Montecito Bank & Trust Reduces Position in Carrier Global Co. (NYSE:CARR)

Montecito Bank & Trust trimmed its holdings in Carrier Global Co. (NYSE:CARR) by 7.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,458 shares of the company’s stock after selling 576 shares during the quarter. Montecito Bank & Trust’s holdings in Carrier Global were worth $509,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Cerity Partners LLC grew its stake in Carrier Global by 39.0% in the 3rd quarter. Cerity Partners LLC now owns 136,821 shares of the company’s stock worth $11,013,000 after acquiring an additional 38,365 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Carrier Global by 12.3% in the third quarter. Daiwa Securities Group Inc. now owns 100,440 shares of the company’s stock worth $8,084,000 after purchasing an additional 11,032 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in Carrier Global in the fourth quarter worth approximately $2,213,000. Sheaff Brock Investment Advisors LLC purchased a new position in Carrier Global during the 3rd quarter worth $1,068,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Carrier Global during the 3rd quarter valued at $793,000. 91.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CARR. UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Wednesday, November 13th. Royal Bank of Canada dropped their price objective on Carrier Global from $87.00 to $86.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Barclays reduced their target price on shares of Carrier Global from $92.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Bank of America raised their price target on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Stephens decreased their target price on shares of Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.93.

Carrier Global Stock Up 0.2 %

Carrier Global stock opened at $70.05 on Friday. Carrier Global Co. has a fifty-two week low of $53.13 and a fifty-two week high of $83.32. The company has a market cap of $62.85 billion, a PE ratio of 17.74, a PEG ratio of 2.26 and a beta of 1.36. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The business’s 50-day simple moving average is $71.50 and its two-hundred day simple moving average is $72.37.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Friday, December 20th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend is Friday, December 20th. This is an increase from Carrier Global’s previous quarterly dividend of $0.19. Carrier Global’s dividend payout ratio is 22.78%.

Carrier Global announced that its board has approved a stock repurchase plan on Thursday, October 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Carrier Global Company Profile

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.