Carrier Global Co. (NYSE:CARR) Short Interest Up 5.8% in November

Carrier Global Co. (NYSE:CARR) saw a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 10,760,000 shares, a growth of 5.8% from the October 31st total of 10,170,000 shares. Based on an average trading volume of 4,050,000 shares, the short-interest ratio is presently 2.7 days. Approximately 1.3% of the shares of the stock are short sold.

Institutional Trading of Carrier Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. grew its stake in shares of Carrier Global by 1.2% during the 3rd quarter. Franklin Resources Inc. now owns 224,323 shares of the company’s stock worth $18,545,000 after acquiring an additional 2,596 shares in the last quarter. Peapack Gladstone Financial Corp increased its stake in Carrier Global by 1.4% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 176,984 shares of the company’s stock valued at $14,246,000 after buying an additional 2,397 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its position in Carrier Global by 280.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 34,717 shares of the company’s stock worth $2,794,000 after buying an additional 25,594 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in shares of Carrier Global by 0.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 70,379 shares of the company’s stock worth $5,419,000 after buying an additional 237 shares during the last quarter. Finally, Anchor Investment Management LLC grew its holdings in shares of Carrier Global by 6.6% in the 3rd quarter. Anchor Investment Management LLC now owns 5,745 shares of the company’s stock valued at $462,000 after acquiring an additional 355 shares in the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

Carrier Global Trading Down 0.3 %

NYSE CARR opened at $75.37 on Thursday. Carrier Global has a one year low of $52.44 and a one year high of $83.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82. The firm has a market cap of $67.62 billion, a P/E ratio of 19.08, a P/E/G ratio of 2.82 and a beta of 1.33. The stock’s 50-day moving average is $77.47 and its 200-day moving average is $70.93.

Carrier Global announced that its Board of Directors has approved a share repurchase program on Thursday, October 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, October 25th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is presently 19.24%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CARR. Mizuho raised their price target on Carrier Global from $65.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Morgan Stanley assumed coverage on shares of Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 price target on the stock. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Wednesday, November 13th. Finally, Oppenheimer boosted their price objective on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.31.

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.