Short Interest in Carrier Global Co. (NYSE:CARR) Expands By 5.8%

Carrier Global Co. (NYSE:CARR) was the recipient of a large growth in short interest in November. As of November 15th, there was short interest totalling 10,760,000 shares, a growth of 5.8% from the October 31st total of 10,170,000 shares. Approximately 1.3% of the company’s stock are short sold. Based on an average trading volume of 4,050,000 shares, the short-interest ratio is currently 2.7 days.

Institutional Investors Weigh In On Carrier Global

Several hedge funds have recently modified their holdings of CARR. PineStone Asset Management Inc. boosted its holdings in shares of Carrier Global by 139.7% in the 2nd quarter. PineStone Asset Management Inc. now owns 6,418,883 shares of the company’s stock worth $404,903,000 after acquiring an additional 3,741,206 shares in the last quarter. FMR LLC raised its position in Carrier Global by 36.2% in the 3rd quarter. FMR LLC now owns 8,729,073 shares of the company’s stock worth $702,603,000 after purchasing an additional 2,320,909 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Carrier Global in the 3rd quarter valued at $130,479,000. Point72 Asset Management L.P. acquired a new stake in Carrier Global in the second quarter worth about $58,415,000. Finally, Mizuho Securities USA LLC raised its holdings in Carrier Global by 1,428.4% during the 3rd quarter. Mizuho Securities USA LLC now owns 987,500 shares of the company’s stock worth $79,484,000 after purchasing an additional 922,892 shares during the last quarter. 91.00% of the stock is owned by institutional investors.

Carrier Global Trading Down 0.8 %

Shares of NYSE:CARR traded down $0.62 during mid-day trading on Tuesday, hitting $75.67. The stock had a trading volume of 801,687 shares, compared to its average volume of 4,205,858. The company’s 50 day moving average is $77.75 and its 200-day moving average is $70.75. Carrier Global has a 12-month low of $52.28 and a 12-month high of $83.32. 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 company has a market cap of $67.89 billion, a PE ratio of 19.31, a P/E/G ratio of 2.86 and a beta of 1.33.

Carrier Global announced that its Board of Directors has initiated a share buyback program on Thursday, October 24th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Carrier Global Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 18th. Stockholders of record on Friday, October 25th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend was Friday, October 25th. Carrier Global’s dividend payout ratio (DPR) is presently 19.24%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CARR. Stephens lowered their target price on Carrier Global from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Robert W. Baird reduced their price objective 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. Wolfe Research upgraded shares of Carrier Global from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Northcoast Research initiated coverage on Carrier Global in a research note on Friday, November 22nd. They issued a “neutral” rating for the company. Finally, 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. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.