JPMorgan Chase & Co. Has $1.97 Billion Stock Position in Carrier Global Corporation (NYSE:CARR)

Key Points

• JPMorgan Chase & Co. increased its stake in Carrier Global Corporation by 17.6%, owning over 31 million shares valued at approximately $1.97 billion as of the most recent quarter.
• Multiple analysts have recently set new price targets for Carrier Global, with adjustments from $84.00 to $82.00 by Barclays and from $78.00 to $75.00 by Morgan Stanley, indicating varied outlooks on the stock.
• Company director Maximilian Viessmann sold over 4.26 million shares for nearly $300 million, reducing his position by 7.28%, which was disclosed in a SEC filing.

JPMorgan Chase & Co. boosted its holdings in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,126,869 shares of the company's stock after acquiring an additional 4,668,929 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.63% of Carrier Global worth $1,973,444,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brown Advisory Inc. grew its holdings in Carrier Global by 82.6% during the first quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company's stock valued at $613,330,000 after purchasing an additional 4,377,402 shares during the last quarter. Northern Trust Corp grew its holdings in Carrier Global by 16.7% during the fourth quarter. Northern Trust Corp now owns 8,847,377 shares of the company's stock valued at $603,922,000 after purchasing an additional 1,266,137 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Carrier Global by 15.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,930,061 shares of the company's stock valued at $473,046,000 after purchasing an additional 936,892 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Carrier Global by 8.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,736,148 shares of the company's stock worth $323,301,000 after acquiring an additional 382,670 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Carrier Global by 23.5% in the first quarter. Victory Capital Management Inc. now owns 4,512,774 shares of the company's stock worth $286,110,000 after acquiring an additional 857,694 shares during the last quarter. Institutional investors own 91.00% of the company's stock.

Carrier Global Trading Up 0.4%

Shares of Carrier Global stock traded up $0.24 during trading on Wednesday, hitting $65.97. 308,594 shares of the company were exchanged, compared to its average volume of 5,274,080. The firm has a market capitalization of $56.14 billion, a P/E ratio of 14.38, a price-to-earnings-growth ratio of 1.78 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 firm's fifty day moving average price is $72.63 and its 200 day moving average price is $68.14. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.17 and a quick ratio of 0.80.

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 the consensus estimate of $0.90 by $0.02. The company had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.08 billion. Carrier Global had a return on equity of 17.83% and a net margin of 18.33%. As a group, sell-side analysts expect that Carrier Global Corporation will post 2.99 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CARR shares. Royal Bank Of Canada lowered their price objective 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. Wells Fargo & Company raised their price objective on shares of Carrier Global from $65.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. Barclays lowered their price objective 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. Robert W. Baird lowered their price objective on shares of Carrier Global from $85.00 to $84.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Finally, Citigroup restated a "buy" rating and issued a $89.00 price objective (up previously from $82.00) on shares of Carrier Global in a research note on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $84.47.

Insider Activity

In related news, Director Maximilian Viessmann sold 4,267,425 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 54,341,534 shares in the company, valued at approximately $3,820,209,840.20. The trade was a 7.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 7.20% of the company's stock.

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.