Primecap Management Co. CA Sells 194,800 Shares of Carrier Global Corporation (NYSE:CARR)

Key Points

• Primecap Management Co. CA reduced its stake in Carrier Global Corporation by 8.2%, selling 194,800 shares, and currently holds approximately 0.25% of the company valued at about $138 million.
• Carrier Global reported a quarterly earnings per share (EPS) of $0.92, surpassing analysts’ expectations, with revenue of $6.11 billion.
• The company declared a quarterly dividend of $0.225 per share, resulting in an annualized yield of 1.4% and a payout ratio of 19.61%.

Primecap Management Co. CA lessened its position in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 8.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,179,782 shares of the company's stock after selling 194,800 shares during the period. Primecap Management Co. CA owned approximately 0.25% of Carrier Global worth $138,198,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Park Square Financial Group LLC purchased a new position in Carrier Global in the 4th quarter worth approximately $28,000. Investment Research & Advisory Group Inc. purchased a new position in Carrier Global in the 1st quarter worth approximately $29,000. Mattson Financial Services LLC purchased a new position in Carrier Global in the 4th quarter worth approximately $31,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Carrier Global in the 4th quarter valued at $35,000. Finally, Transce3nd LLC purchased a new stake in shares of Carrier Global in the 4th quarter valued at $37,000. Institutional investors own 91.00% of the company's stock.

Insider Activity at Carrier Global

In other news, Director Maximilian Viessmann sold 4,267,425 shares of Carrier Global stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $70.30, for a total value of $299,999,977.50. Following the completion of the sale, the director directly owned 54,341,534 shares in the company, valued at $3,820,209,840.20. The trade was a 7.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 7.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird cut their price objective on shares of Carrier Global from $85.00 to $84.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Mizuho set a $72.00 price objective on shares of Carrier Global in a research note on Tuesday, April 22nd. Royal Bank Of Canada dropped their price target on shares of Carrier Global from $89.00 to $87.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Northcoast Research raised shares of Carrier Global from a "neutral" rating to a "buy" rating and set a $85.00 price target on the stock in a report on Friday, May 9th. Finally, Melius Research raised shares of Carrier Global to a "hold" rating and set a $90.00 price target on the stock in a report on Tuesday, July 1st. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.47.

Carrier Global Stock Down 0.5%

Shares of Carrier Global stock traded down $0.31 during trading on Friday, hitting $66.05. The company's stock had a trading volume of 3,321,078 shares, compared to its average volume of 5,148,879. 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 company has a fifty day simple moving average of $72.84 and a two-hundred day simple moving average of $68.21. The company has a market capitalization of $56.21 billion, a PE ratio of 14.39, a P/E/G ratio of 1.82 and a beta of 1.25. Carrier Global Corporation has a 52 week low of $54.22 and a 52 week high of $83.32.

Carrier Global (NYSE:CARR - Get Free Report) last issued its quarterly 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 net margin of 18.33% and a return on equity of 17.83%. Equities research analysts predict that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global Dividend Announcement

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

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.