Segment Wealth Management LLC has decreased its stake in Carrier Global Corporation (NYSE: CARR) by 0.6% during the second quarter, according to its recent filing with the Securities and Exchange Commission (SEC). The firm now holds 183,826 shares, having sold 1,132 shares during this period. Segment Wealth Management’s investments in Carrier Global are currently valued at approximately $13.45 million.
Several other institutional investors have also adjusted their positions in Carrier Global. Lindbrook Capital LLC increased its stake by 1.3% in the first quarter, acquiring an additional 156 shares to reach a total of 12,294 shares, valued at $779,000. Similarly, Code Waechter LLC lifted its holdings by 5.1%, acquiring 164 additional shares to own a total of 3,383 shares worth $214,000.
In a comparable move, Abacus Wealth Partners LLC increased its stake by 4.3% during the second quarter, now holding 3,982 shares valued at $291,000. Chicago Partners Investment Group LLC also raised its holdings by 2.9%, now owning 6,055 shares worth $424,000. Lastly, Essex Financial Services Inc. increased its holdings by 0.4%, acquiring 173 shares for a total of 41,778 shares valued at $2.65 million. Overall, institutional investors and hedge funds collectively own 91% of Carrier Global’s stock.
Moving forward, analysts are weighing in on Carrier Global’s stock performance. Wolfe Research recently lowered its price target from $91.00 to $77.00, maintaining an “outperform” rating. Deutsche Bank Aktiengesellschaft also adjusted its price objective from $73.00 to $70.00, assigning a “hold” rating. Meanwhile, Rothschild & Co Redburn reduced its target from $76.00 to $66.00, giving it a “neutral” rating.
Additionally, Citigroup has decreased its price target from $89.00 to $75.00, maintaining a “buy” rating. Morgan Stanley also lowered its target from $78.00 to $75.00, setting an “equal weight” rating. Currently, twelve research analysts have rated the stock with a “buy” rating, while nine analysts have assigned a “hold” rating, leading to an average rating of “Moderate Buy” and an average price target of $79.00.
Carrier Global Corporation’s stock saw a rise of 1.2%, opening at $59.63 on Friday. The company has experienced a 52-week low of $54.22 and a 52-week high of $83.32. Its financial metrics include a quick ratio of 0.80, a current ratio of 1.17, and a debt-to-equity ratio of 0.76. The firm boasts a market capitalization of $50.75 billion, a price-to-earnings (P/E) ratio of 12.99, and a P/E/G ratio of 1.83.
In its most recent quarterly earnings report on July 29, 2023, Carrier Global announced earnings per share (EPS) of $0.92, surpassing the consensus estimate of $0.90. The company reported revenue of $6.11 billion for the quarter, slightly exceeding analyst predictions of $6.08 billion. Carrier Global achieved a net margin of 18.33% and a return on equity of 17.83%, and it has set its FY 2025 EPS guidance at $3.00-3.10. Analysts predict that Carrier Global will post an EPS of $2.99 for the current fiscal year.
Carrier Global Corporation specializes in heating, ventilation, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies across the United States, Europe, Asia Pacific, and other regions. The company operates through three segments: HVAC, Refrigeration, and Fire & Security.
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