PNC Financial Services Group Inc. Sells 33,084 Shares of Carrier Global Corporation $CARR

PNC Financial Services Group Inc. decreased its stake in Carrier Global Corporation (NYSE:CARR) by 3.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 980,411 shares of the company’s stock after selling 33,084 shares during the quarter. PNC Financial Services Group Inc. owned about 0.12% of Carrier Global worth $71,756,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. AdvisorShares Investments LLC purchased a new stake in shares of Carrier Global in the second quarter valued at $25,000. REAP Financial Group LLC purchased a new stake in Carrier Global in the 2nd quarter worth about $29,000. Accredited Wealth Management LLC bought a new stake in Carrier Global in the first quarter worth about $28,000. Westside Investment Management Inc. boosted its position in shares of 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 buying an additional 387 shares during the period. Finally, NewSquare Capital LLC boosted its position in shares of Carrier Global by 41.1% during the second quarter. NewSquare Capital LLC now owns 597 shares of the company’s stock valued at $44,000 after buying an additional 174 shares during the period. 91.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CARR has been the topic of several recent analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Carrier Global in a report on Wednesday, October 8th. Citigroup reduced their price target on shares of Carrier Global from $75.00 to $71.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Zacks Research cut Carrier Global from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Wolfe Research lowered their target price on Carrier Global from $76.00 to $75.00 and set an “outperform” rating for the company in a report on Wednesday, October 29th. Finally, Barclays lowered their price objective on shares of Carrier Global from $82.00 to $74.00 and set an “overweight” rating for the company in a research note on Thursday, September 11th. Ten investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $72.94.

Carrier Global Stock Down 1.9%

NYSE:CARR opened at $55.89 on Thursday. The company’s 50-day simple moving average is $59.24 and its 200-day simple moving average is $66.85. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 1.14. 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 capitalization of $47.07 billion, a P/E ratio of 12.50, a P/E/G ratio of 2.38 and a beta of 1.30.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10. The firm 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%. Carrier Global’s revenue was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.83 EPS. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. On average, equities analysts anticipate that Carrier Global Corporation will post 2.99 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently announced 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. This represents a $0.90 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Wednesday, October 29th. Carrier Global’s dividend 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 outstanding shares. This buyback authorization allows the company to reacquire up to 10.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board 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.