Connor Clark & Lunn Investment Management Ltd. Buys New Shares in Carrier Global Co. (NYSE:CARR)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Carrier Global Co. (NYSE:CARR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,327 shares of the company’s stock, valued at approximately $590,000.

A number of other institutional investors and hedge funds have also modified their holdings of CARR. Olistico Wealth LLC acquired a new stake in shares of Carrier Global during the second quarter worth approximately $25,000. Meeder Asset Management Inc. raised its position in Carrier Global by 675.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 465 shares of the company’s stock valued at $29,000 after purchasing an additional 405 shares during the last quarter. EdgeRock Capital LLC bought a new stake in Carrier Global during the 2nd quarter worth about $32,000. Hantz Financial Services Inc. bought a new position in Carrier Global in the 2nd quarter worth approximately $35,000. Finally, McClarren Financial Advisors Inc. lifted its holdings in Carrier Global by 246.0% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 436 shares of the company’s stock worth $35,000 after buying an additional 310 shares in the last quarter. 91.00% of the stock is currently owned by institutional investors.

Carrier Global Trading Up 0.6 %

Carrier Global stock opened at $77.39 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 1.08. The stock has a 50-day simple moving average of $77.75 and a 200 day simple moving average of $70.67. The stock has a market capitalization of $69.43 billion, a P/E ratio of 19.59, a PEG ratio of 2.85 and a beta of 1.34. Carrier Global Co. has a 52 week low of $51.20 and a 52 week high of $83.32.

Carrier Global declared that its board has approved a share repurchase program on Thursday, October 24th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Carrier Global Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 18th. Investors of record on Friday, October 25th were paid a $0.19 dividend. The ex-dividend date of this dividend was Friday, October 25th. This represents a $0.76 dividend on an annualized basis and a yield of 0.98%. Carrier Global’s dividend payout ratio (DPR) is currently 19.24%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CARR shares. Robert W. Baird reduced their target price on shares of Carrier Global from $88.00 to $86.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Morgan Stanley assumed coverage on Carrier Global in a research note on Friday, September 6th. They set an “equal weight” rating and a $75.00 price objective on the stock. Royal Bank of Canada lowered their price target on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Wells Fargo & Company cut their price objective on Carrier Global from $82.00 to $76.00 and set an “equal weight” rating on the stock in a report on Friday, October 25th. Finally, UBS Group upgraded shares of Carrier Global from a “neutral” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Wednesday, November 13th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Carrier Global has an average rating of “Moderate Buy” and an average price target of $82.31.

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.