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

Several other institutional investors also recently modified their holdings of the business. Ritter Daniher Financial Advisory LLC DE boosted its position in Carrier Global by 90.0% during the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 380 shares of the company's stock valued at $26,000 after acquiring an additional 180 shares during the last quarter. Park Square Financial Group LLC bought a new position in shares of Carrier Global during the 4th quarter worth about $28,000. Investment Research & Advisory Group Inc. bought a new position in shares of Carrier Global during the 1st quarter worth about $29,000. Mattson Financial Services LLC bought a new position in shares of Carrier Global during the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Carrier Global during the 4th quarter worth about $35,000. Institutional investors own 91.00% of the company's stock.

Analysts Set New Price Targets

CARR has been the topic of a number of research analyst reports. The Goldman Sachs Group reissued a "buy" rating on shares of Carrier Global in a research report on Wednesday, May 21st. Royal Bank Of Canada cut 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 report on Wednesday, July 30th. Robert W. Baird cut 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 report on Wednesday, July 30th. Mizuho set a $72.00 price objective on shares of Carrier Global in a research report on Tuesday, April 22nd. Finally, 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 report on Wednesday, July 30th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $84.47.

Insider Activity

In other news, Director Maximilian Viessmann sold 4,267,425 shares of the firm'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 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 SEC, which is available at this hyperlink. 7.20% of the stock is currently owned by insiders.

Carrier Global Stock Down 0.3%

NYSE:CARR traded down $0.17 on Tuesday, hitting $66.37. The stock had a trading volume of 3,658,898 shares, compared to its average volume of 5,190,116. 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 cap of $56.48 billion, a P/E ratio of 14.46, a price-to-earnings-growth ratio of 1.83 and a beta of 1.25. Carrier Global Corporation has a 1 year low of $54.22 and a 1 year high of $83.32. The firm's fifty day simple moving average is $73.26 and its two-hundred day simple moving average is $68.30.

Carrier Global (NYSE:CARR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.92 EPS for the quarter, beating 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 firm had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.08 billion. Analysts predict that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global Dividend Announcement

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