Gulf International Bank UK Ltd Sells 17,431 Shares of Carrier Global Corporation (NYSE:CARR)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Carrier Global Corporation by 26.7% in the 1st quarter, selling 17,431 shares, leaving them with a holding worth $3,034,000.
• Several institutional investors increased their stakes in Carrier Global, with Nuveen LLC purchasing a new stake valued at approximately $649,512,000.
• Carrier Global's stock has a current consensus rating of "Moderate Buy" with an average target price of $84.47, after various analysts adjusted their price targets.

Gulf International Bank UK Ltd reduced its holdings in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 26.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,862 shares of the company's stock after selling 17,431 shares during the period. Gulf International Bank UK Ltd's holdings in Carrier Global were worth $3,034,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Syon Capital LLC grew its holdings in shares of Carrier Global by 2.2% in the fourth quarter. Syon Capital LLC now owns 7,089 shares of the company's stock worth $484,000 after purchasing an additional 155 shares during the last quarter. Lindbrook Capital LLC grew its holdings in shares of Carrier Global by 1.3% in the first quarter. Lindbrook Capital LLC now owns 12,294 shares of the company's stock worth $779,000 after purchasing an additional 156 shares during the last quarter. Code Waechter LLC grew its holdings in shares of Carrier Global by 5.1% in the first quarter. Code Waechter LLC now owns 3,383 shares of the company's stock worth $214,000 after purchasing an additional 164 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of Carrier Global by 2.9% in the first quarter. Chicago Partners Investment Group LLC now owns 6,055 shares of the company's stock worth $424,000 after purchasing an additional 168 shares during the last quarter. Finally, Essex Financial Services Inc. grew its holdings in shares of 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 last quarter. 91.00% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Maximilian Viessmann sold 4,267,425 shares of Carrier Global stock in a transaction dated Thursday, June 5th. The stock was 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 approximately $3,820,209,840.20. This trade represents a 7.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CARR has been the topic of several recent analyst reports. JPMorgan Chase & Co. restated a "neutral" rating and issued a $79.00 target price on shares of Carrier Global in a report on Tuesday, July 15th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Carrier Global in a research note on Wednesday, May 21st. Royal Bank Of Canada dropped their price target on Carrier Global from $89.00 to $87.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Wells Fargo & Company raised their price target 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. Finally, Citigroup reaffirmed a "buy" rating and issued a $89.00 price target (up previously from $82.00) on shares of Carrier Global in a research note on Monday, July 14th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $84.47.

Carrier Global Stock Down 0.5%

Shares of CARR traded down $0.32 during trading hours on Friday, hitting $65.44. The company had a trading volume of 2,968,204 shares, compared to its average volume of 5,259,797. The firm has a fifty day moving average price of $72.32 and a 200-day moving average price of $68.13. 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 stock has a market capitalization of $55.69 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 1.80 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 posted 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 firm 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%. On average, equities research analysts forecast that Carrier Global Corporation will post 2.99 EPS for the current fiscal 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 given a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, July 21st. 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.