Ferguson Wellman Capital Management Inc. Reduces Position in Carrier Global Co. (NYSE:CARR)

Ferguson Wellman Capital Management Inc. decreased its holdings in Carrier Global Co. (NYSE:CARR) by 2.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 73,695 shares of the company’s stock after selling 2,201 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Carrier Global were worth $5,932,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV lifted its holdings in shares of Carrier Global by 1.4% during the 3rd quarter. KBC Group NV now owns 174,813 shares of the company’s stock valued at $14,071,000 after buying an additional 2,360 shares during the period. Huntington National Bank increased its position in Carrier Global by 2.8% during the third quarter. Huntington National Bank now owns 55,783 shares of the company’s stock valued at $4,490,000 after acquiring an additional 1,494 shares during the last quarter. Main Street Financial Solutions LLC bought a new position in Carrier Global in the third quarter valued at about $251,000. Kovack Advisors Inc. purchased a new position in Carrier Global in the third quarter worth about $230,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Carrier Global during the 3rd quarter valued at about $200,000. Institutional investors own 91.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price objective on the stock in a research note on Wednesday. Barclays dropped their price target on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Robert W. Baird decreased their target price on Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Wells Fargo & Company lowered their target price on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Friday, October 25th. Finally, Royal Bank of Canada reduced their price target on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.31.

Carrier Global Price Performance

CARR stock traded down $0.50 during midday trading on Thursday, hitting $75.90. The company’s stock had a trading volume of 177,055 shares, compared to its average volume of 4,150,749. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.69. Carrier Global Co. has a 12 month low of $51.20 and a 12 month high of $83.32. The company has a 50 day moving average of $77.51 and a two-hundred day moving average of $69.66. The firm has a market capitalization of $68.10 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 2.71 and a beta of 1.34.

Carrier Global announced that its board has approved a share repurchase program on Thursday, October 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Carrier Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be paid a dividend of $0.19 per share. The ex-dividend date is Friday, October 25th. This represents a $0.76 annualized dividend and a yield of 1.00%. Carrier Global’s payout ratio is 19.24%.

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.