Fiera Capital Corp has increased its stake in Carrier Global Corporation by acquiring an additional 86,873 shares during the second quarter of 2023. According to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC), Fiera now owns a total of 6,800,690 shares in Carrier Global, representing a 1.3% increase. The investment now constitutes approximately 1.7% of Fiera Capital’s overall portfolio, making Carrier Global its 16th largest position.
At the close of the reporting period, Fiera Capital’s stake in Carrier Global was valued at about $497.74 million. This move comes amid heightened interest from various institutional investors in Carrier Global, reflecting a broader trend of fluctuating investments in the company.
Several other firms have also recently adjusted their positions in Carrier. For instance, Brighton Jones LLC increased its stake by 30.3% during the fourth quarter, now holding 7,958 shares valued at approximately $543,000. Other notable changes include Schechter Investment Advisors LLC acquiring new shares valued at $201,000, and CWM LLC growing its position by 0.6%, now owning 60,122 shares worth $3.81 million.
Market Performance and Financial Details
Carrier Global’s stock saw a decline of 1.9% recently, opening at $55.89 on Thursday. The stock has fluctuated between a twelve-month low of $54.22 and a high of $81.09. Its current market capitalization stands at approximately $47.07 billion, with a price-to-earnings ratio of 12.50. Carrier Global’s financial ratios indicate a current ratio of 1.14 and a debt-to-equity ratio of 0.76.
In an important development, Carrier Global’s Board of Directors has authorized a $5 billion share buyback plan, allowing the company to repurchase up to 10.1% of its outstanding shares through open market purchases. Such buyback programs often suggest that company leadership believes their shares are undervalued.
The company recently announced a quarterly dividend of $0.225 per share, payable on November 18, 2023. Shareholders on record as of October 29, 2023 will receive this dividend, translating to an annualized dividend of $0.90 and a dividend yield of 1.6%. Carrier Global’s payout ratio currently stands at 20.13%.
Analyst Ratings and Future Outlook
Wall Street analysts have expressed varied opinions on Carrier Global’s stock. The Goldman Sachs Group has reduced its price target from $76.00 to $72.00, while maintaining a “buy” rating. Similarly, Oppenheimer has reaffirmed a “market perform” rating. Royal Bank of Canada also lowered its target from $87.00 to $75.00, assigning an “outperform” rating.
In total, ten research analysts have issued “buy” ratings for Carrier Global, while eight have assigned a “hold” rating. Only one analyst has recommended selling the stock. The consensus rating remains at “hold” with an average price target of $72.94, according to data from MarketBeat.com.
Carrier Global Corporation, a major player in the HVAC and building technology sectors, operates across the United States, Europe, and the Asia Pacific. The company’s divisions include heating, ventilation, air conditioning, refrigeration, and security systems, positioning it as a key provider in the global market.
The ongoing adjustments by institutional investors and the company’s strategic financial moves may set the stage for significant developments in the near future. As the stock market evolves, the performance of Carrier Global will be closely monitored by investors and analysts alike.
