Carrier Global Corporation $CARR Stock Purchased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its Carrier Global stake by 15.7% in the third quarter, adding 536,316 shares to bring its holding to about 3.96 million shares, worth roughly $217 million.
• Carrier beat quarterly expectations, reporting EPS of $0.87 versus the $0.76 consensus and revenue of $6.26 billion, up 12.3% year over year.
• Analysts have reduced several price targets, but the stock retains a “Moderate Buy” consensus rating, with an average target of $69.27.

Pictet Asset Management Holding SA raised its stake in Carrier Global Corporation (NYSE:CARR - Free Report) by 15.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,957,152 shares of the company's stock after acquiring an additional 536,316 shares during the period. Pictet Asset Management Holding SA owned 0.48% of Carrier Global worth $217,089,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Johnson Financial Group Inc. acquired a new stake in shares of Carrier Global during the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. bought a new position in Carrier Global during the 2nd quarter worth $26,000. Financial Management Professionals Inc. grew its stake in Carrier Global by 142.4% during the 2nd quarter. Financial Management Professionals Inc. now owns 383 shares of the company's stock worth $28,000 after buying an additional 225 shares during the last quarter. Burnham & Co LLC bought a new position in Carrier Global during the 2nd quarter worth $37,000. Finally, Latitude Advisors LLC acquired a new stake in Carrier Global in the third quarter worth $27,000. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CARR shares. The Goldman Sachs Group cut Carrier Global from a "buy" rating to a "neutral" rating and cut their target price for the company from $74.00 to $61.00 in a research note on Wednesday, October 14th. Sanford C. Bernstein lowered their price target 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. JPMorgan Chase & Co. dropped their price objective on shares of Carrier Global from $61.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday, October 30th. Citigroup dropped their price objective on shares of Carrier Global from $80.00 to $71.00 and set a "buy" rating on the stock in a report on Friday, October 30th. Finally, Wells Fargo & Company cut their price objective on shares of Carrier Global from $67.00 to $65.00 and set an "overweight" rating on the stock in a research report on Friday, October 30th. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $69.27.

Carrier Global Trading Down 1.4%

Shares of NYSE:CARR opened at $52.44 on Friday. The company has a 50 day moving average of $55.87 and a 200-day moving average of $61.68. The firm has a market cap of $42.91 billion, a P/E ratio of -23.62, a P/E/G ratio of 1.91 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 company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 0.96.

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

Carrier Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 18th. Shareholders 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 yield of 1.8%. The ex-dividend date of this dividend is Thursday, October 29th. Carrier Global's dividend payout ratio (DPR) is presently -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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