J. Safra Sarasin Holding AG Reduces Stock Position in Carrier Global Corporation $CARR

J. Safra Sarasin Holding AG trimmed its stake in shares of Carrier Global Corporation (NYSE:CARR) by 92.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,678 shares of the company’s stock after selling 332,905 shares during the period. J. Safra Sarasin Holding AG’s holdings in Carrier Global were worth $1,593,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CARR. AdvisorShares Investments LLC purchased a new stake in Carrier Global in the second quarter worth approximately $25,000. Winnow Wealth LLC bought a new position in shares of Carrier Global during the 2nd quarter valued at $26,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Carrier Global in the 2nd quarter worth $26,000. Clayton Financial Group LLC bought a new stake in shares of Carrier Global in the third quarter worth $26,000. Finally, Traub Capital Management LLC bought a new stake in shares of Carrier Global in the second quarter worth $27,000. Institutional investors own 91.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Citigroup lowered their target price on Carrier Global from $71.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, January 12th. Morgan Stanley set a $55.00 price objective on shares of Carrier Global in a research note on Thursday, January 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Carrier Global in a report on Monday, December 29th. Mizuho reduced their target price on shares of Carrier Global from $75.00 to $67.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Finally, Royal Bank Of Canada decreased their price target on shares of Carrier Global from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Friday, December 5th. Ten investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.06.

Carrier Global Trading Up 1.6%

Carrier Global stock opened at $58.00 on Thursday. Carrier Global Corporation has a 12-month low of $50.24 and a 12-month high of $81.09. The firm has a market capitalization of $48.85 billion, a price-to-earnings ratio of 12.98, a P/E/G ratio of 2.29 and a beta of 1.31. The firm has a 50 day moving average of $54.24 and a 200 day moving average of $60.03. The company has a current ratio of 1.14, a quick ratio of 0.75 and a debt-to-equity ratio of 0.76.

Carrier Global (NYSE:CARR) last posted its quarterly 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. The business had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.65 billion. Carrier Global had a net margin of 18.05% and a return on equity of 16.65%. The company’s revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 earnings per share. As a group, research analysts predict that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global announced that its board has approved a share buyback plan on Tuesday, October 28th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 10.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Carrier Global Increases Dividend

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

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.