Intech Investment Management LLC Cuts Stock Position in Carrier Global Co. (NYSE:CARR)

Intech Investment Management LLC lessened its stake in Carrier Global Co. (NYSE:CARR) by 28.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 90,906 shares of the company’s stock after selling 35,342 shares during the period. Intech Investment Management LLC’s holdings in Carrier Global were worth $5,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Olistico Wealth LLC purchased a new stake in shares of Carrier Global during the second quarter worth about $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 worth $29,000 after acquiring an additional 405 shares during the last quarter. EdgeRock Capital LLC purchased a new stake in shares of Carrier Global during the second quarter worth about $32,000. United Community Bank purchased a new stake in shares of Carrier Global during the fourth quarter worth about $34,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Carrier Global during the first quarter worth about $34,000. Hedge funds and other institutional investors own 91.00% of the company’s stock.

Carrier Global Trading Down 0.8 %

Shares of CARR opened at $79.92 on Friday. The stock has a fifty day moving average of $69.49 and a two-hundred day moving average of $64.02. 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 Co. has a fifty-two week low of $45.68 and a fifty-two week high of $81.24. The company has a market capitalization of $72.01 billion, a PE ratio of 55.89, a price-to-earnings-growth ratio of 2.94 and a beta of 1.32.

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

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Citigroup raised Carrier Global from a “neutral” rating to a “buy” rating and boosted their price target for the company from $65.00 to $74.00 in a report on Monday, June 24th. Oppenheimer increased their price objective on Carrier Global from $70.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Robert W. Baird dropped their target price on Carrier Global from $75.00 to $74.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Barclays increased their price target on Carrier Global from $79.00 to $81.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Finally, Wells Fargo & Company increased their price target on Carrier Global from $66.00 to $73.00 and gave the stock an “equal weight” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Carrier Global presently has a consensus rating of “Moderate Buy” and an average price target of $71.73.

Insiders Place Their Bets

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global 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 in the company, valued at $6,652,910.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 6.95% of the stock is currently owned by corporate insiders.

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.