Convergence Investment Partners LLC Increases Stake in Royal Caribbean Cruises Ltd (RCL)
Convergence Investment Partners LLC lifted its holdings in shares of Royal Caribbean Cruises Ltd (NYSE:RCL) by 11.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,814 shares of the company’s stock after acquiring an additional 1,591 shares during the period. Convergence Investment Partners LLC’s holdings in Royal Caribbean Cruises were worth $1,875,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. TLP Group LLC purchased a new position in shares of Royal Caribbean Cruises during the second quarter worth approximately $105,000. Acrospire Investment Management LLC grew its position in Royal Caribbean Cruises by 25.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,000 shares of the company’s stock valued at $109,000 after buying an additional 200 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Royal Caribbean Cruises in the 3rd quarter valued at $119,000. Pinebridge Investments L.P. purchased a new position in Royal Caribbean Cruises in the 2nd quarter valued at $121,000. Finally, ClariVest Asset Management LLC purchased a new position in Royal Caribbean Cruises in the 3rd quarter valued at $142,000. Institutional investors and hedge funds own 73.28% of the company’s stock.
A number of equities analysts recently weighed in on RCL shares. Zacks Investment Research upgraded shares of Royal Caribbean Cruises from a “hold” rating to a “buy” rating and set a $136.00 price objective on the stock in a research report on Friday, September 1st. Deutsche Bank lifted their price objective on shares of Royal Caribbean Cruises from $114.00 to $118.00 and gave the company a “hold” rating in a research report on Wednesday, November 8th. Stifel Nicolaus reiterated a “buy” rating and issued a $134.00 price objective on shares of Royal Caribbean Cruises in a research report on Thursday, September 7th. BidaskClub upgraded shares of Royal Caribbean Cruises from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. Finally, Wedbush reiterated an “outperform” rating and issued a $139.00 price objective (up from $129.00) on shares of Royal Caribbean Cruises in a research report on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $126.02.
Royal Caribbean Cruises (NYSE:RCL) last released its earnings results on Tuesday, November 7th. The company reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.06. Royal Caribbean Cruises had a return on equity of 16.64% and a net margin of 18.41%. The company had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter last year, the company earned $3.20 earnings per share. Royal Caribbean Cruises’s quarterly revenue was up .2% compared to the same quarter last year. equities analysts anticipate that Royal Caribbean Cruises Ltd will post 7.39 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Thursday, December 21st will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.95%. Royal Caribbean Cruises’s dividend payout ratio (DPR) is presently 32.43%.
In other news, CEO Richard D. Fain sold 20,000 shares of Royal Caribbean Cruises stock in a transaction on Monday, November 13th. The stock was sold at an average price of $123.76, for a total transaction of $2,475,200.00. Following the completion of the transaction, the chief executive officer now owns 895,416 shares of the company’s stock, valued at approximately $110,816,684.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 60,000 shares of company stock valued at $7,415,000 in the last ninety days. Corporate insiders own 15.30% of the company’s stock.
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About Royal Caribbean Cruises
Royal Caribbean Cruises Ltd. is a cruise company. The Company owns and operates three global cruise brands: Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises (Global Brands). The Company also own joint venture interest in the German brand TUI Cruises, interest in the Spanish brand Pullmantur and interest in the Chinese brand SkySea Cruises (collectively, Partner Brands).
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