Zacks Investment Research cut shares of Carnival Corporation (NYSE:CCL) from a buy rating to a hold rating in a report released on Wednesday.

According to Zacks, “Carnival shares have outpaced the industry in the past year. Given burgeoning demand for cruise travel in 2017, the addition of new ships to its fleet bodes well. Carnival believes that it is well positioned for continued earnings growth, given the current strength in its bookings along with pricing trends for the year. Notably, its brand building efforts together with other marketing activities are driving bookings. Its strategy of growing beyond familiar itineraries and capitalizing on fast growing markets also bodes well. New onboard product offerings and strategic initiatives are expected to drive onboard yield gains. Cost containment efforts like lower fuel consumption could also aid profits. However, adverse forex translations, higher costs along with macroeconomic issues in key operating regions remain headwinds. A potential increase in fuel costs can also hamper its profitability.”

Other analysts have also issued reports about the stock. ValuEngine upgraded shares of Carnival Corporation from a hold rating to a buy rating in a research report on Friday, June 2nd. Stifel Nicolaus restated a buy rating and issued a $68.00 price target on shares of Carnival Corporation in a research report on Friday, June 16th. Instinet boosted their price target on shares of Carnival Corporation from $72.00 to $75.00 and gave the company a buy rating in a research report on Friday, June 23rd. HSBC Holdings plc restated a buy rating and issued a $71.00 price target (up from $65.00) on shares of Carnival Corporation in a research report on Monday, June 26th. Finally, Bank of America Corporation restated a buy rating and issued a $73.20 price target on shares of Carnival Corporation in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $62.59.

Shares of Carnival Corporation (NYSE CCL) opened at 69.13 on Wednesday. Carnival Corporation has a 1-year low of $44.11 and a 1-year high of $69.89. The company’s 50-day moving average is $67.66 and its 200 day moving average is $62.64. The firm has a market cap of $50.05 billion, a price-to-earnings ratio of 18.28 and a beta of 0.73.

Carnival Corporation (NYSE:CCL) last issued its earnings results on Thursday, June 22nd. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.05. Carnival Corporation had a net margin of 16.48% and a return on equity of 11.26%. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same period in the previous year, the business earned $0.49 EPS. The firm’s revenue was up 6.5% on a year-over-year basis. On average, equities research analysts expect that Carnival Corporation will post $3.74 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, August 25th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Wednesday, August 23rd. Carnival Corporation’s dividend payout ratio is currently 42.55%.

In related news, insider Alan Buckelew sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $67.02, for a total transaction of $1,005,300.00. Following the completion of the transaction, the insider now owns 150,860 shares in the company, valued at $10,110,637.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 23.80% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Almanack Investment Partners LLC. bought a new position in Carnival Corporation during the second quarter valued at $117,000. Point72 Asia Hong Kong Ltd bought a new position in Carnival Corporation during the first quarter valued at $138,000. Harbour Capital Advisors LLC bought a new position in Carnival Corporation during the first quarter valued at $147,000. Parallel Advisors LLC boosted its position in Carnival Corporation by 87.9% in the first quarter. Parallel Advisors LLC now owns 2,674 shares of the company’s stock valued at $167,000 after buying an additional 1,251 shares during the period. Finally, Bessemer Group Inc. boosted its position in Carnival Corporation by 109.4% in the second quarter. Bessemer Group Inc. now owns 2,618 shares of the company’s stock valued at $171,000 after buying an additional 1,368 shares during the period. Institutional investors own 77.32% of the company’s stock.

About Carnival Corporation

Carnival Corporation is a leisure travel company. The Company is a cruise company of global cruise guests, and a provider of vacations to all cruise destinations throughout the world. The Company operates in four segments: North America, EAA, Cruise Support and, Tour and Other. The Company’s North America segment includes Carnival Cruise Line, Holland America Line, Princess Cruises (Princess) and Seabourn.

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