5 Best Manufacturing Stocks To Invest In

4. Carrier Global Corporation (NYSE:CARR)

Number of Hedge Fund Holders: 41

Carrier Global Corporation (NYSE:CARR) is a major player in the HVAC industry and a prominent manufacturer of HVAC systems, building technologies, and security systems. This July, Jefferies analyst Stephen Volkmann revised his price target on Carrier Global Corporation (NYSE:CARR) to $47 from $55 and reiterated a Buy rating on the shares. On July 18, Deutsche Bank analyst Nicole DeBlase adjusted her price target on Carrier Global Corporation (NYSE:CARR) to $43 from $49 and maintained a Hold rating on the shares.

Carrier Global Corporation (NYSE:CARR) is undervalued, pays dividends, and is cash-rich. As of October 7, the stock is trading at a PE multiple of 11x and is offering a forward dividend yield of 1.57%. The company has free cash flows of $988 million.

At the end of Q2 2022, 41 hedge funds were long Carrier Global Corporation (NYSE:CARR) and held stakes worth $1.15 billion in the company. This is compared to 42 positions in Q1 2022 with stakes worth $1.14 billion. As of June 30, Renaissance Technologies is the largest shareholder in Carrier Global Corporation (NYSE:CARR) and has stakes worth $238 million in the company.