Northern Trust Corp Trims Stock Position in Carrier Global Corporation $CARR

Key Points

• Northern Trust Corp reduced its investment in Carrier Global Corporation by 2.8%, now holding 8,601,017 shares worth approximately $545.30 million.
• Carrier Global reported an earnings per share (EPS) of $0.92 for the last quarter, surpassing analysts' expectations of $0.90, with revenue of $6.11 billion.
• The company declared a quarterly dividend of $0.225 per share, which translates to an annualized yield of 1.3% and a payout ratio of 19.61%.

Northern Trust Corp reduced its holdings in Carrier Global Corporation (NYSE:CARR - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 8,601,017 shares of the company's stock after selling 246,360 shares during the quarter. Northern Trust Corp owned approximately 1.00% of Carrier Global worth $545,304,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its position in Carrier Global by 17.6% in the 1st quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company's stock valued at $1,973,444,000 after acquiring an additional 4,668,929 shares during the period. Nuveen LLC bought a new stake in shares of Carrier Global in the 1st quarter valued at $649,512,000. Brown Advisory Inc. boosted its stake in shares of Carrier Global by 82.6% in the 1st quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company's stock valued at $613,330,000 after purchasing an additional 4,377,402 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Carrier Global by 15.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,930,061 shares of the company's stock valued at $473,046,000 after purchasing an additional 936,892 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Carrier Global by 2.1% in the 1st quarter. Invesco Ltd. now owns 5,165,203 shares of the company's stock valued at $327,474,000 after purchasing an additional 108,055 shares during the last quarter. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CARR has been the topic of a number of analyst reports. Robert W. Baird reduced their price objective on shares of Carrier Global from $85.00 to $84.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Barclays reduced their price objective on shares of Carrier Global from $84.00 to $82.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Royal Bank Of Canada reduced their price objective on shares of Carrier Global from $89.00 to $87.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $79.00 price objective on shares of Carrier Global in a research note on Tuesday, July 15th. 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 target price on the stock. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Carrier Global presently has a consensus rating of "Moderate Buy" and an average target price of $84.47.

Insider Buying and Selling

In related news, Director Maximilian Viessmann sold 4,267,425 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $70.30, for a total transaction 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 approximately $3,820,209,840.20. The trade was a 7.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.20% of the company's stock.

Carrier Global Stock Down 2.6%

NYSE CARR traded down $1.74 on Monday, hitting $66.01. 4,914,031 shares of the company were exchanged, compared to its average volume of 5,652,787. The company has a market cap of $56.18 billion, a PE ratio of 14.38, a PEG ratio of 1.86 and a beta of 1.25. Carrier Global Corporation has a 12 month low of $54.22 and a 12 month high of $83.32. The stock has a fifty day moving average of $71.68 and a 200-day moving average of $68.23. 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 released its quarterly earnings data on Tuesday, July 29th. The company reported $0.92 earnings per share 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 firm had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.08 billion. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. As a group, analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, July 21st were paid a $0.225 dividend. The ex-dividend date was Monday, July 21st. This represents a $0.90 annualized dividend and a dividend yield of 1.4%. Carrier Global's dividend payout ratio (DPR) is presently 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.