Burgundy Asset Management Ltd. Decreases Position in Carrier Global Corporation $CARR

Key Points

• Burgundy Asset Management Ltd. has reduced its stake in Carrier Global Corporation by 30%, selling 583,766 shares and now owns approximately 1.36 million shares valued at $86.5 million.
• Company insiders, including Director Maximilian Viessmann, sold a significant 4.27 million shares, representing a 7.28% decrease in ownership, while still holding shares worth approximately $3.82 billion.
• Carrier Global recently declared a quarterly dividend of $0.225 per share, resulting in an annualized yield of 1.4%, with a payout ratio of 19.61%.

Burgundy Asset Management Ltd. cut its stake in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 30.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,364,389 shares of the company's stock after selling 583,766 shares during the period. Burgundy Asset Management Ltd. owned about 0.16% of Carrier Global worth $86,502,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CARR. Syon Capital LLC grew its stake in shares of Carrier Global by 2.2% during the fourth quarter. Syon Capital LLC now owns 7,089 shares of the company's stock valued at $484,000 after buying an additional 155 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in Carrier Global by 1.3% during the 1st quarter. Lindbrook Capital LLC now owns 12,294 shares of the company's stock valued at $779,000 after acquiring an additional 156 shares during the period. Code Waechter LLC boosted its holdings in Carrier Global by 5.1% during the 1st quarter. Code Waechter LLC now owns 3,383 shares of the company's stock valued at $214,000 after acquiring an additional 164 shares during the period. Chicago Partners Investment Group LLC grew its position in Carrier Global by 2.9% in the 1st quarter. Chicago Partners Investment Group LLC now owns 6,055 shares of the company's stock valued at $424,000 after acquiring an additional 168 shares during the last quarter. Finally, Essex Financial Services Inc. increased its stake in Carrier Global by 0.4% in the first quarter. Essex Financial Services Inc. now owns 41,778 shares of the company's stock worth $2,649,000 after purchasing an additional 173 shares during the period. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Carrier Global news, Director Maximilian Viessmann sold 4,267,425 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $70.30, for a total transaction of $299,999,977.50. Following the completion of the sale, the director owned 54,341,534 shares in the company, valued at $3,820,209,840.20. This represents a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 7.20% of the stock is currently owned by corporate insiders.

Carrier Global Stock Up 4.5%

Carrier Global stock traded up $2.9090 during mid-day trading on Friday, reaching $67.9190. 1,706,960 shares of the company were exchanged, compared to its average volume of 5,280,662. The business has a fifty day moving average of $71.85 and a 200 day moving average of $68.15. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 1.17. The firm has a market cap of $57.80 billion, a P/E ratio of 14.79, a PEG ratio of 1.84 and a beta of 1.25. Carrier Global Corporation has a 12-month low of $54.22 and a 12-month high of $83.32.

Carrier Global (NYSE:CARR - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates 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%. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. Research analysts anticipate 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. Shareholders of record on Monday, July 21st were issued a dividend of $0.225 per share. The ex-dividend date was Monday, July 21st. This represents a $0.90 dividend on an annualized basis and a yield of 1.3%. Carrier Global's dividend payout ratio is currently 19.61%.

Analyst Ratings Changes

A number of brokerages have commented on CARR. The Goldman Sachs Group restated a "buy" rating on shares of Carrier Global in a research note on Wednesday, May 21st. Wells Fargo & Company increased their price objective on Carrier Global from $65.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. 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 note on Monday, July 14th. Morgan Stanley dropped their price objective on Carrier Global from $78.00 to $75.00 and set an "equal weight" rating on the stock in a research note on Friday, August 8th. Finally, Melius Research raised Carrier Global to a "hold" rating and set a $90.00 price objective on the stock in a research note on Tuesday, July 1st. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Carrier Global presently has a consensus rating of "Moderate Buy" and an average price target of $84.47.

About Carrier Global

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.