Bank of New York Mellon Corp Has $402.38 Million Stake in Carrier Global Corporation $CARR

Bank of New York Mellon Corp boosted its position in shares of Carrier Global Corporation (NYSE:CARR) by 29.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,740,099 shares of the company’s stock after purchasing an additional 1,525,266 shares during the period. Bank of New York Mellon Corp owned 0.80% of Carrier Global worth $402,384,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Spirepoint Private Client LLC lifted its holdings in shares of Carrier Global by 547.7% during the 3rd quarter. Spirepoint Private Client LLC now owns 60,694 shares of the company’s stock worth $3,623,000 after acquiring an additional 51,324 shares during the period. Foster Victor Wealth Advisors LLC raised its position in Carrier Global by 24.1% in the third quarter. Foster Victor Wealth Advisors LLC now owns 216,777 shares of the company’s stock worth $12,931,000 after purchasing an additional 42,161 shares in the last quarter. Oak Thistle LLC bought a new position in Carrier Global during the third quarter worth about $1,986,000. Triasima Portfolio Management inc. acquired a new stake in Carrier Global during the second quarter valued at approximately $1,421,000. Finally, Brookstone Capital Management grew its stake in shares of Carrier Global by 220.8% in the 3rd quarter. Brookstone Capital Management now owns 51,852 shares of the company’s stock valued at $3,096,000 after purchasing an additional 35,691 shares during the period. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Up 3.1%

Shares of NYSE:CARR opened at $59.68 on Friday. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76. The firm has a market cap of $50.26 billion, a P/E ratio of 13.35, a P/E/G ratio of 2.33 and a beta of 1.31. Carrier Global Corporation has a 12 month low of $50.24 and a 12 month high of $81.09. The company’s 50-day moving average price is $54.43 and its two-hundred day moving average price is $60.03.

Carrier Global (NYSE:CARR) last announced its earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. Carrier Global had a net margin of 18.05% and a return on equity of 16.65%. The company had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.65 billion. During the same period in the previous year, the firm posted $0.83 earnings per share. The company’s revenue was down 6.8% on a year-over-year basis. As a group, research analysts forecast that Carrier Global Corporation will post 2.99 EPS for the current fiscal year.

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 9th. Stockholders of record on Tuesday, January 20th will be paid a $0.24 dividend. This is an increase from Carrier Global’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $0.96 annualized dividend and a dividend yield of 1.6%. Carrier Global’s payout ratio is 21.48%.

Carrier Global declared that its board has initiated a stock repurchase plan on Tuesday, October 28th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 10.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently commented on CARR shares. Royal Bank Of Canada cut their target price on Carrier Global from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, December 5th. Wolfe Research cut their price objective on Carrier Global from $74.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, January 15th. Mizuho lowered their target price on shares of Carrier Global from $75.00 to $67.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Barclays dropped their target price on shares of Carrier Global from $74.00 to $72.00 and set an “overweight” rating for the company in a research report on Wednesday, December 10th. Finally, Oppenheimer restated a “market perform” rating on shares of Carrier Global in a research report on Wednesday, October 29th. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $69.06.

Carrier Global 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.