Shares of Carnival Corp. (NYSE:CCL) shot up 4.3% on Tuesday following a better than expected earnings announcement. The stock traded as high as $48.49 and last traded at $48.49, with a volume of 3,996,044 shares. The stock had previously closed at $46.47.
The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.03. The firm had revenue of $5.10 billion for the quarter. Carnival Corp. had a return on equity of 10.37% and a net margin of 14.00%. The firm’s revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.75 EPS.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, August 26th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Wednesday, August 24th. Carnival Corp.’s payout ratio is currently 48.44%.
Several brokerages have weighed in on CCL. Wedbush reaffirmed a “neutral” rating and set a $54.00 target price on shares of Carnival Corp. in a research note on Tuesday. Buckingham Research lifted their target price on Carnival Corp. from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday. Stifel Nicolaus reaffirmed a “buy” rating on shares of Carnival Corp. in a research note on Tuesday. Nomura cut their target price on Carnival Corp. to $59.00 in a research note on Tuesday. Finally, Bank of America Corp. set a $53.40 price objective on Carnival Corp. and gave the stock a “buy” rating in a research note on Wednesday, September 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company’s stock. Carnival Corp. currently has an average rating of “Buy” and an average target price of $56.92.
A number of hedge funds and other institutional investors have recently modified their holdings of CCL. Ngam Advisors L.P. increased its position in shares of Carnival Corp. by 3.5% in the first quarter. Ngam Advisors L.P. now owns 168,931 shares of the company’s stock worth $8,915,000 after buying an additional 5,785 shares during the period. Morris Capital Advisors LLC purchased a new position in shares of Carnival Corp. during the first quarter worth approximately $484,000. Centre Asset Management LLC purchased a new position in shares of Carnival Corp. during the first quarter worth approximately $5,729,000. CQS Cayman LP increased its position in shares of Carnival Corp. by 89.0% in the first quarter. CQS Cayman LP now owns 1,595,289 shares of the company’s stock worth $83,927,000 after buying an additional 751,372 shares during the period. Finally, Mondrian Investment Partners LTD increased its position in shares of Carnival Corp. by 14.1% in the first quarter. Mondrian Investment Partners LTD now owns 1,197,906 shares of the company’s stock worth $63,213,000 after buying an additional 147,953 shares during the period. Hedge funds and other institutional investors own 77.99% of the company’s stock.
The stock has a market cap of $36.02 billion, a PE ratio of 16.66 and a beta of 0.84. The company’s 50-day moving average price is $46.47 and its 200 day moving average price is $47.79.
About Carnival Corp.
Carnival Corporation is a leisure travel company. The Company is a cruise company and provides vacations to cruise destinations throughout the world. The Company aggregates its approximately nine global, regional and national cruise brands into North America, and Europe, Australia & Asia (EAA) segments.
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