Avity Investment Management Inc. Increases Stake in Carrier Global Co.

Avity Investment Management Inc. has significantly increased its investment in Carrier Global Co. (NYSE:CARR) by 95.4% during the third quarter of the year. This information comes from the firm's recent Form 13F filing with the Securities and Exchange Commission. Following this acquisition, Avity now holds 240,799 shares of Carrier's stock, having added an additional 117,545 shares during this period. Carrier Global represents about 1.5% of Avity's overall holdings, ranking it as the 27th largest investment within their portfolio. As of the latest reporting period, the value of Avity Investment Management Inc.'s stake in Carrier Global stands at approximately $19.38 million.

Several other large investment firms have also made adjustments to their positions in Carrier Global recently. For instance, during the first quarter, JPMorgan Chase & Co. expanded its holdings by an impressive 280.1%, acquiring an additional 17,021,768 shares, which brought their total shares to 23,098,687, valued at around $1.34 billion. Likewise, Capital International Investors increased its stake by 4.6% in the same quarter, now owning 84,827,130 shares worth approximately $4.93 billion after adding 3,763,666 shares. During the second quarter, PineStone Asset Management Inc. raised its investment in Carrier Global by 139.7%, now holding 6,418,883 shares valued at about $404.9 million after purchasing an extra 3,741,206 shares.

Additionally, Point72 Asset Management L.P. entered into a new investment in Carrier Global during the second quarter, with a total value of $58.41 million. Los Angeles Capital Management LLC also increased its stake by 62.3% in the first quarter, now owning 1,586,408 shares valued at $92.22 million after buying 609,071 additional shares. Institutional investors and hedge funds collectively own 91% of Carrier Global's shares.

Analyst Opinions on Carrier Global

Many analysts have shared their insights about Carrier Global recently. On September 6th, Morgan Stanley began coverage on Carrier Global, assigning an "equal weight" rating and setting a target price of $75.00 for the stock. Oppenheimer raised their target price for Carrier Global from $74.00 to $88.00, rating the stock as "outperform" on October 2nd. Meanwhile, Robert W. Baird cut its price target from $75.00 to $74.00 while maintaining an "outperform" rating in their report dated July 26th. Bank of America also increased their price target from $72.00 to $80.00, giving a "neutral" rating. Furthermore, Royal Bank of Canada raised its price target from $72.00 to $79.00, again rating the stock as "outperform" on September 5th. Currently, five analysts rate the stock as a hold, six analysts suggest buying, and one analyst has given a strong buy recommendation. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $77.36.

Insider Trading Activities

In other news, Vice President Ajay Agrawal sold 62,382 shares of Carrier Global on August 8th at an average price of $64.55, totaling approximately $4.03 million. Following this transaction, Agrawal holds 103,066 shares valued at around $6.65 million, which reflects a slight decrease in his ownership. This transaction has been reported in compliance with the disclosure requirements of the Securities & Exchange Commission. Corporate insiders presently own 6.95% of Carrier Global's stock.

Carrier Global's Stock Performance

Recently, Carrier Global's stock saw an increase of $1.18 during midday trading, reaching $81.61. The trading volume for the day was around 3,324,528 shares, slightly lower than the average volume of 4,165,614 shares. The stock has seen a 52-week low of $45.68 and a high of $82.16, and Carrier Global currently boasts a market capitalization of $73.67 billion. The company's price-to-earnings ratio stands at 21.76, with a price-to-earnings growth ratio of 2.94 and a beta of 1.32. Its 50-day and 200-day simple moving averages are $73.54 and $66.32, respectively, with a debt-to-equity ratio of 0.80. The current and quick ratios are both at 1.08 and 0.80, respectively.

Carrier Global last announced its earnings results on July 25th, reporting an earnings per share (EPS) of $0.87 for the quarter, slightly exceeding estimates of $0.85. The company registered a net margin of 14.27% and a return on equity of 23.68%. Total revenue for this quarter was $6.7 billion, falling short of the expected $7.05 billion. In comparison to the same quarter last year, revenue grew by 11.7%, and analysts predict Carrier Global will report an EPS of 2.85 for the current fiscal year.

Dividend Declaration by Carrier Global

Carrier Global has recently announced a quarterly dividend, which is set to be paid on November 18th. Shareholders who are on record as of October 25th will receive a dividend of $0.19. The ex-dividend date is also October 25th. This dividend payment translates to an annualized return of $0.76 and a yield of 0.93%. Currently, Carrier Global's dividend payout ratio is at 20.27%.

About Carrier Global Corporation

Carrier Global Corporation provides a range of technologies related to heating, ventilation, air conditioning (HVAC), refrigeration, fire, security, and building automation across multiple regions including the United States, Europe, and the Asia Pacific. The company operates through three main segments: HVAC, Refrigeration, and Fire & Security.

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