Nuveen LLC Invests $649.51 Million in Carrier Global Corporation (NYSE:CARR)

Key Points

• Nuveen LLC has acquired approximately 10.2 million shares of Carrier Global Corporation, valued at about $649.5 million, representing a 1.19% ownership stake in the company.
• Carrier Global reported $0.92 earnings per share for its latest quarter, exceeding analysts' estimates, while also declaring a quarterly dividend of $0.225 per share.
• The stock is currently rated as a "Moderate Buy" by analysts, with a consensus price target of $84.47, and has seen significant insider trading activity.

Nuveen LLC acquired a new stake in Carrier Global Corporation (NYSE:CARR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 10,244,666 shares of the company's stock, valued at approximately $649,512,000. Nuveen LLC owned about 1.19% of Carrier Global at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CARR. Syon Capital LLC boosted its stake in Carrier Global by 2.2% in the 4th quarter. Syon Capital LLC now owns 7,089 shares of the company's stock worth $484,000 after buying an additional 155 shares during the last quarter. Lindbrook Capital LLC boosted its stake in Carrier Global by 1.3% in the 1st quarter. Lindbrook Capital LLC now owns 12,294 shares of the company's stock worth $779,000 after buying an additional 156 shares during the last quarter. Code Waechter LLC boosted its stake in Carrier Global by 5.1% in the 1st quarter. Code Waechter LLC now owns 3,383 shares of the company's stock worth $214,000 after buying an additional 164 shares during the last quarter. Chicago Partners Investment Group LLC boosted its stake in Carrier Global by 2.9% in the 1st quarter. Chicago Partners Investment Group LLC now owns 6,055 shares of the company's stock worth $424,000 after buying an additional 168 shares during the last quarter. Finally, Essex Financial Services Inc. boosted its stake in Carrier Global by 0.4% in the 1st quarter. Essex Financial Services Inc. now owns 41,778 shares of the company's stock worth $2,649,000 after buying an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 91.00% of the company's stock.

Insiders Place Their Bets

In other Carrier Global news, Director Maximilian Viessmann sold 4,267,425 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $70.30, for a total transaction of $299,999,977.50. Following the completion of the sale, the director owned 54,341,534 shares in the company, valued at $3,820,209,840.20. This trade represents a 7.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.20% of the stock is currently owned by company insiders.

Carrier Global Stock Down 1.9%

Shares of NYSE:CARR traded down $1.26 during mid-day trading on Thursday, hitting $65.79. 3,743,222 shares of the company traded hands, compared to its average volume of 5,211,538. The firm has a market cap of $55.99 billion, a P/E ratio of 14.33, a PEG ratio of 1.84 and a beta of 1.25. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 1.17. Carrier Global Corporation has a 52-week low of $54.22 and a 52-week high of $83.32. The firm's 50 day simple moving average is $72.43 and its 200 day simple moving average is $68.12.

Carrier Global (NYSE:CARR - Get Free Report) last issued 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 return on equity of 17.83% and a net margin of 18.33%. The firm had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.08 billion. On average, equities analysts anticipate that Carrier Global Corporation will post 2.99 EPS for the current year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Monday, July 21st were paid a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, July 21st. Carrier Global's dividend payout ratio (DPR) is 19.61%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $79.00 price target on shares of Carrier Global in a research note on Tuesday, July 15th. Melius started coverage on Carrier Global in a report on Tuesday, July 1st. They issued a "hold" rating and a $90.00 price objective on the stock. Melius Research upgraded Carrier Global to a "hold" rating and set a $90.00 price objective on the stock in a report on Tuesday, July 1st. Citigroup restated a "buy" rating and issued a $89.00 price objective (up from $82.00) on shares of Carrier Global in a report on Monday, July 14th. Finally, Robert W. Baird cut their price objective on Carrier Global from $85.00 to $84.00 and set an "outperform" rating on the stock in a report on Wednesday, July 30th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $84.47.

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.