Kyle Crockett, the Vice President, Controller, and Chief Accounting Officer at Carrier Global Corp (NYSE:CARR), recently sold shares of the company's stock. On November 7, Crockett sold 11,647 shares at an average price of $76.3357 per share, amounting to a total transaction value of approximately $889,081.
Additionally, on the same day, Crockett exercised 17,500 Stock Appreciation Rights (SARs) at a price of $25.58 per share, with the transaction totaling $447,649. This exercise was followed by a disposition of shares to cover tax obligations, involving 5,853 shares at $76.74 per share, valued at $449,159.
Following these transactions, Crockett retains direct ownership of 2,042 shares of Carrier Global's common stock.
In other recent news, Carrier Global Corporation has been making strategic financial moves. The company has successfully completed a private offering of €750 million in 3.625% euro-denominated notes due in 2037. The proceeds from this offering, along with existing cash, will be used to redeem Carrier's 4.375% Notes due in 2025. In addition to this, Carrier Global has reported a 21% increase in Q3 sales to $6 billion, with organic sales growing by 4%. The company's HVAC segment experienced a 26% increase in sales, largely due to the acquisition of Viessmann Climate Solutions. Adjusted EPS from continuing operations was $0.77, marking a 3% increase year-over-year. Analysts at Baird and Oppenheimer maintained an Outperform rating on Carrier Global, while Mizuho (NYSE:MFG) held Carrier Global at Neutral. The company also repurchased $400 million in shares in Q3 and plans to reach $1 billion in buybacks by year's end. These are some of the latest developments at Carrier Global Corporation.
InvestingPro Insights
In light of Kyle Crockett's recent stock transactions, it's worth examining Carrier Global Corp's current financial position and market performance. According to InvestingPro data, Carrier Global has a market capitalization of $68.74 billion, reflecting its significant presence in the Building Products industry.
The company's stock has shown strong performance, with a 49.24% total return over the past year and a 31.92% return year-to-date. This robust performance aligns with the company's solid financial metrics, including a revenue of $24.8 billion in the last twelve months and a revenue growth of 25.64% over the same period.
InvestingPro Tips highlight that Carrier Global has raised its dividend for 4 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the company's current dividend yield of 1.01%. Additionally, Carrier operates with a moderate level of debt, which may provide financial flexibility for future growth initiatives.
It's important to note that while the stock is trading at a high P/E ratio of 45.68 (adjusted for the last twelve months), it also has a low PEG ratio of 0.25, suggesting it may be undervalued relative to its growth prospects. This could indicate potential for further stock appreciation, which may be of interest to investors considering the recent insider transactions.
For readers seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Carrier Global, providing deeper insights into the company's financial health and market position.
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