Corebridge Financial Inc. Reduces Stock Holdings in Carrier Global Corporation $CARR

Key Points

• Corebridge Financial Inc. reduced its stake in Carrier Global Corporation by 6.5%, now holding 185,563 shares worth approximately $11.77 million according to SEC filings.
• Insider Maximilian Viessmann sold over 4.26 million shares of Carrier Global, decreasing his ownership by 7.28%, yet still retaining around $3.82 billion worth of shares.
• Carrier Global's shares recently opened at $66.43, with analysts providing a consensus target price of $84.47, reflecting a "Moderate Buy" rating from ten analysts.

Corebridge Financial Inc. cut its position in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 185,563 shares of the company's stock after selling 12,882 shares during the quarter. Corebridge Financial Inc.'s holdings in Carrier Global were worth $11,765,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC raised its position in shares of Carrier Global by 51.8% during the 1st quarter. Golden State Wealth Management LLC now owns 1,389 shares of the company's stock worth $88,000 after purchasing an additional 474 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Carrier Global by 15.7% in the first quarter. Bessemer Group Inc. now owns 28,768 shares of the company's stock worth $1,823,000 after acquiring an additional 3,900 shares during the last quarter. Ensign Peak Advisors Inc raised its stake in Carrier Global by 27.8% in the 4th quarter. Ensign Peak Advisors Inc now owns 1,314,180 shares of the company's stock valued at $89,706,000 after purchasing an additional 285,803 shares during the last quarter. Sowell Financial Services LLC acquired a new position in shares of Carrier Global in the first quarter valued at approximately $234,000. Finally, Aberdeen Group plc raised its position in shares of Carrier Global by 1.8% in the first quarter. Aberdeen Group plc now owns 717,658 shares of the company's stock valued at $44,854,000 after buying an additional 12,346 shares during the last quarter. Institutional investors and hedge funds own 91.00% of the company's stock.

Carrier Global Trading Down 1.4%

CARR traded down $0.95 on Monday, reaching $65.23. 6,863,604 shares of the company's stock were exchanged, compared to its average volume of 4,908,165. The company's 50 day moving average is $71.26 and its 200-day moving average is $68.28. The company has a market cap of $55.51 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 1.79 and a beta of 1.25. Carrier Global Corporation has a twelve month low of $54.22 and a twelve month 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 posted its earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.90 by $0.02. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. The firm had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.08 billion. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. Equities analysts predict that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global Announces Dividend

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

Insider Transactions at Carrier Global

In related news, Director Maximilian Viessmann sold 4,267,425 shares of the stock in a transaction on 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 sale, the director directly owned 54,341,534 shares in the company, valued at approximately $3,820,209,840.20. This represents a 7.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Citigroup reissued a "buy" rating and issued a $89.00 price objective (up previously from $82.00) on shares of Carrier Global in a research report on Monday, July 14th. Northcoast Research upgraded Carrier Global from a "neutral" rating to a "buy" rating and set a $85.00 price target for the company in a report on Friday, May 9th. Royal Bank Of Canada dropped their target price on Carrier Global from $89.00 to $87.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Morgan Stanley dropped their target price on Carrier Global from $78.00 to $75.00 and set an "equal weight" rating for the company in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $79.00 price objective on shares of Carrier Global in a research note on Tuesday, July 15th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $84.47.

Carrier Global Company 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.