Capital Research & Management Co has recently announced that it has increased stake in Carrier Global Corp (NYSE:CARR) by 8.04%. After grabbing 89.87 million shares, the institutional investor is now in possession of 6.69 million shares of the Industrials Company. The new investment brought the stake of investor firm to 10.71% having worth around $4.28 billion. Moreover, Capital Research & Management Co increased its share by 2.48 million to have a control over 80.62 million shares. And BlackRock Fund Advisors raised its holdings to 0.25 million shares by acquiring 38.89 million shares or 4.64% of the stake.
Carrier Global Corp (CARR) concluded trading on 11/29/23 at a closing price of $52.21, with 4.06 million shares of worth about $211.93 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 27.65% during that period and on Wednesday the price saw a gain of about 1.12%. Currently the company’s common shares owned by public are about 839.05M shares, out of which, 837.91M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 22 analysts are covering the CARR stock and their offered price forecasts bring an average price target of $56.61. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $67.00 and could fall to a lowest price of $48.00. The stock’s current price level is 7.77% above of average price target set by the analysts, while a rise to estimated low would result in loss of -8.77% for the stock. However, touching the estimated high of $67.00 would mean a gain of 22.07% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 89 times over the past 12 months. They bought 1,904,046 shares in 36 of the transactions. In 53 selling transactions, insiders dumped 1,479,605 shares.
American Funds Growth Fund of Ame, American Funds Investment Company, and American Balanced Fund are the top 3 mutual funds which are holding stakes in Carrier Global Corp American Funds Growth Fund of Ame is currently holding 50.47 million shares of worth totaling $2.41 billion. The company recently came buying 0.54 million shares which brought its stake up to 6.02% of the company’s outstanding shares. American Funds Investment Company sold 55400.0 shares, after which its hold over company’s outstanding shares shrunk to 3.63%, leaving 30.42 million shares with the mutual fund that have a worth of about $1.45 billion. American Balanced Fund, after buying 26.9 million shares, have now control over 3.21% of the stake in the company. It holds 0.28 million shares of worth $1.28 billion.
Carrier Global Corp (NYSE: CARR) started trading at $52.25, above $0.62 from concluding price of the previous day. However, the stock later moved at a day high price of 52.97, or with a gain of 1.12%. Stock saw a price change of -0.99% in past 5 days and over the past one month there was a price change of 10.22%. Year-to-date (YTD), CARR shares are showing a performance of 26.57% which increased to 20.55% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $40.28 but also hit the highest price of $60.04 during that period. The average intraday trading volume for Carrier Global Corp shares is 4.61 million. The stock is currently trading 1.45% above its 20-day simple moving average (SMA20), while that difference is up 0.55% for SMA50 and it goes to 6.09% higher than SMA200.
Capital Research & Management Co acquired 89.87 million shares of Carrier Global Corp having value of about $4.28 billion. Data submitted at the U.S SEC by Capital Research & Management Co revealed that the firm now holds 6.69 million shares in the company valued at close to $349168367.28, or have control over 8.04% stake in the company. Carrier Global Corp (NYSE: CARR) currently have 839.05M outstanding shares and institutions hold larger chunk of about 93.89% of that. Holding of mutual funds in the company is about 29.07% while other institutional holders and individual stake holders have control over 65.69% and 0.14% of the stake respectively.
The stock has a current market capitalization of $43.81B and its 3Y-monthly beta is at 1.26. PE ratio of stock for trailing 12 months is 37.13, while it has posted earnings per share of $1.41 in the same period. Its PEG reads 3.75 and has Quick Ratio of 1.25 while making debt-to-equity ratio of 1.13. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CARR, volatility over the week remained 1.58% while standing at 2.05% over the month.
Analysts are in expectations that Carrier Global Corp (CARR) stock would likely to be making an EPS of $Star Bulk Carriers Corp. in the current quarter, while forecast for next quarter EPS is $20.30 and it is $Stocks for next year. For the current quarter EPS, analysts have given the company a lowest target $Maplebear Inc. which is $Carrier Global Corporation at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $Avis Budget Group, Inc. in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 15.80% while it is estimated to increase by 6.05% in next year. EPS is likely to shrink at an annualized rate of 9.91% for next 5-years, compared to annual growth of 23.71% made by the stock over the past 5-years.
Analysts at 22 brokerage firms have issued recommendations for the Carrier Global Corp (CARR)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.55. Out of those 22 Wall Street analysts, 7 recommended a “Buy” rating, while 11 were in favor recommending the stock as a “Hold” and 2 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Wolfe Research on October 12, 2023 offering an Underperform rating for the stock and assigned a target price of $56 to it.
