Fisher Asset Management LLC Sells 1,495,095 Shares of Carrier Global Corporation $CARR

Key Points

• Fisher Asset Management cut its Carrier Global stake by 11.5%, selling 1,495,095 shares in the third quarter; it still held 11.55 million shares, worth about $640.7 million.
• Analyst views remain mostly positive, with a “Moderate Buy” consensus and an average price target of $69.27, though several firms recently lowered their targets.
• Carrier beat quarterly earnings and revenue estimates, reporting EPS of $0.87 and revenue of $6.26 billion; it also declared a quarterly dividend of $0.24 per share.

Fisher Asset Management LLC trimmed its holdings in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 11.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,552,205 shares of the company's stock after selling 1,495,095 shares during the period. Fisher Asset Management LLC owned 1.41% of Carrier Global worth $640,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in shares of Carrier Global in the second quarter worth about $590,759,000. Bank of America Corp DE purchased a new stake in shares of Carrier Global during the 2nd quarter valued at about $572,908,000. Legal & General Group Plc purchased a new stake in shares of Carrier Global during the 2nd quarter valued at about $322,366,000. Primecap Management Co. CA purchased a new stake in shares of Carrier Global during the 2nd quarter valued at about $283,585,000. Finally, Deutsche Bank AG purchased a new stake in shares of Carrier Global during the 2nd quarter valued at about $166,165,000. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Citigroup decreased their price target on Carrier Global from $80.00 to $71.00 and set a "buy" rating for the company in a report on Friday, October 30th. Weiss Ratings lowered shares of Carrier Global from a "hold (c)" rating to a "sell (d+)" rating in a research note on Friday, October 30th. Mizuho dropped their price objective on shares of Carrier Global from $75.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. Deutsche Bank reduced their target price on shares of Carrier Global from $71.00 to $64.00 and set a "hold" rating on the stock in a research report on Wednesday, September 30th. Finally, BNP Paribas Exane decreased their target price on shares of Carrier Global from $68.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, October 30th. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Carrier Global presently has a consensus rating of "Moderate Buy" and an average target price of $69.27.

Carrier Global Stock Down 0.4%

Shares of NYSE CARR opened at $54.38 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.68 and a current ratio of 1.00. Carrier Global Corporation has a 1 year low of $50.24 and a 1 year high of $76.76. The stock's 50-day simple moving average is $55.54 and its 200-day simple moving average is $61.60. The firm has a market cap of $44.49 billion, a price-to-earnings ratio of -24.49, a PEG ratio of 2.01 and a beta of 1.33.

Carrier Global (NYSE:CARR - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.11. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $6.09 billion. Carrier Global had a negative net margin of 7.90% and a positive return on equity of 16.99%. The business's quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 earnings per share. As a group, equities analysts anticipate that Carrier Global Corporation will post 2.85 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 18th. Investors of record on Thursday, October 29th will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, October 29th. This represents a $0.96 annualized dividend and a yield of 1.8%. Carrier Global's dividend payout ratio is -43.24%.

Carrier Global Profile

Carrier Global Corporation develops and provides heating, ventilation, air conditioning and refrigeration systems, along with related building technologies. Its products and services serve residential, commercial and industrial customers, as well as applications that require temperature-controlled transportation and storage. The company's offerings include heating and cooling equipment, building automation and energy-management solutions, and fire and security systems. Its portfolio includes brands such as Carrier, Bryant and Kidde, and it provides installation, maintenance and other services to support its equipment.

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