Carrier Global Co. (NYSE:CARR) Announces $0.19 Quarterly Dividend

Carrier Global Co. (NYSE:CARR) announced a quarterly dividend on Friday, April 19th, Wall Street Journal reports. Shareholders of record on Friday, May 3rd will be given a dividend of 0.19 per share on Wednesday, May 22nd. This represents a $0.76 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Thursday, May 2nd.

Carrier Global has increased its dividend payment by an average of 49.5% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Carrier Global has a payout ratio of 24.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Carrier Global to earn $3.09 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 24.6%.

Carrier Global Stock Up 0.3 %

Shares of NYSE:CARR traded up $0.15 during trading on Friday, hitting $53.53. 3,576,696 shares of the company were exchanged, compared to its average volume of 4,670,733. The stock has a market capitalization of $48.18 billion, a P/E ratio of 33.79, a PEG ratio of 2.29 and a beta of 1.39. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.73 and a quick ratio of 2.40. Carrier Global has a 12-month low of $40.28 and a 12-month high of $60.87. The firm’s 50 day moving average price is $56.41 and its 200-day moving average price is $54.75.

Carrier Global (NYSE:CARR) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.51 by $0.02. Carrier Global had a net margin of 6.10% and a return on equity of 27.19%. The firm had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. Carrier Global’s revenue for the quarter was down .1% on a year-over-year basis. On average, research analysts predict that Carrier Global will post 2.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on CARR shares. Citigroup upped their price target on shares of Carrier Global from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Barclays upped their price target on shares of Carrier Global from $71.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. Oppenheimer reissued an “outperform” rating and issued a $63.00 price objective on shares of Carrier Global in a research note on Thursday. Royal Bank of Canada dropped their price objective on shares of Carrier Global from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Carrier Global from $63.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $61.15.

Insider Transactions at Carrier Global

In other news, VP Kevin J. O’connor sold 26,551 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the transaction, the vice president now directly owns 66,083 shares of the company’s stock, valued at approximately $3,553,282.91. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO David L. Gitlin sold 354,539 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.16, for a total value of $19,201,832.24. Following the sale, the chief executive officer now directly owns 422,808 shares in the company, valued at approximately $22,899,281.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Kevin J. O’connor sold 26,551 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the completion of the sale, the vice president now owns 66,083 shares in the company, valued at $3,553,282.91. The disclosure for this sale can be found here. Corporate insiders own 6.95% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Financial Bankshares Inc purchased a new position in Carrier Global in the 4th quarter valued at about $200,000. Harbour Investments Inc. lifted its holdings in shares of Carrier Global by 8.9% during the 1st quarter. Harbour Investments Inc. now owns 3,983 shares of the company’s stock worth $182,000 after acquiring an additional 324 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Carrier Global by 10.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 2,933 shares of the company’s stock worth $146,000 after acquiring an additional 266 shares during the period. Providence Capital Advisors LLC lifted its holdings in shares of Carrier Global by 4,475.0% during the 1st quarter. Providence Capital Advisors LLC now owns 4,941 shares of the company’s stock worth $108,000 after acquiring an additional 4,833 shares during the period. Finally, First Capital Advisors Group LLC. purchased a new position in shares of Carrier Global during the 2nd quarter worth about $69,000. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

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.