Independence Bank of Kentucky Trims Stake in Carrier Global Co. (NYSE:CARR)

Independence Bank of Kentucky lowered its holdings in shares of Carrier Global Co. (NYSE:CARR) by 5.9% in the first quarter, Holdings Channel.com reports. The fund owned 3,956 shares of the company’s stock after selling 250 shares during the quarter. Independence Bank of Kentucky’s holdings in Carrier Global were worth $251,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. BOK Financial Private Wealth Inc. grew its stake in Carrier Global by 80.0% in the fourth quarter. BOK Financial Private Wealth Inc. now owns 360 shares of the company’s stock valued at $25,000 after purchasing an additional 160 shares during the last quarter. Ritter Daniher Financial Advisory LLC DE boosted its position in Carrier Global by 90.0% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 380 shares of the company’s stock valued at $26,000 after buying an additional 180 shares during the last quarter. Park Square Financial Group LLC acquired a new stake in shares of Carrier Global in the fourth quarter worth $28,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of Carrier Global during the 4th quarter valued at about $31,000. Finally, Mattson Financial Services LLC acquired a new position in Carrier Global in the fourth quarter valued at approximately $31,000. 91.00% of the stock is currently owned by institutional investors.

Carrier Global Stock Down 0.4%

Shares of CARR opened at $71.09 on Friday. Carrier Global Co. has a fifty-two week low of $54.22 and a fifty-two week high of $83.32. The company’s fifty day moving average is $66.27 and its two-hundred day moving average is $67.65. The firm has a market cap of $60.95 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 2.01 and a beta of 1.33. The company has a quick ratio of 0.96, a current ratio of 1.25 and a debt-to-equity ratio of 0.77.

Carrier Global (NYSE:CARR) last issued its earnings results on Thursday, May 1st. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.07. Carrier Global had a return on equity of 18.82% and a net margin of 23.83%. The business had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.17 billion. During the same period last year, the company posted $0.51 EPS. The business’s quarterly revenue was down 3.7% on a year-over-year basis. Analysts forecast that Carrier Global Co. will post 2.99 earnings per share for the current year.

Carrier Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Friday, May 2nd were issued a $0.225 dividend. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.27%. Carrier Global’s dividend payout ratio (DPR) is 13.93%.

Insider Activity

In related news, Director Maximilian Viessmann sold 4,267,425 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $70.30, for a total transaction of $299,999,977.50. Following the completion of the sale, the director now owns 54,341,534 shares of the company’s stock, valued at approximately $3,820,209,840.20. This represents a 7.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CARR. JPMorgan Chase & Co. increased their price target on Carrier Global from $66.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Carrier Global in a research note on Wednesday, May 21st. Mizuho set a $72.00 price target on Carrier Global in a report on Tuesday, April 22nd. Royal Bank of Canada lifted their target price on shares of Carrier Global from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Tuesday, May 20th. Finally, Barclays increased their price target on shares of Carrier Global from $83.00 to $84.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Carrier Global has an average rating of “Moderate Buy” and an average price target of $83.00.

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.