Kevin J. O'Connor, Senior Vice President and Chief Legal Officer at Carrier Global Corp (NYSE:CARR), recently sold a substantial portion of his holdings in the company. On November 6, O'Connor sold 167,183 shares of Carrier Global, totaling approximately $12.3 million, at an average price of $73.46 per share.
In addition to the sale, O'Connor exercised stock appreciation rights, acquiring 217,150 shares at $25.60 per share and an additional 32,000 shares at $16.55 per share. These transactions were settled in shares according to the terms of the award. Following these transactions, O'Connor's direct ownership stands at 46,083 shares.
The sale of shares was part of a series of transactions conducted on the same day, reflecting O'Connor's ongoing management of his equity in Carrier Global.
In other recent news, Carrier Global Corporation has successfully issued €750 million in 3.625% euro-denominated notes due in 2037, with the proceeds being used to redeem its 4.375% notes due in 2025. This strategic financial move is part of the company's broader strategy to effectively manage its debt profile. In recent developments, Carrier Global reported a 21% increase in Q3 sales to $6 billion, with its HVAC segment seeing 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 the company, while Mizuho (NYSE:MFG) held Carrier Global at Neutral. Furthermore, Carrier Global repurchased $400 million in shares in Q3 and plans to reach $1 billion in buybacks by the end of the year. These recent developments provide insight into the company's financial performance and strategic initiatives.
InvestingPro Insights
To provide context for Kevin J. O'Connor's recent stock transactions, let's examine some key financial metrics for Carrier Global Corp (NYSE:CARR). According to InvestingPro data, Carrier boasts a substantial market capitalization of $68.74 billion, positioning it as a prominent player in the Building Products industry.
The company's financial performance has been robust, with revenue growth of 25.64% over the last twelve months as of Q3 2024, reaching $24.8 billion. This strong top-line growth is complemented by a healthy gross profit margin of 28.3% for the same period.
Investors should note that Carrier's stock has shown impressive momentum, with a 16.82% price total return over the past three months and a substantial 49.24% return over the past year. This performance aligns with an InvestingPro Tip highlighting Carrier's strong return over the last three months.
Another relevant InvestingPro Tip indicates that Carrier has raised its dividend for 4 consecutive years, which may be of interest to income-focused investors. The current dividend yield stands at 1.01%, with a dividend growth rate of 2.7% over the last twelve months.
For those considering the stock's valuation, it's worth noting that Carrier is trading at a P/E ratio of 19.57, which some analysts might consider high relative to its peers. However, an InvestingPro Tip suggests that the company is trading at a low P/E ratio relative to near-term earnings growth, potentially indicating an attractive entry point for long-term investors.
InvestingPro offers 13 additional tips for Carrier Global Corp, providing a more comprehensive analysis for investors looking to delve deeper into the company's prospects.
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