Geode Capital Management LLC Decreases Stock Position in Carrier Global Corporation $CARR

Geode Capital Management LLC cut its position in Carrier Global Corporation (NYSE:CARR) by 1.0% during the second quarter, HoldingsChannel.com reports. The fund owned 17,176,586 shares of the company’s stock after selling 168,545 shares during the period. Geode Capital Management LLC’s holdings in Carrier Global were worth $1,250,931,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp lifted its stake in Carrier Global by 73.2% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 6,240 shares of the company’s stock worth $457,000 after purchasing an additional 2,638 shares in the last quarter. Shell Asset Management Co. increased its holdings in shares of Carrier Global by 98.4% in the second quarter. Shell Asset Management Co. now owns 24,160 shares of the company’s stock valued at $1,768,000 after purchasing an additional 11,980 shares during the last quarter. Ransom Advisory Ltd purchased a new position in Carrier Global during the first quarter worth approximately $400,000. Nordea Investment Management AB boosted its stake in Carrier Global by 1.5% during the second quarter. Nordea Investment Management AB now owns 73,150 shares of the company’s stock worth $5,369,000 after buying an additional 1,074 shares during the last quarter. Finally, Triasima Portfolio Management inc. purchased a new stake in Carrier Global in the 2nd quarter valued at $1,421,000. 91.00% of the stock is owned by institutional investors and hedge funds.

Carrier Global Price Performance

CARR opened at $55.89 on Thursday. The firm has a market cap of $47.07 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 2.38 and a beta of 1.30. The company has a current ratio of 1.14, a quick ratio of 0.75 and a debt-to-equity ratio of 0.76. The stock’s 50-day moving average price is $59.24 and its 200 day moving average price is $66.85. Carrier Global Corporation has a 12-month low of $54.22 and a 12-month high of $81.09.

Carrier Global (NYSE:CARR) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. Carrier Global had a net margin of 18.05% and a return on equity of 16.65%. The business had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.65 billion. During the same quarter last year, the firm posted $0.83 earnings per share. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. Carrier Global has set its FY 2025 guidance at 2.650-2.650 EPS. As a group, sell-side analysts expect that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 18th. Investors of record on Wednesday, October 29th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Wednesday, October 29th. Carrier Global’s payout ratio is presently 20.13%.

Carrier Global announced that its board has initiated a share repurchase plan on Tuesday, October 28th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CARR shares. Citigroup reduced their price target on Carrier Global from $75.00 to $71.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Morgan Stanley reduced their target price on shares of Carrier Global from $75.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. Jefferies Financial Group reissued a “buy” rating on shares of Carrier Global in a research note on Thursday, September 11th. Barclays reduced their price target on shares of Carrier Global from $82.00 to $74.00 and set an “overweight” rating on the stock in a research report on Thursday, September 11th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Carrier Global from $70.00 to $64.00 and set a “hold” rating for the company in a research note on Wednesday, October 29th. Ten analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Carrier Global has an average rating of “Hold” and a consensus target price of $72.94.

Carrier Global 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.