PNC Financial Services Group Inc. Sells 10,910 Shares of Carrier Global Corporation (NYSE:CARR)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Carrier Global Corporation by 1.1%, owning approximately 1,013,495 shares valued at $64.26 million as of its latest SEC filing.
• Director Maximilian Viessmann sold over 4.26 million shares of Carrier Global, decreasing their ownership by 7.28% and retaining shares valued at approximately $3.82 billion.
• Carrier Global announced a quarterly dividend of $0.225 per share, scheduled for payment on August 8, contributing to an annualized yield of 1.3%.

PNC Financial Services Group Inc. lowered its position in Carrier Global Corporation (NYSE:CARR - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,013,495 shares of the company's stock after selling 10,910 shares during the period. PNC Financial Services Group Inc. owned approximately 0.12% of Carrier Global worth $64,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its position in Carrier Global by 30.3% during the 4th quarter. Brighton Jones LLC now owns 7,958 shares of the company's stock worth $543,000 after acquiring an additional 1,850 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Carrier Global by 303.1% in the fourth quarter. Wellington Management Group LLP now owns 181,661 shares of the company's stock valued at $12,400,000 after purchasing an additional 136,597 shares during the period. World Investment Advisors acquired a new position in shares of Carrier Global during the fourth quarter valued at approximately $272,000. Resona Asset Management Co. Ltd. acquired a new position in Carrier Global during the fourth quarter worth about $16,667,000. Finally, Envestnet Asset Management Inc. grew its position in Carrier Global by 5.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,346,428 shares of the company's stock worth $160,167,000 after buying an additional 126,318 shares during the last quarter. Institutional investors own 91.00% of the company's stock.

Analyst Upgrades and Downgrades

CARR has been the topic of several analyst reports. Barclays lowered their target price on shares of Carrier Global from $84.00 to $82.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Mizuho set a $72.00 price target on shares of Carrier Global in a report on Tuesday, April 22nd. Royal Bank Of Canada reduced their price objective on shares of Carrier Global from $89.00 to $87.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Citigroup restated a "buy" rating and set a $89.00 price objective (up from $82.00) on shares of Carrier Global in a research report on Monday, July 14th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $79.00 price target on shares of Carrier Global in a research note on Tuesday, July 15th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $84.47.

Carrier Global Stock Performance

Shares of NYSE:CARR traded up $0.29 on Thursday, hitting $66.40. 3,847,806 shares of the company were exchanged, compared to its average volume of 5,325,067. 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. The firm has a market capitalization of $56.51 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.82 and a beta of 1.25. The stock's 50 day moving average price is $73.04 and its 200 day moving average price is $68.27.

Carrier Global (NYSE:CARR - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.92 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $6.08 billion. Sell-side analysts predict that Carrier Global Corporation will post 2.99 EPS for the current year.

Carrier Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Monday, July 21st will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, July 21st. Carrier Global's payout ratio is presently 19.61%.

Insiders Place Their Bets

In related news, Director Maximilian Viessmann sold 4,267,425 shares of Carrier Global stock in a transaction 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 7.20% of the company's stock.

Carrier Global 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.