Principal Financial Group Inc. Lowers Stake in Carrier Global Corporation $CARR

Principal Financial Group Inc. lessened its stake in Carrier Global Corporation (NYSE:CARR) by 13.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,194,482 shares of the company’s stock after selling 354,096 shares during the period. Principal Financial Group Inc. owned 0.26% of Carrier Global worth $131,011,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CARR. AdvisorShares Investments LLC purchased a new position in shares of Carrier Global during the second quarter worth approximately $25,000. Winnow Wealth LLC bought a new stake in Carrier Global during the 2nd quarter valued at $26,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Carrier Global in the 2nd quarter worth $26,000. Clayton Financial Group LLC bought a new position in shares of Carrier Global during the 3rd quarter worth $26,000. Finally, Traub Capital Management LLC bought a new position in shares of Carrier Global during the 2nd quarter worth $27,000. Institutional investors own 91.00% of the company’s stock.

Carrier Global Stock Up 1.4%

Shares of Carrier Global stock opened at $60.43 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76. The company has a market cap of $50.89 billion, a P/E ratio of 13.52, a PEG ratio of 2.40 and a beta of 1.32. The firm’s 50 day moving average price is $54.74 and its 200-day moving average price is $59.58. Carrier Global Corporation has a 52-week low of $50.24 and a 52-week high of $81.09.

Carrier Global announced that its board has authorized a share buyback program on Tuesday, October 28th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Carrier Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 9th. Shareholders of record on Tuesday, January 20th will be issued a $0.24 dividend. This is an increase from Carrier Global’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, January 20th. Carrier Global’s dividend payout ratio is presently 21.48%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Carrier Global from $70.00 to $64.00 and set a “hold” rating for the company in a report on Wednesday, October 29th. Wolfe Research reduced their price target on shares of Carrier Global from $74.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, January 15th. Citigroup lowered their price target on shares of Carrier Global from $71.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, January 12th. Barclays cut their price objective on shares of Carrier Global from $74.00 to $72.00 and set an “overweight” rating on the stock in a report on Wednesday, December 10th. Finally, Morgan Stanley set a $55.00 price objective on shares of Carrier Global in a research note on Thursday, January 8th. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Carrier Global currently has an average rating of “Moderate Buy” and an average price target of $69.06.

About Carrier Global

Carrier Global Corporation is a leading global provider of heating, ventilation and air conditioning (HVAC), refrigeration, fire and security, and building automation solutions. The company designs, manufactures and sells a broad portfolio of products that includes air conditioners, furnaces, heat pumps, chillers, rooftop units, commercial refrigeration systems, fire and smoke detection and suppression systems, security sensors and access controls, and a range of building controls and analytics software.