Impax Asset Management Group plc Cuts Position in Carrier Global Corporation $CARR

Impax Asset Management Group plc lowered its holdings in Carrier Global Corporation (NYSE:CARR) by 17.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,689,711 shares of the company’s stock after selling 575,296 shares during the period. Carrier Global makes up 1.1% of Impax Asset Management Group plc’s portfolio, making the stock its 27th biggest position. Impax Asset Management Group plc owned about 0.32% of Carrier Global worth $196,860,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in Carrier Global by 17.6% in the 1st quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company’s stock valued at $1,973,444,000 after purchasing an additional 4,668,929 shares in the last quarter. Nuveen LLC acquired a new position in shares of Carrier Global during the first quarter worth about $649,512,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Carrier Global by 0.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,968,294 shares of the company’s stock worth $441,790,000 after purchasing an additional 38,233 shares in the last quarter. PineStone Asset Management Inc. boosted its position in shares of Carrier Global by 12.8% in the second quarter. PineStone Asset Management Inc. now owns 5,300,483 shares of the company’s stock worth $387,942,000 after buying an additional 601,967 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Carrier Global by 2.1% in the first quarter. Invesco Ltd. now owns 5,165,203 shares of the company’s stock valued at $327,474,000 after buying an additional 108,055 shares in the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Down 1.9%

CARR stock opened at $55.89 on Thursday. Carrier Global Corporation has a fifty-two week low of $54.22 and a fifty-two week high of $81.09. The stock has a market cap of $47.07 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30. The firm’s 50-day simple moving average is $59.24 and its 200 day simple moving average is $66.85. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76.

Carrier Global (NYSE:CARR) last released its 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. Carrier Global had a return on equity of 16.65% and a net margin of 18.05%.The firm had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.65 billion. During the same period in the prior year, the firm posted $0.83 earnings per share. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. As a group, sell-side analysts predict that Carrier Global Corporation will post 2.99 EPS for the current year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 18th. Stockholders of record on Wednesday, October 29th will be paid a $0.225 dividend. The ex-dividend date of this dividend is Wednesday, October 29th. This represents a $0.90 annualized dividend and a dividend yield of 1.6%. Carrier Global’s payout ratio is currently 20.13%.

Carrier Global announced that its Board of Directors has authorized a share buyback program on Tuesday, October 28th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts recently commented on CARR shares. Royal Bank Of Canada reduced their price target on Carrier Global from $87.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, September 12th. JPMorgan Chase & Co. dropped their price objective on shares of Carrier Global from $61.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, October 31st. Wolfe Research reduced their target price on shares of Carrier Global from $76.00 to $75.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 29th. Citigroup decreased their target price on shares of Carrier Global from $75.00 to $71.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Carrier Global from $70.00 to $64.00 and set a “hold” rating on the stock in a research note on Wednesday, October 29th. Ten research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $72.94.

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.