Cardinal Capital Management Inc. Grows Stake in Carrier Global Corporation $CARR

Cardinal Capital Management Inc. increased its holdings in shares of Carrier Global Corporation (NYSE:CARR) by 9,447.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 368,549 shares of the company’s stock after purchasing an additional 364,689 shares during the quarter. Cardinal Capital Management Inc.’s holdings in Carrier Global were worth $22,002,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. AdvisorShares Investments LLC purchased a new stake in shares of Carrier Global during the 2nd quarter worth approximately $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Carrier Global in the 2nd quarter valued at $26,000. Winnow Wealth LLC acquired a new position in Carrier Global in the second quarter valued at $26,000. Traub Capital Management LLC purchased a new stake in Carrier Global during the 2nd quarter valued at approximately $27,000. Finally, REAP Financial Group LLC purchased a new stake in shares of Carrier Global during the second quarter worth approximately $29,000. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CARR shares. Citigroup cut their price target on shares of Carrier Global from $75.00 to $71.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Barclays reduced their price objective on Carrier Global from $74.00 to $72.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 10th. Robert W. Baird set a $72.00 target price on shares of Carrier Global in a research report on Wednesday, October 29th. Oppenheimer reaffirmed a “market perform” rating on shares of Carrier Global in a research note on Wednesday, October 29th. Finally, Wolfe Research set a $74.00 target price on shares of Carrier Global in a report on Tuesday, December 9th. Nine research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $72.25.

Carrier Global Trading Down 0.7%

Shares of CARR opened at $52.59 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.14 and a quick ratio of 0.75. Carrier Global Corporation has a 12 month low of $50.30 and a 12 month high of $81.09. The stock has a market cap of $44.29 billion, a PE ratio of 11.76, a P/E/G ratio of 2.30 and a beta of 1.30. The stock’s 50-day moving average is $55.76 and its two-hundred day moving average is $63.99.

Carrier Global (NYSE:CARR) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.65 billion. Carrier Global had a net margin of 18.05% and a return on equity of 16.65%. Carrier Global’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter last year, the company earned $0.83 earnings per share. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. Equities analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current fiscal year.

Carrier Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 9th. Shareholders of record on Tuesday, January 20th will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, January 20th. This represents a $0.96 annualized dividend and a yield of 1.8%. This is a boost from Carrier Global’s previous quarterly dividend of $0.23. Carrier Global’s dividend payout ratio (DPR) is presently 21.48%.

Carrier Global announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 28th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to buy up to 10.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

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.