Eastern Bank Sells 275 Shares of Carrier Global Co. (NYSE:CARR)

Eastern Bank lowered its stake in Carrier Global Co. (NYSE:CARR) by 1.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 18,667 shares of the company’s stock after selling 275 shares during the period. Eastern Bank’s holdings in Carrier Global were worth $1,274,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CARR. FMR LLC lifted its stake in Carrier Global by 36.2% in the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock valued at $702,603,000 after buying an additional 2,320,909 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Carrier Global in the third quarter worth $130,479,000. Point72 Asset Management L.P. bought a new stake in shares of Carrier Global in the second quarter worth $58,415,000. Mizuho Securities USA LLC lifted its position in shares of Carrier Global by 1,428.4% in the third quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock worth $79,484,000 after purchasing an additional 922,892 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Carrier Global by 8,797.3% in the third quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock worth $730,250,000 after purchasing an additional 897,061 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

Carrier Global Price Performance

NYSE:CARR opened at $67.18 on Tuesday. Carrier Global Co. has a one year low of $53.13 and a one year high of $83.32. The company has a market cap of $60.28 billion, a P/E ratio of 17.01, a P/E/G ratio of 2.73 and a beta of 1.36. The firm’s fifty day moving average price is $72.45 and its two-hundred day moving average price is $72.13. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.08 and a quick ratio of 0.82.

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

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 paid a $0.225 dividend. 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. This represents a $0.90 annualized dividend and a dividend yield of 1.34%. Carrier Global’s dividend payout ratio is 22.78%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CARR. Citigroup cut their price objective on shares of Carrier Global from $94.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday. Royal Bank of Canada cut their price objective on shares of 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 lowered their target price on shares of Carrier Global from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. 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. Finally, Oppenheimer boosted their target price on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.36.

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.