Carrier Global Co. (NYSE:CARR) Sees Large Decline in Short Interest

Carrier Global Co. (NYSE:CARR) was the recipient of a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 11,120,000 shares, a drop of 16.1% from the September 15th total of 13,250,000 shares. Based on an average daily volume of 3,540,000 shares, the short-interest ratio is presently 3.1 days. Currently, 1.3% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CARR shares. Bank of America upped their price objective on Carrier Global from $72.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Morgan Stanley assumed coverage on Carrier Global in a report on Friday, September 6th. They issued an “equal weight” rating and a $75.00 price target for the company. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. started coverage on shares of Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 price objective for the company. Finally, Citigroup raised shares of Carrier Global from a “neutral” rating to a “buy” rating and increased their target price for the company from $65.00 to $74.00 in a research report on Monday, June 24th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.00.

Carrier Global Stock Performance

Carrier Global stock traded down $0.56 during midday trading on Wednesday, hitting $81.05. 3,274,638 shares of the company’s stock were exchanged, compared to its average volume of 4,147,726. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08. The stock has a market cap of $73.03 billion, a price-to-earnings ratio of 56.94, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32. Carrier Global has a 12-month low of $45.68 and a 12-month high of $83.32. The firm’s 50 day simple moving average is $74.28 and its 200 day simple moving average is $66.78.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $6.70 billion for the quarter, compared to analyst estimates of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The business’s revenue was up 11.7% on a year-over-year basis. During the same quarter last year, the company posted $0.79 earnings per share. Equities research analysts predict that Carrier Global will post 2.85 EPS for the current year.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, October 25th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Insider Activity at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the sale, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Carrier Global

Several hedge funds have recently modified their holdings of the stock. Olistico Wealth LLC acquired a new stake in Carrier Global in the second quarter valued at about $25,000. Meeder Asset Management Inc. boosted its stake in shares of Carrier Global by 675.0% in the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after buying an additional 405 shares in the last quarter. Country Trust Bank acquired a new position in Carrier Global during the third quarter worth $40,000. EdgeRock Capital LLC purchased a new position in Carrier Global in the second quarter worth $32,000. Finally, Hantz Financial Services Inc. acquired a new stake in Carrier Global in the second quarter valued at $35,000. 91.00% of the stock is owned by institutional investors and hedge funds.

About Carrier Global

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.