Institute for Wealth Management LLC. Decreases Stake in Carrier Global Co. (NYSE:CARR)

Institute for Wealth Management LLC. reduced its stake in Carrier Global Co. (NYSE:CARR) by 5.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,616 shares of the company’s stock after selling 361 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Carrier Global were worth $380,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd raised its position in shares of Carrier Global by 121.2% in the 1st quarter. Covestor Ltd now owns 553 shares of the company’s stock valued at $25,000 after purchasing an additional 303 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Carrier Global in the 3rd quarter valued at approximately $28,000. Larson Financial Group LLC raised its position in shares of Carrier Global by 76.2% in the 3rd quarter. Larson Financial Group LLC now owns 511 shares of the company’s stock valued at $28,000 after purchasing an additional 221 shares during the last quarter. VisionPoint Advisory Group LLC purchased a new position in shares of Carrier Global in the 3rd quarter valued at approximately $30,000. Finally, GHP Investment Advisors Inc. raised its position in shares of Carrier Global by 205.1% in the 3rd quarter. GHP Investment Advisors Inc. now owns 595 shares of the company’s stock valued at $31,000 after purchasing an additional 400 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other institutional investors.

Carrier Global Price Performance

Shares of NYSE CARR opened at $53.53 on Friday. The firm’s 50 day simple moving average is $56.36 and its 200-day simple moving average is $54.75. Carrier Global Co. has a 12 month low of $40.28 and a 12 month high of $60.87. The stock has a market capitalization of $48.18 billion, a price-to-earnings ratio of 33.88, a PEG ratio of 2.25 and a beta of 1.39. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.73 and a quick ratio of 2.40.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.02. Carrier Global had a net margin of 6.10% and a return on equity of 27.19%. The firm had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter last year, the company earned $0.40 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts expect that Carrier Global Co. will post 2.82 EPS for the current year.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Friday, May 3rd will be paid a $0.19 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.76 dividend on an annualized basis and a yield of 1.42%. Carrier Global’s dividend payout ratio is currently 48.10%.

Analyst Upgrades and Downgrades

CARR has been the subject of several research analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $63.00 price objective on shares of Carrier Global in a research report on Thursday. Citigroup increased their price target on shares of Carrier Global from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Royal Bank of Canada cut their price target on shares of Carrier Global from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. Barclays increased their price target on shares of Carrier Global from $71.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company cut their price target on shares of Carrier Global from $63.00 to $57.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 7th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $61.15.

Insider Activity at Carrier Global

In related news, VP Kevin J. O’connor sold 26,551 shares of Carrier Global stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $53.77, for a total value of $1,427,647.27. Following the sale, the vice president now owns 66,083 shares of the company’s stock, valued at approximately $3,553,282.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Carrier Global news, VP Kevin J. O’connor sold 26,551 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $53.77, for a total value of $1,427,647.27. Following the transaction, the vice president now owns 66,083 shares in the company, valued at approximately $3,553,282.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David L. Gitlin sold 354,539 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.16, for a total value of $19,201,832.24. Following the completion of the transaction, the chief executive officer now owns 422,808 shares in the company, valued at approximately $22,899,281.28. The disclosure for this sale can be found here. 6.95% of the stock is owned by corporate insiders.

Carrier Global 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.