Carrier Global Corporation (CARR) Fell on Uncertainty Around the Stock’s Near-Term Outlook
Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy trailed the Russell 1000 Index for Q4 and underperformed for the calendar year. In Q4, both the fund’s below-benchmark weighting and individual holdings underperformed index peers, resulting in relative weakness in the technology exposure for both the full year and the quarter. In addition, overweight exposure to the weak energy sector detracted from the relative results, along with healthcare holdings. Financial holdings and over-benchmark allocation boosted performance. Positive stock picks in real estate and consumer staples sectors also contributed. The strategy returned 11.39% (net) in Q4 compared to 11.96% for the Russell 1000 Index. For the full year, the strategy returned 13.68% (net) compared to a 26.53% return for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy featured stocks like Carrier Global Corporation (NYSE:CARR) in its Q4 2023 investor letter. Headquartered in Palm Beach Gardens, Florida, Carrier Global Corporation (NYSE:CARR) provides HVAC, refrigeration, fire, security, and building automation technologies. On February 28, 2024, Carrier Global Corporation (NYSE:CARR) stock closed at $54.76 per share. One-month return of Carrier Global Corporation (NYSE:CARR) was -1.49%, and its shares gained 18.81% of their value over the last 52 weeks. Carrier Global Corporation (NYSE:CARR) has a market capitalization of $49.194 billion.
Diamond Hill Large Cap Strategy stated the following regarding Carrier Global Corporation (NYSE:CARR) in its fourth quarter 2023 investor letter:
"Other bottom contributors included Chevron, Carrier Global Corporation (NYSE:CARR) and Becton, Dickinson. HVAC products and services provider Carrier Global is seeking to sell its non-HVAC business, creating some uncertainty around the stock’s near-term outlook. We exited our position in favor of more compelling opportunities."
A service technician with a tool belt, inspecting an HVAC unit in a customer's home.
Carrier Global Corporation (NYSE:CARR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Carrier Global Corporation (NYSE:CARR) was held by 37 hedge fund portfolios, compared 37 in the previous quarter, according to our database.
We discussed Carrier Global Corporation (NYSE:CARR) in another article and shared the list of stocks with the potential to explode. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
