State of Michigan Retirement System Sells 7,300 Shares of Carrier Global Corporation (NYSE:CARR)

State of Michigan Retirement System trimmed its holdings in shares of Carrier Global Corporation (NYSE:CARR - Free Report) by 3.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 219,125 shares of the company's stock after selling 7,300 shares during the quarter. State of Michigan Retirement System's holdings in Carrier Global were worth $13,893,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Carrier Global in the 4th quarter worth approximately $588,029,000. Brown Advisory Inc. lifted its position in shares of Carrier Global by 82.6% in the 1st quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company's stock worth $613,330,000 after purchasing an additional 4,377,402 shares during the period. Artisan Partners Limited Partnership acquired a new position in shares of Carrier Global in the 4th quarter worth approximately $166,061,000. Invesco Ltd. lifted its position in shares of Carrier Global by 40.3% during the 4th quarter. Invesco Ltd. now owns 5,057,148 shares of the company's stock valued at $345,201,000 after acquiring an additional 1,453,247 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Carrier Global by 16.7% during the 4th quarter. Northern Trust Corp now owns 8,847,377 shares of the company's stock valued at $603,922,000 after acquiring an additional 1,266,137 shares during the period. 91.00% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Carrier Global 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 transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 7.20% of the company's stock.

Carrier Global Stock Down 0.1%

Shares of NYSE CARR traded down $0.06 during trading on Friday, hitting $76.71. The stock had a trading volume of 3,805,081 shares, compared to its average volume of 4,694,750. Carrier Global Corporation has a 12 month low of $54.22 and a 12 month high of $83.32. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.20 and a quick ratio of 0.83. The company has a market capitalization of $65.76 billion, a PE ratio of 11.87, a PEG ratio of 2.09 and a beta of 1.31. The firm has a fifty day moving average of $72.55 and a two-hundred day moving average of $67.62.

Carrier Global (NYSE:CARR - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.07. The firm had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.17 billion. Carrier Global had a net margin of 25.45% and a return on equity of 18.10%. The business's revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.51 EPS. As a group, equities research analysts forecast that Carrier Global Corporation will post 2.99 EPS for the current fiscal year.

Carrier Global Dividend Announcement

The business 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. The ex-dividend date is Monday, July 21st. This represents a $0.90 annualized dividend and a yield of 1.17%. Carrier Global's payout ratio is currently 13.93%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Carrier Global from $66.00 to $79.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Robert W. Baird boosted their target price on shares of Carrier Global from $80.00 to $88.00 and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Northcoast Research upgraded shares of Carrier Global from a "neutral" rating to a "buy" rating and set a $85.00 target price on the stock in a research report on Friday, May 9th. Melius assumed coverage on shares of Carrier Global in a research report on Tuesday, July 1st. They set a "hold" rating and a $90.00 target price on the stock. Finally, Wells Fargo & Company boosted their target price on shares of Carrier Global from $65.00 to $75.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $83.82.

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.