Avanza Fonder AB Invests $5.22 Million in Carrier Global Co. (NYSE:CARR)

Avanza Fonder AB purchased a new position in shares of Carrier Global Co. (NYSE:CARR) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 76,461 shares of the company’s stock, valued at approximately $5,219,000.

Several other institutional investors have also modified their holdings of the business. FSM Wealth Advisors LLC lifted its stake in Carrier Global by 2.2% in the third quarter. FSM Wealth Advisors LLC now owns 6,373 shares of the company’s stock valued at $513,000 after buying an additional 136 shares in the last quarter. Meridian Wealth Management LLC raised its stake in shares of Carrier Global by 2.3% in the 3rd quarter. Meridian Wealth Management LLC now owns 6,030 shares of the company’s stock valued at $485,000 after purchasing an additional 137 shares during the period. Essex Savings Bank boosted its position in shares of Carrier Global by 2.2% during the third quarter. Essex Savings Bank now owns 6,608 shares of the company’s stock worth $532,000 after buying an additional 144 shares during the period. Boston Financial Mangement LLC grew its holdings in shares of Carrier Global by 1.7% during the third quarter. Boston Financial Mangement LLC now owns 9,208 shares of the company’s stock worth $741,000 after buying an additional 150 shares in the last quarter. Finally, Sittner & Nelson LLC lifted its stake in Carrier Global by 4.9% in the 3rd quarter. Sittner & Nelson LLC now owns 3,187 shares of the company’s stock valued at $257,000 after acquiring an additional 150 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

Carrier Global Price Performance

Carrier Global stock opened at $70.49 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. Carrier Global Co. has a 52 week low of $53.13 and a 52 week high of $83.32. The stock has a market capitalization of $63.24 billion, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 2.03 and a beta of 1.36. The stock has a fifty day moving average of $72.21 and a 200-day moving average of $72.14.

Carrier Global announced that its Board of Directors has approved a stock buyback plan on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Carrier Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, December 20th will be issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend is Friday, December 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio (DPR) is 22.78%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Citigroup lowered their price objective on shares of Carrier Global from $94.00 to $90.00 and set a “buy” rating on the stock in a report on Monday. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Wednesday, November 13th. Barclays lowered their target price on Carrier Global from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Robert W. Baird decreased their price target on Carrier Global from $88.00 to $86.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Oppenheimer upped their price objective on Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Carrier Global Company 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.