J. Safra Sarasin Holding AG Trims Stock Holdings in Carrier Global Corporation (NYSE:CARR)

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Carrier Global Corporation by 5.5%, ending with 385,114 shares valued at approximately $24.4 million.
• Research analysts have given Carrier Global a consensus rating of "Moderate Buy", with an average price target of $84.47 based on recent evaluations.
• Carrier Global's recent quarterly earnings surpassed expectations, reporting $0.92 earnings per share and $6.11 billion in revenue.

J. Safra Sarasin Holding AG reduced its position in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 385,114 shares of the company's stock after selling 22,298 shares during the period. J. Safra Sarasin Holding AG's holdings in Carrier Global were worth $24,416,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of CARR. Golden State Wealth Management LLC lifted its position in shares of Carrier Global by 51.8% in the first quarter. Golden State Wealth Management LLC now owns 1,389 shares of the company's stock valued at $88,000 after acquiring an additional 474 shares in the last quarter. Bessemer Group Inc. increased its stake in Carrier Global by 15.7% during the 1st quarter. Bessemer Group Inc. now owns 28,768 shares of the company's stock worth $1,823,000 after buying an additional 3,900 shares during the period. Ensign Peak Advisors Inc increased its holdings in Carrier Global by 27.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 1,314,180 shares of the company's stock worth $89,706,000 after purchasing an additional 285,803 shares during the last quarter. Sowell Financial Services LLC acquired a new position in Carrier Global in the first quarter worth about $234,000. Finally, Ritholtz Wealth Management grew its position in shares of Carrier Global by 34.0% during the 1st quarter. Ritholtz Wealth Management now owns 3,968 shares of the company's stock valued at $252,000 after buying an additional 1,007 shares during the last quarter. Institutional investors and hedge funds own 91.00% of the company's stock.

Insider Activity at Carrier Global

In related news, Director Maximilian Viessmann sold 4,267,425 shares of the 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 transaction, the director owned 54,341,534 shares of the company's stock, valued at $3,820,209,840.20. This represents a 7.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.20% of the company's stock.

Carrier Global Stock Performance

Shares of NYSE:CARR traded down $0.29 on Wednesday, hitting $66.10. The company had a trading volume of 3,500,290 shares, compared to its average volume of 5,337,842. The stock has a market cap of $56.25 billion, a price-to-earnings ratio of 14.40, a P/E/G ratio of 1.83 and a beta of 1.25. The stock has a 50 day moving average price of $73.14 and a 200 day moving average price of $68.28. Carrier Global Corporation has a 1-year low of $54.22 and a 1-year high of $83.32. The company has a current ratio of 1.17, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76.

Carrier Global (NYSE:CARR - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.90 by $0.02. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. The company had revenue of $6.11 billion during the quarter, compared to analysts' expectations of $6.08 billion. Analysts expect that Carrier Global Corporation will post 2.99 EPS for the current year.

Carrier Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, July 21st will be issued a dividend of $0.225 per share. The ex-dividend date of this dividend is 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 19.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CARR shares. Northcoast Research raised Carrier Global from a "neutral" rating to a "buy" rating and set a $85.00 price objective on the stock in a research note on Friday, May 9th. The Goldman Sachs Group reissued a "buy" rating on shares of Carrier Global in a research note on Wednesday, May 21st. Wells Fargo & Company increased their price target on Carrier Global from $65.00 to $75.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. 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. Finally, Mizuho set a $72.00 price objective on shares of Carrier Global in a research note on Tuesday, April 22nd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $84.47.

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.