Carrier Global Corporation (NYSE:CARR) Shares Purchased by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its holdings in Carrier Global Corporation by 220.6%, acquiring an additional 236,990 shares, bringing its total to 344,407 shares valued at approximately $21.8 million.
• Analysts have mixed views on Carrier Global, with Barclays, Robert W. Baird, and Royal Bank of Canada reducing their price targets, while Northcoast Research upgraded the rating from "neutral" to "buy."
• Carrier Global recently declared a quarterly dividend of $0.225, representing an annualized yield of 1.4%, with an ex-dividend date of July 21.

Public Sector Pension Investment Board raised its stake in Carrier Global Corporation (NYSE:CARR - Free Report) by 220.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 344,407 shares of the company's stock after purchasing an additional 236,990 shares during the period. Public Sector Pension Investment Board's holdings in Carrier Global were worth $21,835,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CARR. AIA Group Ltd increased its holdings in Carrier Global by 9.3% during the 1st quarter. AIA Group Ltd now owns 186,373 shares of the company's stock worth $11,816,000 after purchasing an additional 15,835 shares during the last quarter. Meridian Wealth Management LLC lifted its holdings in shares of Carrier Global by 4.0% in the first quarter. Meridian Wealth Management LLC now owns 6,270 shares of the company's stock valued at $398,000 after buying an additional 240 shares during the period. Independent Advisor Alliance lifted its holdings in shares of Carrier Global by 5.2% during the first quarter. Independent Advisor Alliance now owns 11,483 shares of the company's stock valued at $728,000 after purchasing an additional 564 shares during the last quarter. Nuveen LLC purchased a new stake in Carrier Global in the 1st quarter worth about $649,512,000. Finally, Cooper Financial Group increased its position in Carrier Global by 11.2% in the 1st quarter. Cooper Financial Group now owns 3,961 shares of the company's stock worth $251,000 after purchasing an additional 400 shares during the last quarter. 91.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on CARR. Northcoast Research upgraded Carrier Global from a "neutral" rating to a "buy" rating and set a $85.00 price objective for the company in a research report on Friday, May 9th. Melius Research upgraded Carrier Global to a "hold" rating and set a $90.00 target price on the stock in a report on Tuesday, July 1st. Mizuho set a $72.00 target price on Carrier Global in a research report on Tuesday, April 22nd. Morgan Stanley lowered their price target on Carrier Global from $78.00 to $75.00 and set an "equal weight" rating on the stock in a research report on Friday, August 8th. Finally, Melius assumed coverage on Carrier Global in a research note on Tuesday, July 1st. They issued a "hold" rating and a $90.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.47.

Insider Activity

In other news, Director Maximilian Viessmann sold 4,267,425 shares of the stock in a transaction dated 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 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 through this hyperlink. Insiders own 7.20% of the company's stock.

Carrier Global Stock Performance

NYSE CARR traded down $0.32 on Friday, reaching $65.44. 2,968,204 shares of the company's stock traded hands, compared to its average volume of 5,259,797. The firm has a market cap of $55.69 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 1.81 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. The stock has a 50 day moving average price of $72.32 and a 200-day moving average price of $68.11. Carrier Global Corporation has a fifty-two week low of $54.22 and a fifty-two week high of $83.32.

Carrier Global (NYSE:CARR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.02. The firm had revenue of $6.11 billion for the quarter, compared to the consensus estimate of $6.08 billion. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. Equities research analysts predict that Carrier Global Corporation will post 2.99 EPS for the current fiscal year.

Carrier Global Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, July 21st were issued 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 is presently 19.61%.

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.