Carrier Global Corporation $CARR Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial Group cut its stake in Carrier Global by 7.7% in the first quarter, selling 135,187 shares and leaving it with 1,610,421 shares worth about $90.7 million.
• Institutional ownership remains very high, with about 91% of Carrier Global’s stock held by institutions and hedge funds. Several other large investors recently increased or initiated positions in the company.
• Analysts are generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $73.51. Carrier also recently beat quarterly earnings and revenue expectations and announced a $0.24 quarterly dividend.

Principal Financial Group Inc. reduced its position in Carrier Global Corporation (NYSE:CARR - Free Report) by 7.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,610,421 shares of the company's stock after selling 135,187 shares during the period. Principal Financial Group Inc. owned about 0.19% of Carrier Global worth $90,683,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Carrier Global in the fourth quarter valued at $380,299,000. Assenagon Asset Management S.A. boosted its position in shares of Carrier Global by 461.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,460,321 shares of the company's stock worth $130,003,000 after buying an additional 2,022,136 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in Carrier Global in the 4th quarter valued at about $99,839,000. PineStone Asset Management Inc. grew its stake in Carrier Global by 34.6% in the 4th quarter. PineStone Asset Management Inc. now owns 7,153,429 shares of the company's stock valued at $377,987,000 after acquiring an additional 1,837,985 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its holdings in Carrier Global by 865.3% during the 4th quarter. Voloridge Investment Management LLC now owns 1,974,350 shares of the company's stock valued at $104,325,000 after acquiring an additional 1,769,813 shares in the last quarter. 91.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on CARR. Argus upped their price target on shares of Carrier Global from $72.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. Royal Bank Of Canada lifted their price objective on Carrier Global from $71.00 to $81.00 and gave the stock an "outperform" rating in a research report on Friday, May 1st. JPMorgan Chase & Co. upped their target price on Carrier Global from $63.00 to $67.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Robert W. Baird increased their target price on Carrier Global from $70.00 to $75.00 in a report on Friday, May 1st. Finally, Citigroup raised their price target on Carrier Global from $79.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday. Twelve research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.51.

Carrier Global Price Performance

CARR opened at $68.78 on Thursday. The company's 50 day simple moving average is $68.19 and its 200 day simple moving average is $62.49. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 1.05. Carrier Global Corporation has a 1 year low of $50.24 and a 1 year high of $81.09. The stock has a market capitalization of $57.13 billion, a PE ratio of 45.25, a P/E/G ratio of 2.79 and a beta of 1.31.

Carrier Global (NYSE:CARR - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.51 by $0.06. The firm had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.01 billion. Carrier Global had a net margin of 5.99% and a return on equity of 14.81%. Carrier Global's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.65 earnings per share. Carrier Global has set its FY 2026 guidance at 2.800-2.800 EPS. As a group, sell-side analysts expect that Carrier Global Corporation will post 2.79 EPS for the current year.

Carrier Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, July 21st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, July 21st. Carrier Global's dividend payout ratio is presently 63.16%.

About Carrier Global

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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