Summit Global Investments Invests $203,000 in Carrier Global Co. (NYSE:CARR)

Summit Global Investments acquired a new position in shares of Carrier Global Co. (NYSE:CARR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,226 shares of the company’s stock, valued at approximately $203,000.

A number of other institutional investors have also made changes to their positions in CARR. JPMorgan Chase & Co. grew its stake in shares of Carrier Global by 280.1% during the first quarter. JPMorgan Chase & Co. now owns 23,098,687 shares of the company’s stock worth $1,342,727,000 after purchasing an additional 17,021,768 shares during the period. Norges Bank acquired a new stake in shares of Carrier Global during the fourth quarter worth $444,487,000. Capital International Investors grew its stake in shares of Carrier Global by 4.6% during the first quarter. Capital International Investors now owns 84,827,130 shares of the company’s stock worth $4,931,001,000 after purchasing an additional 3,763,666 shares during the period. PineStone Asset Management Inc. grew its stake in shares of Carrier Global by 139.7% during the second quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after purchasing an additional 3,741,206 shares during the period. Finally, Capital Research Global Investors grew its stake in shares of Carrier Global by 3.3% during the fourth quarter. Capital Research Global Investors now owns 92,829,907 shares of the company’s stock worth $5,333,084,000 after purchasing an additional 2,961,923 shares during the period. 91.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CARR has been the subject of a number of research analyst reports. Bank of America raised Carrier Global from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $55.00 to $72.00 in a research note on Monday, July 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $72.00 target price on shares of Carrier Global in a research note on Friday, July 26th. Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and boosted their target price for the company from $65.00 to $74.00 in a research note on Monday, June 24th. Oppenheimer boosted their target price on Carrier Global from $70.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Finally, Robert W. Baird decreased their target price on Carrier Global from $75.00 to $74.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $67.08.

Carrier Global Stock Up 1.6 %

CARR traded up $1.13 on Wednesday, hitting $69.69. 1,528,813 shares of the company were exchanged, compared to its average volume of 4,323,030. The stock’s fifty day moving average is $65.28 and its 200-day moving average is $61.14. The company has a market cap of $62.79 billion, a PE ratio of 47.95, a PEG ratio of 2.63 and a beta of 1.32. Carrier Global Co. has a 12 month low of $45.68 and a 12 month high of $70.09. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.08.

Carrier Global (NYSE:CARR) last issued its earnings results on Thursday, July 25th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The company’s revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.79 EPS. Equities research analysts predict that Carrier Global Co. will post 2.84 EPS for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 8th. Stockholders of record on Friday, June 21st were given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Friday, June 21st. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Insider Activity

In other news, VP Ajay Agrawal sold 62,382 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the completion of the sale, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 6.95% of the stock is currently owned by company insiders.

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.