Drive Wealth Management LLC Invests $215,000 in Carrier Global Co. (NYSE:CARR)

Drive Wealth Management LLC bought a new position in Carrier Global Co. (NYSE:CARR) during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,674 shares of the company’s stock, valued at approximately $215,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CARR. Olistico Wealth LLC purchased a new position in shares of Carrier Global in the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. lifted its stake in Carrier Global by 675.0% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after purchasing an additional 405 shares during the last quarter. EdgeRock Capital LLC bought a new stake in Carrier Global during the 2nd quarter valued at $32,000. Hantz Financial Services Inc. bought a new stake in Carrier Global during the 2nd quarter valued at $35,000. Finally, McClarren Financial Advisors Inc. raised its holdings in Carrier Global by 246.0% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock valued at $35,000 after acquiring an additional 310 shares during the period. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Down 0.6 %

CARR opened at $74.05 on Tuesday. The business’s fifty day simple moving average is $77.79 and its 200 day simple moving average is $69.99. 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 52 week low of $51.20 and a 52 week high of $83.32. The stock has a market cap of $66.44 billion, a PE ratio of 18.75, a P/E/G ratio of 2.68 and a beta of 1.34.

Carrier Global declared that its Board of Directors has initiated a stock 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 reacquire up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Carrier Global Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 18th. Shareholders of record on Friday, October 25th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $0.76 annualized dividend and a yield of 1.03%. Carrier Global’s payout ratio is 19.24%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Barclays lowered their target price on shares of Carrier Global from $90.00 to $89.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Robert W. Baird decreased their price target on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. assumed coverage on shares of Carrier Global in a report on Thursday, October 10th. They issued a “neutral” rating and a $83.00 price target on the stock. Wolfe Research raised shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Finally, Bank of America upped their price target on shares of Carrier Global from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Seven 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 stock. According to data from MarketBeat, Carrier Global has an average rating of “Moderate Buy” and an average 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.