State of Michigan Retirement System Trims Position in Carrier Global Co. (NYSE:CARR)

State of Michigan Retirement System lowered its position in Carrier Global Co. (NYSE:CARR) by 0.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 228,925 shares of the company’s stock after selling 800 shares during the quarter. State of Michigan Retirement System’s holdings in Carrier Global were worth $13,307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CARR. Capital Research Global Investors raised its holdings 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. Capital International Investors raised its stake in Carrier Global by 0.6% during the 4th quarter. Capital International Investors now owns 81,063,464 shares of the company’s stock valued at $4,657,260,000 after acquiring an additional 443,568 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Carrier Global by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 13,307,231 shares of the company’s stock worth $764,500,000 after buying an additional 310,453 shares in the last quarter. Norges Bank acquired a new position in shares of Carrier Global during the fourth quarter valued at approximately $444,487,000. Finally, PineStone Asset Management Inc. grew its stake in shares of Carrier Global by 21.6% in the 4th quarter. PineStone Asset Management Inc. now owns 4,752,550 shares of the company’s stock worth $273,034,000 after purchasing an additional 845,622 shares during the last quarter. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CARR. TD Cowen increased their price target on shares of Carrier Global from $66.00 to $70.00 and gave the company a “buy” rating in a report on Monday, April 29th. Wells Fargo & Company increased their price objective on Carrier Global from $59.00 to $66.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Robert W. Baird lifted their price target on shares of Carrier Global from $60.00 to $64.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Oppenheimer boosted their target price on shares of Carrier Global from $64.00 to $71.00 and gave the stock an “outperform” rating in a report on Thursday, June 27th. Finally, Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and upped their target price for the company from $65.00 to $74.00 in a research report on Monday, June 24th. Three analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Carrier Global currently has a consensus rating of “Hold” and an average price target of $64.14.

Insider Activity

In related news, insider Jurgen Timperman sold 159,915 shares of Carrier Global stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $61.95, for a total value of $9,906,734.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Carrier Global news, insider Jurgen Timperman sold 159,915 shares of Carrier Global stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $61.95, for a total transaction of $9,906,734.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Kyle Crockett sold 4,611 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total transaction of $306,124.29. Following the sale, the chief accounting officer now directly owns 2,042 shares of the company’s stock, valued at approximately $135,568.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 262,954 shares of company stock valued at $16,650,050. 6.95% of the stock is currently owned by company insiders.

Carrier Global Price Performance

NYSE:CARR opened at $62.85 on Wednesday. The stock has a market capitalization of $56.63 billion, a PE ratio of 43.95, a price-to-earnings-growth ratio of 2.46 and a beta of 1.32. The stock’s 50-day moving average price is $63.50 and its 200-day moving average price is $58.79. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.31. Carrier Global Co. has a 52 week low of $45.68 and a 52 week high of $66.50.

Carrier Global (NYSE:CARR) last posted its quarterly earnings results on Thursday, April 25th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.12. Carrier Global had a net margin of 5.41% and a return on equity of 26.01%. The business had revenue of $6.18 billion during the quarter, compared to analysts’ expectations of $6.27 billion. As a group, equities analysts expect that Carrier Global Co. will post 2.85 EPS for the current fiscal year.

Carrier Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Friday, June 21st will be given a $0.19 dividend. The ex-dividend date of this dividend is Friday, June 21st. This represents a $0.76 dividend on an annualized basis and a yield of 1.21%. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Carrier Global Company 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.