Sumitomo Mitsui Trust Holdings Inc. Reduces Position in Carrier Global Co. (NYSE:CARR)

Posted by Defense World Staff on Jul 16th, 2023

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in shares of Carrier Global Co. (NYSE:CARR – Free Report) by 4.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,482,186 shares of the company’s stock after selling 126,658 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.30% of Carrier Global worth $113,560,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CARR. Covestor Ltd boosted its stake in shares of Carrier Global by 121.2% during the first quarter. Covestor Ltd now owns 553 shares of the company’s stock valued at $25,000 after purchasing an additional 303 shares during the period. MinichMacGregor Wealth Management LLC bought a new position in shares of Carrier Global during the fourth quarter valued at approximately $27,000. Creative Capital Management Investments LLC bought a new position in shares of Carrier Global during the fourth quarter valued at approximately $31,000. Concord Wealth Partners bought a new position in shares of Carrier Global during the fourth quarter valued at approximately $34,000. Finally, Moisand Fitzgerald Tamayo LLC raised its holdings in shares of Carrier Global by 68.3% during the fourth quarter. Moisand Fitzgerald Tamayo LLC now owns 872 shares of the company’s stock valued at $36,000 after acquiring an additional 354 shares in the last quarter. Hedge funds and other institutional investors own 86.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Barclays upped their target price on Carrier Global from $53.00 to $54.00 in a report on Monday, July 10th. Citigroup upped their target price on Carrier Global from $45.00 to $52.00 in a report on Monday, July 10th. 888 restated a “maintains” rating on shares of Carrier Global in a report on Friday, April 28th. Morgan Stanley downgraded Carrier Global from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $49.00 to $47.00 in a report on Thursday, June 8th. Finally, Wells Fargo & Company increased their price objective on Carrier Global from $45.00 to $50.00 in a report on Monday, July 10th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Carrier Global presently has an average rating of “Moderate Buy” and an average target price of $50.53.

Carrier Global Price Performance

Shares of NYSE:CARR opened at $53.84 on Friday. Carrier Global Co. has a 1-year low of $33.10 and a 1-year high of $54.06. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.70 and a quick ratio of 1.23. The business has a fifty day moving average price of $45.93 and a 200-day moving average price of $44.76. The company has a market capitalization of $44.95 billion, a PE ratio of 18.19, a PEG ratio of 2.03 and a beta of 1.39.

Carrier Global (NYSE:CARR – Get Free Report) last issued its quarterly earnings results on Tuesday, April 25th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.03. Carrier Global had a return on equity of 25.56% and a net margin of 12.02%. The firm had revenue of $5.27 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the company earned $0.54 earnings per share. The company’s revenue was up 13.3% on a year-over-year basis. As a group, equities analysts expect that Carrier Global Co. will post 2.57 EPS for the current fiscal year.

Carrier Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 10th. Investors of record on Friday, June 23rd will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Thursday, June 22nd. This represents a $0.74 annualized dividend and a dividend yield of 1.37%. Carrier Global’s dividend payout ratio (DPR) is presently 25.00%.

Insider Activity at Carrier Global

In related news, insider Jurgen Timperman sold 138,956 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $45.01, for a total transaction of $6,254,409.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is currently owned by insiders.

Carrier Global Profile

(Free Report)

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide. It operates through three segments: HVAC, Refrigeration, and Fire & Security. The HVAC segment provides products, controls, services, and solutions to meet the heating, cooling, and ventilation needs of residential and commercial customers.