Avity Investment Management Increases Stake in Carrier Global Co.

Avity Investment Management Inc. significantly increased its investment in Carrier Global Co. (NYSE:CARR - Free Report) during the third quarter of the year. As detailed in their latest Form 13F filing with the Securities and Exchange Commission, Avity raised its ownership by an impressive 95.4%, acquiring an additional 117,545 shares. Following this acquisition, the total number of shares owned by Avity now stands at 240,799. Notably, Carrier Global constitutes around 1.5% of Avity's overall portfolio, ranking it as the firm's 27th largest holding. The total value of Avity's stake in Carrier Global is estimated to be $19,382,000 as of the end of the reporting period.

Recent Investor Activity

In addition to Avity Investment Management's moves, other major investors have also adjusted their holdings in Carrier Global. For instance, JPMorgan Chase & Co. expanded its investment by a staggering 280.1% in the first quarter, resulting in ownership of 23,098,687 shares valued at approximately $1.34 billion after acquiring 17,021,768 shares. Capital International Investors also increased its stake by 4.6%, bringing its total to 84,827,130 shares worth around $4.93 billion after an additional purchase of 3,763,666 shares. Meanwhile, PineStone Asset Management Inc. raised its holdings by 139.7% during the second quarter, amassing 6,418,883 shares valued at $404.9 million after acquiring 3,741,206 shares. Additionally, Point72 Asset Management L.P. entered the market with a new stake in Carrier Global valued at $58,415,000. Los Angeles Capital Management LLC raised its stake by 62.3% in the first quarter, currently owning 1,586,408 shares worth about $92.2 million. Overall, institutional investors and hedge funds collectively own 91.00% of Carrier Global's stock.

Analyst Insights

On the analyst front, several financial experts have shared their perspectives on Carrier Global. Morgan Stanley initiated coverage with a rating of "equal weight" and set a target price of $75.00. Oppenheimer lifted their target price from $74.00 to $88.00, giving the stock an "outperform" rating. Robert W. Baird reduced their price target from $75.00 to $74.00 while maintaining an "outperform" rating. Bank of America also raised its target price for Carrier Global from $72.00 to $80.00, assigning a "neutral" rating. Meanwhile, Royal Bank of Canada increased their target from $72.00 to $79.00, also assigning an "outperform" rating. Currently, five analysts maintain a hold rating on the stock, while six recommend a buy and one suggests a strong buy, leading to a consensus rating of "Moderate Buy" with an average target price of $77.36.

Recent Insider Transactions

In other news, Ajay Agrawal, Vice President of Carrier Global, sold 62,382 shares on August 8th at an average price of $64.55, totaling approximately $4,026,758. Following this sale, he retains ownership of 103,066 shares valued at around $6.65 million, representing a 0.00% decrease in his stake. The transaction has been disclosed through the Securities and Exchange Commission.

Stock Performance Overview

Carrier Global's stock price moved up by $1.18 in mid-day trading, reaching $81.61. In total, 3,324,528 shares exchanged hands, compared to an average trading volume of 4,165,614 shares. Over the past year, the stock hit a low of $45.68 and a high of $82.16. The company's market capitalization stands at $73.67 billion, with a price-to-earnings ratio of 21.76. Additionally, Carrier Global features a 50-day moving average of $73.54 and a 200-day moving average of $66.32. The firm has a debt-to-equity ratio of 0.80 and current ratios of 1.08 and 0.80.

Earnings Report Insights

Carrier Global's last earnings report was announced on July 25th, where they reported an earnings per share (EPS) of $0.87, exceeding analysts' expectations of $0.85. The company reported a net margin of 14.27% and a return on equity of 23.68%, with total revenue reaching $6.70 billion, below the forecasted $7.05 billion but up by 11.7% compared to the previous year. Analysts predict that Carrier Global will report an EPS of 2.85 for the current fiscal year.

Dividend Announcement Details

Carrier Global has announced a quarterly dividend that is scheduled for payment on November 18th. Shareholders on record as of October 25th will receive a dividend of $0.19 per share, marking an annualized dividend of $0.76 and yielding 0.93%. The company's current dividend payout ratio is 20.27%.

Company Overview

Carrier Global Corporation specializes in providing various technological solutions including heating, ventilation, and air conditioning (HVAC), refrigeration, fire and security systems, as well as building automation technologies across the United States, Europe, Asia Pacific, and internationally. The company operates through three main segments: HVAC, Refrigeration, and Fire & Security.

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