Teacher Retirement System of Texas Sells 73,625 Shares of Carrier Global Corporation $CARR

Teacher Retirement System of Texas trimmed its position in shares of Carrier Global Corporation (NYSE:CARR) by 38.2% during the third quarter, HoldingsChannel.com reports. The firm owned 119,098 shares of the company’s stock after selling 73,625 shares during the period. Teacher Retirement System of Texas’ holdings in Carrier Global were worth $7,110,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Carrier Global by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 93,373,143 shares of the company’s stock worth $6,833,980,000 after buying an additional 450,594 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Carrier Global by 23.8% during the second quarter. JPMorgan Chase & Co. now owns 38,536,301 shares of the company’s stock worth $2,820,485,000 after purchasing an additional 7,409,432 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Carrier Global by 3.1% during the second quarter. Fisher Asset Management LLC now owns 15,048,555 shares of the company’s stock worth $1,101,404,000 after purchasing an additional 448,055 shares during the period. Brown Advisory Inc. grew its stake in shares of Carrier Global by 6.3% in the second quarter. Brown Advisory Inc. now owns 10,281,880 shares of the company’s stock worth $752,533,000 after purchasing an additional 607,901 shares during the last quarter. Finally, Norges Bank acquired a new stake in Carrier Global in the second quarter valued at $524,939,000. 91.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on CARR. Royal Bank Of Canada reduced their price target on Carrier Global from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Friday, December 5th. Barclays reduced their target price on Carrier Global from $74.00 to $72.00 and set an “overweight” rating on the stock in a report on Wednesday, December 10th. Morgan Stanley set a $55.00 price target on shares of Carrier Global in a report on Thursday, January 8th. Wolfe Research reduced their price objective on shares of Carrier Global from $74.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, January 15th. Finally, Rothschild & Co Redburn decreased their price objective on shares of Carrier Global from $67.00 to $61.00 and set a “neutral” rating for the company in a research report on Wednesday, January 21st. Ten equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $69.06.

Carrier Global Stock Performance

Shares of CARR stock opened at $57.40 on Tuesday. The firm has a 50 day moving average of $54.00 and a 200-day moving average of $60.18. The company has a market cap of $48.34 billion, a price-to-earnings ratio of 12.84, a price-to-earnings-growth ratio of 2.30 and a beta of 1.31. The company has a quick ratio of 0.75, a current ratio of 1.14 and a debt-to-equity ratio of 0.76. Carrier Global Corporation has a 52 week low of $50.24 and a 52 week high of $81.09.

Carrier Global (NYSE:CARR) last issued its earnings results on Tuesday, October 28th. The company reported $0.67 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.65 billion. During the same period in the prior year, the firm earned $0.83 earnings per share. Carrier Global’s revenue was down 6.8% on a year-over-year basis. On average, equities analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current year.

Carrier Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 9th. Stockholders of record on Tuesday, January 20th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, January 20th. This represents a $0.96 annualized dividend and a dividend yield of 1.7%. This is a boost from Carrier Global’s previous quarterly dividend of $0.23. Carrier Global’s dividend payout ratio (DPR) is 21.48%.

Carrier Global announced that its Board of Directors has approved a share buyback plan on Tuesday, October 28th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

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.