Allstate Corp Buys New Stake in Carrier Global Corporation $CARR

Allstate Corp bought a new position in shares of Carrier Global Corporation (NYSE:CARR) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 26,831 shares of the company’s stock, valued at approximately $1,602,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. AdvisorShares Investments LLC purchased a new stake in Carrier Global during the 2nd quarter valued at approximately $25,000. Winnow Wealth LLC purchased a new position in Carrier Global during the second quarter worth about $26,000. Twin Peaks Wealth Advisors LLC acquired a new position in Carrier Global during the second quarter worth $26,000. Clayton Financial Group LLC purchased a new position in shares of Carrier Global in the 3rd quarter valued at about $26,000. Finally, Traub Capital Management LLC acquired a new stake in shares of Carrier Global in the second quarter valued at about $27,000. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Stock Performance

Shares of CARR opened at $55.17 on Wednesday. The business’s 50 day moving average is $53.77 and its two-hundred day moving average is $60.69. The firm has a market cap of $46.46 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 2.24 and a beta of 1.31. Carrier Global Corporation has a 52-week low of $50.24 and a 52-week high of $81.09. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76.

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

Carrier Global announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 28th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 10.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Carrier Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 9th. Stockholders of record on Tuesday, January 20th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, January 20th. This is a positive change from Carrier Global’s previous quarterly dividend of $0.23. Carrier Global’s payout ratio is currently 20.13%.

Analysts Set New Price Targets

Several brokerages have weighed in on CARR. Barclays lowered their target price on shares of 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 note on Wednesday, October 29th. Wolfe Research decreased their price target on shares of Carrier Global from $74.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, January 15th. Royal Bank Of Canada decreased their price objective on Carrier Global from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, December 5th. Finally, Oppenheimer restated a “market perform” rating on shares of Carrier Global in a report on Wednesday, October 29th. Ten research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $71.00.

Carrier Global Company Profile

Carrier Global Corporation is a leading global provider of heating, ventilation and air conditioning (HVAC), refrigeration, fire and security, and building automation solutions. The company designs, manufactures and sells a broad portfolio of products that includes air conditioners, furnaces, heat pumps, chillers, rooftop units, commercial refrigeration systems, fire and smoke detection and suppression systems, security sensors and access controls, and a range of building controls and analytics software.