Investors Purchase High Volume of Carrier Global Put Options (NYSE:CARR)

Carrier Global Co. (NYSE:CARR) was the target of some unusual options trading on Thursday. Investors bought 24,760 put options on the stock. This is an increase of approximately 255% compared to the average daily volume of 6,980 put options.

Carrier Global Stock Performance

Shares of NYSE:CARR opened at $72.89 on Friday. The company has a market cap of $65.67 billion, a P/E ratio of 51.48, a PEG ratio of 2.94 and a beta of 1.32. 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 has a one year low of $45.68 and a one year high of $83.32. The business’s 50-day simple moving average is $76.24 and its 200 day simple moving average is $67.73.

Carrier Global (NYSE:CARR) last announced its 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 business had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $7.05 billion. Carrier Global had a return on equity of 23.68% and a net margin of 14.27%. The company’s revenue was up 11.7% on a year-over-year basis. During the same period last year, the business posted $0.79 EPS. On average, sell-side analysts forecast that Carrier Global will post 2.85 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Friday, October 25th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a yield of 1.04%. Carrier Global’s dividend payout ratio (DPR) is presently 53.15%.

Carrier Global declared that its Board of Directors has approved a stock repurchase program on Thursday, October 24th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Carrier Global

In related news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the completion of the sale, the vice president now directly owns 103,066 shares in the company, valued at approximately $6,652,910.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Marathon Capital Management raised its stake in Carrier Global by 4.1% during the 2nd quarter. Marathon Capital Management now owns 3,923 shares of the company’s stock valued at $247,000 after acquiring an additional 156 shares in the last quarter. Arkadios Wealth Advisors raised its stake in Carrier Global by 1.3% during the 3rd quarter. Arkadios Wealth Advisors now owns 12,199 shares of the company’s stock valued at $982,000 after acquiring an additional 159 shares in the last quarter. Savant Capital LLC raised its stake in Carrier Global by 0.5% during the 2nd quarter. Savant Capital LLC now owns 32,408 shares of the company’s stock valued at $2,044,000 after acquiring an additional 162 shares in the last quarter. Foundations Investment Advisors LLC raised its stake in Carrier Global by 2.9% during the 3rd quarter. Foundations Investment Advisors LLC now owns 5,779 shares of the company’s stock valued at $465,000 after acquiring an additional 163 shares in the last quarter. Finally, Busey Bank raised its stake in Carrier Global by 1.5% during the 3rd quarter. Busey Bank now owns 11,138 shares of the company’s stock valued at $896,000 after acquiring an additional 165 shares in the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on CARR shares. Baird R W raised Carrier Global from a “hold” rating to a “strong-buy” rating in a report on Monday, July 15th. JPMorgan Chase & Co. began coverage on Carrier Global in a research report on Thursday, October 10th. They set a “neutral” rating and a $83.00 target price on the stock. Wells Fargo & Company boosted their target price on Carrier Global from $73.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada upped their price objective on Carrier Global from $72.00 to $79.00 and gave the company an “outperform” rating in a research report on Thursday, September 5th. Finally, Robert W. Baird cut their price objective on Carrier Global from $75.00 to $74.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $80.67.

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.