Carrier Global Corporation $CARR Stock Acquired by Brighton Jones LLC

Key Points

• Brighton Jones LLC increased its Carrier Global holdings by 167.8% in the third quarter, to 49,362 shares valued at about $2.7 million.
• Analyst views were mixed, but the consensus rating remained “Moderate Buy”, with a $69.27 price target; shares opened at $53.38.
• Carrier beat quarterly estimates, reporting EPS of $0.87 versus $0.76 expected and revenue up 12.3% year over year to $6.26 billion. It also declared a quarterly dividend of $0.24 per share.

Brighton Jones LLC grew its holdings in Carrier Global Corporation (NYSE:CARR - Free Report) by 167.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,362 shares of the company's stock after acquiring an additional 30,929 shares during the period. Brighton Jones LLC's holdings in Carrier Global were worth $2,708,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in Carrier Global in the second quarter worth about $590,759,000. Bank of America Corp DE bought a new position in shares of Carrier Global during the second quarter worth $572,908,000. Legal & General Group Plc purchased a new position in shares of Carrier Global during the second quarter valued at about $322,366,000. Primecap Management Co. CA purchased a new position in Carrier Global during the 2nd quarter valued at approximately $283,585,000. Finally, Deutsche Bank AG bought a new stake in Carrier Global in the second quarter worth $166,165,000. Institutional investors own 91.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reduced their price objective on Carrier Global from $71.00 to $64.00 and set a "hold" rating on the stock in a research note on Wednesday, September 30th. Sanford C. Bernstein lowered their price objective on shares of Carrier Global from $78.00 to $64.00 and set a "market perform" rating for the company in a research report on Wednesday, October 7th. Citigroup dropped their target price on shares of Carrier Global from $80.00 to $71.00 and set a "buy" rating on the stock in a research note on Friday, October 30th. The Goldman Sachs Group lowered Carrier Global from a "buy" rating to a "neutral" rating and cut their price target for the company from $74.00 to $61.00 in a research note on Wednesday, October 14th. Finally, Zacks Research cut shares of Carrier Global from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 1st. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Carrier Global has a consensus rating of "Moderate Buy" and a consensus price target of $69.27.

Carrier Global Price Performance

Shares of CARR opened at $53.38 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $43.68 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 2.03 and a beta of 1.33. Carrier Global Corporation has a twelve month low of $50.24 and a twelve month high of $76.76. The firm's fifty day simple moving average is $55.77 and its 200-day simple moving average is $61.65.

Carrier Global (NYSE:CARR - Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.11. Carrier Global had a positive return on equity of 16.99% and a negative net margin of 7.90%. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the company earned $0.67 EPS. Carrier Global's revenue was up 12.3% on a year-over-year basis. Equities analysts forecast that Carrier Global Corporation will post 2.86 EPS for the current fiscal year.

Carrier Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 18th. Investors of record on Thursday, October 29th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Thursday, October 29th. Carrier Global's payout ratio is currently -43.24%.

Carrier Global Profile

Carrier Global Corporation develops and provides heating, ventilation, air conditioning and refrigeration systems, along with related building technologies. Its products and services serve residential, commercial and industrial customers, as well as applications that require temperature-controlled transportation and storage.

The company's offerings include heating and cooling equipment, building automation and energy-management solutions, and fire and security systems. Its portfolio includes brands such as Carrier, Bryant and Kidde, and it provides installation, maintenance and other services to support its equipment.

Carrier traces its origins to 1915, when Willis Carrier founded the company that pioneered modern air conditioning.

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