Tandem Financial LLC Invests $852,000 in Carrier Global Co. (NYSE:CARR)

Tandem Financial LLC purchased a new stake in shares of Carrier Global Co. (NYSE:CARR) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 12,443 shares of the company’s stock, valued at approximately $852,000. Carrier Global makes up 0.9% of Tandem Financial LLC’s investment portfolio, making the stock its 23rd largest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Carrier Global by 36.2% during the third quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after buying an additional 2,320,909 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Carrier Global during the 3rd quarter worth $130,479,000. Mizuho Securities USA LLC increased its position in shares of Carrier Global by 1,428.4% in the 3rd 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 during the last quarter. International Assets Investment Management LLC raised its stake in shares of Carrier Global by 8,797.3% in the 3rd quarter. International Assets Investment Management LLC now owns 907,258 shares of the company’s stock valued at $730,250,000 after purchasing an additional 897,061 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Carrier Global by 1.4% in the 3rd quarter. State Street Corp now owns 33,665,505 shares of the company’s stock valued at $2,709,736,000 after purchasing an additional 469,108 shares in the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Northcoast Research began coverage on Carrier Global in a report on Friday, November 22nd. They issued a “neutral” rating for the company. Wells Fargo & Company lowered their price target on Carrier Global from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Stephens reduced their price objective on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Citigroup lowered their target price on shares of Carrier Global from $94.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 price target on the stock in a research report on Wednesday, November 13th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Carrier Global currently has a consensus rating of “Moderate Buy” and an average target price of $83.93.

Carrier Global Stock Performance

Shares of NYSE CARR opened at $65.15 on Friday. Carrier Global Co. has a 12-month low of $53.13 and a 12-month high of $83.32. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.69. The company has a market cap of $58.45 billion, a PE ratio of 16.49, a P/E/G ratio of 2.12 and a beta of 1.35. The stock has a 50 day simple moving average of $69.69 and a 200-day simple moving average of $72.40.

Carrier Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.38%. This is a positive change from Carrier Global’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, December 20th. Carrier Global’s dividend payout ratio (DPR) is 22.78%.

Carrier Global announced that its board has authorized a stock repurchase program on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 4.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.