Carrier Global Corporation $CARR Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its holdings in shares of Carrier Global Corporation (NYSE:CARR) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 980,411 shares of the company’s stock after selling 33,084 shares during the period. PNC Financial Services Group Inc.’s holdings in Carrier Global were worth $71,756,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AdvisorShares Investments LLC acquired a new stake in Carrier Global during the 2nd quarter worth about $25,000. REAP Financial Group LLC acquired a new stake in Carrier Global during the second quarter worth about $29,000. Accredited Wealth Management LLC acquired a new stake in Carrier Global during the first quarter worth about $28,000. Westside Investment Management Inc. raised its position in Carrier Global by 387.0% during the second quarter. Westside Investment Management Inc. now owns 487 shares of the company’s stock valued at $36,000 after acquiring an additional 387 shares in the last quarter. Finally, NewSquare Capital LLC lifted its holdings in Carrier Global by 41.1% in the second quarter. NewSquare Capital LLC now owns 597 shares of the company’s stock valued at $44,000 after acquiring an additional 174 shares during the period. Institutional investors and hedge funds own 91.00% of the company’s stock.

Analyst Ratings Changes

CARR has been the topic of a number of analyst reports. The Goldman Sachs Group dropped their price objective on shares of Carrier Global from $76.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Jefferies Financial Group reissued a “buy” rating on shares of Carrier Global in a report on Thursday, September 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Carrier Global in a report on Wednesday, October 8th. Morgan Stanley decreased their price objective on shares of Carrier Global from $75.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th. Finally, Wells Fargo & Company lowered their target price on shares of Carrier Global from $65.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 29th. Ten analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $72.94.

Carrier Global Stock Down 1.9%

Shares of CARR opened at $55.89 on Thursday. The stock has a 50 day moving average price of $59.24 and a 200 day moving average price of $66.85. Carrier Global Corporation has a one year low of $54.22 and a one year 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 stock has a market capitalization of $47.07 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 2.38 and a beta of 1.30.

Carrier Global (NYSE:CARR) last announced its earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share (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 company had revenue of $5.58 billion for the quarter, compared to analysts’ expectations of $5.65 billion. During the same quarter in the previous year, the company posted $0.83 EPS. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. Equities research analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 18th. Investors of record on Wednesday, October 29th will be given a dividend of $0.225 per share. The ex-dividend date is Wednesday, October 29th. This represents a $0.90 dividend on an annualized basis and a yield of 1.6%. Carrier Global’s payout ratio is presently 20.13%.

Carrier Global declared that its board has authorized a share buyback program on Tuesday, October 28th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is 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.