First City Capital Management Inc. Cuts Holdings in Carrier Global Co. (NYSE:CARR)

First City Capital Management Inc. reduced its stake in shares of Carrier Global Co. (NYSE:CARR) by 6.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 9,887 shares of the company’s stock after selling 650 shares during the period. First City Capital Management Inc.’s holdings in Carrier Global were worth $624,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CARR. Olistico Wealth LLC bought a new stake in shares of Carrier Global in the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. grew its stake in shares of Carrier Global by 675.0% during the second quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after buying an additional 405 shares during the last quarter. EdgeRock Capital LLC bought a new position in shares of Carrier Global during the second quarter valued at about $32,000. United Community Bank purchased a new position in shares of Carrier Global in the fourth quarter worth about $34,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Carrier Global in the 1st quarter valued at about $34,000. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

Carrier Global Trading Down 0.8 %

NYSE CARR opened at $79.92 on Friday. The stock’s 50 day moving average is $69.49 and its 200 day moving average is $64.02. The company has a quick ratio of 0.80, a current ratio of 1.08 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $72.01 billion, a PE ratio of 55.89, a P/E/G ratio of 2.94 and a beta of 1.32. Carrier Global Co. has a twelve month low of $45.68 and a twelve month high of $81.24.

Carrier Global (NYSE:CARR) last announced 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 business had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $7.05 billion. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 earnings per share. Research analysts forecast that Carrier Global Co. will post 2.84 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Ajay Agrawal sold 62,382 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $64.55, for a total transaction of $4,026,758.10. Following the sale, the vice president now directly owns 103,066 shares of the company’s stock, valued at approximately $6,652,910.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.95% of the company’s stock.

Wall Street Analysts Forecast Growth

CARR has been the topic of a number of analyst reports. Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Barclays increased their price target on shares of Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Oppenheimer boosted their price objective on shares of Carrier Global from $70.00 to $74.00 and gave the company an “outperform” rating in a research report on Friday, August 16th. Wolfe Research upgraded Carrier Global from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Finally, Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and upped their price target for the company from $65.00 to $74.00 in a research report on Monday, June 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and a consensus target price of $71.73.

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.