Citizens Financial Group Inc. RI Acquires 28,674 Shares of Carrier Global Corporation $CARR

Key Points

• Citizens Financial Group increased its Carrier Global stake by 126.7% in the third quarter, acquiring 28,674 additional shares and bringing its holdings to 51,311 shares valued at approximately $2.82 million. Institutional investors collectively own 91% of the company.
• Analyst sentiment remains positive but mixed: Carrier Global has a consensus rating of “Moderate Buy” from 21 analysts, with an average price target of $70.43 versus a recent share price of $56.39.
• Carrier exceeded quarterly earnings and revenue expectations, reporting $0.86 EPS on $6.35 billion in revenue, while maintaining a quarterly dividend of $0.24 per share, equivalent to a 1.7% yield.

Citizens Financial Group Inc. RI grew its stake in Carrier Global Corporation (NYSE:CARR - Free Report) by 126.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,311 shares of the company's stock after acquiring an additional 28,674 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Carrier Global were worth $2,815,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in Carrier Global during the 2nd quarter valued at approximately $590,759,000. Bank of America Corp DE purchased a new position in Carrier Global during the 2nd quarter worth $572,908,000. Dimensional Fund Advisors LP raised its stake in Carrier Global by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 6,291,311 shares of the company's stock valued at $354,188,000 after buying an additional 246,723 shares during the last quarter. Legal & General Group Plc acquired a new stake in Carrier Global in the second quarter worth about $322,366,000. Finally, Primecap Management Co. CA purchased a new stake in shares of Carrier Global in the second quarter valued at approximately $283,585,000. Institutional investors own 91.00% of the company's stock.

Analyst Upgrades and Downgrades

CARR has been the subject of a number of recent research reports. JPMorgan Chase & Co. assumed coverage on Carrier Global in a report on Friday, October 9th. They set a "neutral" rating and a $61.00 price target on the stock. Mizuho lowered their price objective on Carrier Global from $75.00 to $70.00 and set an "outperform" rating for the company in a research report on Thursday, October 15th. Deutsche Bank Aktiengesellschaft decreased their price target 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. Weiss Ratings reiterated a "hold (c)" rating on shares of Carrier Global in a research report on Friday, October 16th. Finally, Wolfe Research reiterated an "outperform" rating and issued a $80.00 target price on shares of Carrier Global in a report on Thursday, July 9th. Eleven investment analysts have rated the stock with a Buy rating and ten 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 target price of $70.43.

Carrier Global Price Performance

Shares of CARR opened at $56.39 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 0.72 and a debt-to-equity ratio of 0.77. The firm's fifty day simple moving average is $56.95 and its 200-day simple moving average is $61.67. The firm has a market capitalization of $46.48 billion, a price-to-earnings ratio of 23.05, a PEG ratio of 1.92 and a beta of 1.29. Carrier Global Corporation has a twelve month low of $50.24 and a twelve month high of $76.76.

Carrier Global (NYSE:CARR - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.04. Carrier Global had a return on equity of 14.68% and a net margin of 5.52%. The business had revenue of $6.35 billion during the quarter, compared to analysts' expectations of $6.02 billion. During the same period in the prior year, the firm posted $0.92 EPS. The business's quarterly revenue was up 3.9% compared to the same quarter last year. Equities analysts forecast that Carrier Global Corporation will post 2.87 EPS for the current fiscal year.

Carrier Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 18th. Stockholders of record on Thursday, October 29th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, October 29th. Carrier Global's payout ratio is presently 66.67%.

About Carrier Global

Carrier Global Corporation NYSE: CARR is a global provider of intelligent climate and energy solutions. The company develops and manufactures heating, ventilation and air-conditioning (HVAC) systems, refrigeration equipment, building automation technologies and related controls and services for residential, commercial and industrial customers.

Its offerings include air conditioners, heat pumps, furnaces, boilers, chillers, ventilation systems, refrigeration systems and building management solutions.

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