares during the period. Northern Trust Corp lifted its stake in shares of Carrier Global by 16.7% in the fourth quarter. Northern Trust Corp now owns 8,847,377 shares of the company's stock worth $603,922,000 after acquiring an additional 1,266,137 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Carrier Global by 2,484.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,122,545 shares of the company's stock worth $76,625,000 after acquiring an additional 1,079,103 shares during the period. 91.00% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Carrier Global

In related news, Director Maximilian Viessmann sold 4,267,425 shares of Carrier Global stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $70.30, for a total value of $299,999,977.50. Following the completion of the transaction, the director owned 54,341,534 shares in the company, valued at $3,820,209,840.20. The trade was a 7.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.20% of the stock is currently owned by corporate insiders.

Carrier Global Trading Down 0.5%

CARR traded down $0.32 during trading on Friday, hitting $65.44. 2,968,204 shares of the stock were exchanged, compared to its average volume of 5,259,797. The firm has a 50 day simple moving average of $72.32 and a 200 day simple moving average of $68.13. The firm has a market cap of $55.69 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 1.80 and a beta of 1.25. Carrier Global Corporation has a 1 year low of $54.22 and a 1 year high of $83.32. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 1.17.

Carrier Global (NYSE:CARR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.90 by $0.02. Carrier Global had a return on equity of 17.83% and a net margin of 18.33%. The business had revenue of $6.11 billion for the quarter, compared to the consensus estimate of $6.08 billion. As a group, equities analysts expect that Carrier Global Corporation will post 2.99 EPS for the current year.

Carrier Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Monday, July 21st were paid a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, July 21st. Carrier Global's payout ratio is currently 19.61%.

Analysts Set New Price Targets

CARR has been the topic of a number of research reports. Royal Bank Of Canada lowered their target price on Carrier Global from $89.00 to $87.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $79.00 price objective on shares of Carrier Global in a report on Tuesday, July 15th. Melius began coverage on Carrier Global in a report on Tuesday, July 1st. They issued a "hold" rating and a $90.00 price target on the stock. Barclays reduced their price objective on Carrier Global from $84.00 to $82.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Finally, Melius Research upgraded Carrier Global to a "hold" rating and set a $90.00 price objective on the stock in a research report on Tuesday, July 1st. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Carrier Global currently has an average rating of "Moderate Buy" and a consensus target price of $84.47.

About Carrier Global

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.