Royal Bank of Canada Sells 58,693 Shares of Carrier Global Corporation $CARR

Key Points

• Royal Bank of Canada has reduced its stake in Carrier Global Corporation by 1.8%, selling 58,693 shares in the 1st quarter, and now holds approximately 0.38% of the company's stock worth $208,119,000.
• Carrier Global's recent quarterly earnings report showed an EPS of $0.92, exceeding expected estimates by $0.02, and the company set its FY 2025 guidance at 3.000-3.100 EPS.
• The company declared a quarterly dividend of $0.225 per share, resulting in an annualized dividend of $0.90 and a dividend yield of 1.4%.

Royal Bank of Canada trimmed its position in Carrier Global Corporation (NYSE:CARR - Free Report) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,282,652 shares of the company's stock after selling 58,693 shares during the quarter. Royal Bank of Canada owned approximately 0.38% of Carrier Global worth $208,119,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Beck Mack & Oliver LLC increased its position in Carrier Global by 2.8% in the first quarter. Beck Mack & Oliver LLC now owns 9,379 shares of the company's stock worth $595,000 after purchasing an additional 255 shares during the period. Graham Capital Management L.P. increased its position in Carrier Global by 16.3% in the first quarter. Graham Capital Management L.P. now owns 165,826 shares of the company's stock worth $10,513,000 after purchasing an additional 23,288 shares during the period. Alamea Verwaltungs GmbH acquired a new stake in Carrier Global in the first quarter worth about $508,000. Retirement Planning Co of New England Inc. acquired a new stake in Carrier Global in the first quarter worth about $394,000. Finally, Gates Capital Management Inc. increased its position in Carrier Global by 37.3% in the first quarter. Gates Capital Management Inc. now owns 2,937,756 shares of the company's stock worth $186,254,000 after purchasing an additional 797,693 shares during the period. 91.00% of the stock is currently owned by institutional investors and hedge funds.

Carrier Global Stock Up 3.1%

Shares of NYSE CARR traded up $1.95 during mid-day trading on Friday, reaching $65.49. 5,021,790 shares of the company's stock were exchanged, compared to its average volume of 5,078,959. The firm has a market capitalization of $55.73 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 1.85 and a beta of 1.25. 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 business has a fifty day simple moving average of $70.53 and a 200 day simple moving average of $68.21. Carrier Global Corporation has a twelve month low of $54.22 and a twelve month high of $83.32.

Carrier Global (NYSE:CARR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.90 by $0.02. The business had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.08 billion. Carrier Global had a return on equity of 17.83% and a net margin of 18.33%. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. As a group, equities analysts expect that Carrier Global Corporation will post 2.99 EPS for the current fiscal year.

Carrier Global Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Barclays decreased their price objective on Carrier Global from $84.00 to $82.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. JPMorgan Chase & Co. restated a "neutral" rating and set a $79.00 target price on shares of Carrier Global in a report on Tuesday, July 15th. The Goldman Sachs Group restated a "buy" rating on shares of Carrier Global in a report on Wednesday, May 21st. Melius initiated coverage on Carrier Global in a report on Tuesday, July 1st. They set a "hold" rating and a $90.00 target price on the stock. Finally, Royal Bank Of Canada reduced their target price on Carrier Global from $89.00 to $87.00 and set an "outperform" rating on the stock in a report on Wednesday, July 30th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $84.47.

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.