Concentric Capital Strategies LP Takes Position in Carrier Global Corporation $CARR

Key Points

• Concentric Capital Strategies LP purchased 41,945 shares of Carrier Global Corporation worth approximately $2,659,000 during the first quarter.
• Carrier Global's recent earnings report showed $0.92 EPS, exceeding the consensus estimate and a revenue of $6.11 billion, slightly above expectations.
• The company declared a quarterly dividend of $0.225 per share, translating to an annualized dividend yield of 1.4%.

Concentric Capital Strategies LP acquired a new position in Carrier Global Corporation (NYSE:CARR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 41,945 shares of the company's stock, valued at approximately $2,659,000.

A number of other large investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Carrier Global by 17.6% in the first quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company's stock worth $1,973,444,000 after acquiring an additional 4,668,929 shares during the period. Nuveen LLC acquired a new position in shares of Carrier Global in the first quarter worth about $649,512,000. Brown Advisory Inc. raised its position in shares of Carrier Global by 82.6% in the first quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company's stock worth $613,330,000 after acquiring an additional 4,377,402 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Carrier Global by 15.6% in 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 worth $473,046,000 after acquiring an additional 936,892 shares during the period. Finally, Invesco Ltd. raised its position in shares of Carrier Global by 2.1% in the first quarter. Invesco Ltd. now owns 5,165,203 shares of the company's stock worth $327,474,000 after acquiring an additional 108,055 shares during the period. Institutional investors and hedge funds own 91.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CARR shares. Robert W. Baird reduced their price target on shares of Carrier Global from $85.00 to $84.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Royal Bank Of Canada dropped their price objective on shares of Carrier Global from $89.00 to $87.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $79.00 price objective on shares of Carrier Global in a research note on Tuesday, July 15th. Melius Research raised shares of Carrier Global to a "hold" rating and set a $90.00 price objective for the company in a research note on Tuesday, July 1st. Finally, Melius assumed coverage on shares of Carrier Global in a research note on Tuesday, July 1st. They set a "hold" rating and a $90.00 price objective for the company. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $84.47.

Carrier Global Stock Down 3.7%

Carrier Global stock traded down $2.46 during mid-day trading on Tuesday, reaching $63.15. 2,886,726 shares of the company's stock were exchanged, compared to its average volume of 5,314,065. The company has a market cap of $53.75 billion, a P/E ratio of 13.75, a P/E/G ratio of 1.85 and a beta of 1.25. Carrier Global Corporation has a twelve month low of $54.22 and a twelve month high of $83.32. The company has a quick ratio of 0.80, a current ratio of 1.17 and a debt-to-equity ratio of 0.76. The company has a fifty day moving average of $70.38 and a 200-day moving average of $68.21.

Carrier Global (NYSE:CARR - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.90 by $0.02. The company had revenue of $6.11 billion for 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%. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. Sell-side analysts expect that Carrier Global Corporation will post 2.99 EPS for the current year.

Carrier Global Dividend Announcement

The firm 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 1.4%. Carrier Global's dividend payout ratio is 19.61%.

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.