Southpoint Capital Advisors LP decreased its stake in Carrier Global Co. (NYSE:CARR) by 13.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,374,000 shares of the company’s stock after selling 1,626,000 shares during the quarter. Carrier Global makes up 7.3% of Southpoint Capital Advisors LP’s holdings, making the stock its largest position. Southpoint Capital Advisors LP owned about 1.19% of Carrier Global worth $437,990,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of CARR. Tacita Capital Inc acquired a new position in Carrier Global in the 4th quarter worth about $27,000. Elmwood Wealth Management Inc. acquired a new position in shares of Carrier Global during the first quarter valued at approximately $31,000. Ironwood Wealth Management LLC. acquired a new position in shares of Carrier Global during the fourth quarter valued at approximately $29,000. Cedar Mountain Advisors LLC increased its holdings in shares of Carrier Global by 294.5% in the first quarter. Cedar Mountain Advisors LLC now owns 856 shares of the company’s stock valued at $36,000 after purchasing an additional 639 shares during the last quarter. Finally, Ameritas Investment Company LLC acquired a new stake in shares of Carrier Global in the first quarter valued at approximately $44,000. Hedge funds and other institutional investors own 83.64% of the company’s stock.
Several equities research analysts recently commented on CARR shares. Barclays increased their price target on Carrier Global from $49.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, July 8th. Bank of America initiated coverage on Carrier Global in a research report on Monday, April 19th. They issued a “buy” rating and a $57.00 price objective for the company. UBS Group increased their price objective on Carrier Global from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, April 22nd. Deutsche Bank Aktiengesellschaft initiated coverage on Carrier Global in a research report on Tuesday, June 22nd. They issued a “buy” rating and a $53.00 price objective for the company. Finally, Morgan Stanley increased their price objective on Carrier Global from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, April 30th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Carrier Global presently has a consensus rating of “Buy” and a consensus target price of $47.47.
Carrier Global (NYSE:CARR) last posted its earnings results on Thursday, April 29th. The company reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.11. Carrier Global had a return on equity of 27.29% and a net margin of 12.43%. The business had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.37 billion. During the same quarter in the previous year, the firm earned $0.35 earnings per share. The business’s revenue was up 20.9% compared to the same quarter last year. As a group, equities research analysts expect that Carrier Global Co. will post 2.07 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 10th. Stockholders of record on Thursday, June 24th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Wednesday, June 23rd. Carrier Global’s dividend payout ratio (DPR) is currently 28.92%.
Carrier Global Profile
Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide. It operates through three segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment provides products, controls, services, and solutions to meet the heating and cooling needs of residential and commercial customers.
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