Carrier Global Co. (NYSE:CARR) to Issue $0.19 Quarterly Dividend

Carrier Global Co. (NYSE:CARR) declared a quarterly dividend on Friday, April 19th, Wall Street Journal reports. Stockholders of record on Friday, May 3rd will be paid a dividend of 0.19 per share on Wednesday, May 22nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Thursday, May 2nd.

Carrier Global has raised its dividend payment by an average of 49.5% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Carrier Global has a dividend payout ratio of 24.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Carrier Global to earn $3.09 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 24.6%.

Carrier Global Stock Performance

Shares of CARR traded up $0.15 during trading hours on Friday, reaching $53.53. 3,576,696 shares of the company’s stock traded hands, compared to its average volume of 4,670,733. The firm has a market capitalization of $48.18 billion, a price-to-earnings ratio of 33.79, a P/E/G ratio of 2.29 and a beta of 1.39. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.73 and a quick ratio of 2.40. Carrier Global has a twelve month low of $40.28 and a twelve month high of $60.87. The business’s fifty day simple moving average is $56.41 and its two-hundred day simple moving average is $54.75.

Carrier Global (NYSE:CARR) last released its earnings results on Tuesday, February 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. The firm had revenue of $5.10 billion for the quarter, compared to analyst estimates of $5.22 billion. Carrier Global had a return on equity of 27.19% and a net margin of 6.10%. Carrier Global’s revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.40 earnings per share. Analysts predict that Carrier Global will post 2.82 earnings per share for the current year.

Insider Activity

In related news, CEO David L. Gitlin sold 354,539 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.16, for a total value of $19,201,832.24. Following the completion of the sale, the chief executive officer now directly owns 422,808 shares in the company, valued at approximately $22,899,281.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Kevin J. O’connor sold 26,551 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $53.77, for a total value of $1,427,647.27. Following the completion of the sale, the vice president now directly owns 66,083 shares in the company, valued at approximately $3,553,282.91. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David L. Gitlin sold 354,539 shares of Carrier Global stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.16, for a total value of $19,201,832.24. Following the completion of the transaction, the chief executive officer now directly owns 422,808 shares in the company, valued at $22,899,281.28. The disclosure for this sale can be found here. 6.95% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in shares of Carrier Global by 0.6% during the first quarter. State Street Corp now owns 33,147,448 shares of the company’s stock valued at $1,516,493,000 after purchasing an additional 206,839 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Carrier Global by 712.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,482,866 shares of the company’s stock valued at $799,843,000 after purchasing an additional 15,330,140 shares during the period. Geode Capital Management LLC increased its position in shares of Carrier Global by 2.0% during the first quarter. Geode Capital Management LLC now owns 17,377,066 shares of the company’s stock valued at $793,207,000 after purchasing an additional 342,215 shares during the period. Nuveen Asset Management LLC increased its position in shares of Carrier Global by 16.0% during the second quarter. Nuveen Asset Management LLC now owns 15,917,718 shares of the company’s stock valued at $791,270,000 after purchasing an additional 2,197,116 shares during the period. Finally, Morgan Stanley increased its position in shares of Carrier Global by 18.1% during the fourth quarter. Morgan Stanley now owns 9,414,230 shares of the company’s stock valued at $388,337,000 after purchasing an additional 1,443,747 shares during the period. 91.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CARR shares. Oppenheimer reaffirmed an “outperform” rating and set a $63.00 target price on shares of Carrier Global in a report on Thursday. Royal Bank of Canada lowered their target price on Carrier Global from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. Citigroup lifted their target price on Carrier Global from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Wells Fargo & Company lowered their target price on Carrier Global from $63.00 to $57.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 7th. Finally, Barclays lifted their price target on Carrier Global from $71.00 to $78.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $61.15.

Carrier Global Company Profile

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.