Cullen Frost Bankers Inc. Boosts Position in Carrier Global Corporation $CARR

Cullen Frost Bankers Inc. increased its holdings in Carrier Global Corporation (NYSE:CARR) by 6.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 217,768 shares of the company’s stock after acquiring an additional 12,614 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Carrier Global were worth $13,001,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Carrier Global by 6.8% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 43,007 shares of the company’s stock valued at $2,565,000 after purchasing an additional 2,744 shares in the last quarter. Sawgrass Asset Management LLC raised its stake in Carrier Global by 3.1% in the third quarter. Sawgrass Asset Management LLC now owns 12,000 shares of the company’s stock worth $716,000 after buying an additional 356 shares in the last quarter. Sagespring Wealth Partners LLC lifted its holdings in Carrier Global by 2.1% in the third quarter. Sagespring Wealth Partners LLC now owns 10,853 shares of the company’s stock worth $648,000 after buying an additional 226 shares during the period. Stoneridge Investment Partners LLC bought a new stake in Carrier Global during the 3rd quarter valued at approximately $1,098,000. Finally, Kanawha Capital Management LLC boosted its position in Carrier Global by 2.5% during the 3rd quarter. Kanawha Capital Management LLC now owns 132,002 shares of the company’s stock valued at $7,880,000 after acquiring an additional 3,220 shares in the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Trading Down 0.2%

Shares of NYSE CARR opened at $57.32 on Monday. The firm’s 50 day moving average price is $53.92 and its 200-day moving average price is $60.32. Carrier Global Corporation has a 52-week low of $50.24 and a 52-week high of $81.09. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 1.14. The company has a market cap of $48.27 billion, a PE ratio of 12.82, a P/E/G ratio of 2.30 and a beta of 1.31.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share 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%. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 earnings per share. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. On average, equities research analysts expect that Carrier Global Corporation will post 2.99 EPS for the current fiscal year.

Carrier Global declared that its Board of Directors has authorized a share buyback program on Tuesday, October 28th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 9th. Stockholders of record on Tuesday, January 20th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, January 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.7%. Carrier Global’s dividend payout ratio is currently 21.48%.

Analyst Ratings Changes

A number of research firms have recently commented on CARR. Barclays lowered their target price on Carrier Global from $74.00 to $72.00 and set an “overweight” rating for the company in a research note on Wednesday, December 10th. The Goldman Sachs Group decreased their price objective on Carrier Global from $72.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, December 16th. Robert W. Baird set a $72.00 target price on shares of Carrier Global in a report on Wednesday, October 29th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Carrier Global from $70.00 to $64.00 and set a “hold” rating on the stock in a research report on Wednesday, October 29th. Finally, UBS Group decreased their price target on shares of Carrier Global from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, January 5th. Ten investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.44.

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.