Carrier Global Corporation $CARR is Gates Capital Management Inc.'s 4th Largest Position

Key Points

• Gates Capital Management Inc. increased its stake in Carrier Global Corporation by 37.3% in the first quarter, now owning approximately 2.94 million shares worth about $186 million, making it the firm's 4th largest holding.
• Numerous other institutional investors, including Nuveen LLC and Brown Advisory Inc., have also significantly modified their holdings in Carrier Global during the same period, indicating strong interest in the stock.
• Carrier Global's stock recently opened at $65.23 and has a market capitalization of $55.51 billion, with analysts expecting a consensus target price of $84.47.

Gates Capital Management Inc. raised its stake in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 37.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,937,756 shares of the company's stock after purchasing an additional 797,693 shares during the quarter. Carrier Global makes up about 3.7% of Gates Capital Management Inc.'s holdings, making the stock its 4th biggest holding. Gates Capital Management Inc. owned about 0.34% of Carrier Global worth $186,254,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new position in Carrier Global during the 4th quarter valued at $28,000. Accredited Wealth Management LLC purchased a new stake in shares of Carrier Global in the 1st quarter worth about $28,000. Investment Research & Advisory Group Inc. purchased a new stake in shares of Carrier Global in the 1st quarter worth about $29,000. Mattson Financial Services LLC purchased a new stake in shares of Carrier Global in the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Carrier Global in the 4th quarter worth about $35,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

Shares of NYSE CARR traded down $1.09 during midday trading on Wednesday, hitting $62.41. 6,627,384 shares of the company's stock traded hands, compared to its average volume of 4,666,465. The firm has a fifty day moving average of $71.08 and a 200 day moving average of $68.25. The stock has a market capitalization of $53.11 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 1.79 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 released its earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.02. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. The company had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.08 billion. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. On average, analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Monday, July 21st were issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Monday, July 21st. Carrier Global's dividend payout ratio (DPR) is 19.61%.

Insider Transactions at Carrier Global

In other Carrier Global news, Director Maximilian Viessmann sold 4,267,425 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $70.30, for a total transaction of $299,999,977.50. Following the completion of the sale, the director directly owned 54,341,534 shares of the company's stock, valued at $3,820,209,840.20. This trade represents a 7.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 7.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Carrier Global in a research report on Wednesday, May 21st. Northcoast Research raised shares of Carrier Global from a "neutral" rating to a "buy" rating and set a $85.00 target price on the stock in a research report on Friday, May 9th. Melius started coverage on shares of Carrier Global in a research report on Tuesday, July 1st. They issued a "hold" rating and a $90.00 target price on the stock. Royal Bank Of Canada dropped their price target on shares of Carrier Global from $89.00 to $87.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Finally, Barclays dropped their price target on shares of Carrier Global from $84.00 to $82.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.47.

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.