Traders Buy Shares of Carnival (CCL) on Weakness
Investors bought shares of Carnival Corporation (NYSE:CCL) on weakness during trading hours on Wednesday. $56.72 million flowed into the stock on the tick-up and $30.57 million flowed out of the stock on the tick-down, for a money net flow of $26.15 million into the stock. Of all equities tracked, Carnival had the 15th highest net in-flow for the day. Carnival traded down ($1.14) for the day and closed at $65.41
CCL has been the topic of several analyst reports. UBS reiterated a “buy” rating and set a $76.00 price target (up previously from $67.00) on shares of Carnival in a research note on Thursday, August 17th. Zacks Investment Research upgraded shares of Carnival from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a research note on Thursday, September 21st. Stifel Nicolaus restated a “buy” rating and set a $79.00 target price (up previously from $74.00) on shares of Carnival in a research note on Wednesday, September 27th. Nomura restated a “buy” rating and set a $75.00 target price on shares of Carnival in a research note on Friday, September 29th. Finally, Instinet restated a “buy” rating and set a $75.00 target price on shares of Carnival in a research note on Monday, October 2nd. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $68.83.
The company has a current ratio of 0.21, a quick ratio of 0.16 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $35,049.04, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 1.17 and a beta of 0.73.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 24th will be paid a $0.45 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $1.80 annualized dividend and a yield of 2.76%. This is a boost from Carnival’s previous quarterly dividend of $0.40. Carnival’s payout ratio is presently 43.72%.
In other Carnival news, CEO Arnold W. Donald sold 5,000 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $65.43, for a total value of $327,150.00. Following the sale, the chief executive officer now owns 115,572 shares in the company, valued at approximately $7,561,875.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 100,903 shares of company stock worth $6,782,771. Corporate insiders own 23.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CCL. Pathstone Family Office LLC increased its holdings in shares of Carnival by 200.0% in the 2nd quarter. Pathstone Family Office LLC now owns 57 shares of the company’s stock worth $2,493,000 after buying an additional 38 shares during the last quarter. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Carnival in the 2nd quarter worth about $289,000. Almanack Investment Partners LLC. bought a new stake in shares of Carnival in the 2nd quarter worth about $117,000. Grove Bank & Trust increased its holdings in shares of Carnival by 367.8% in the 3rd quarter. Grove Bank & Trust now owns 2,035 shares of the company’s stock worth $131,000 after buying an additional 1,600 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of Carnival by 109.4% in the 2nd quarter. Bessemer Group Inc. now owns 2,618 shares of the company’s stock worth $171,000 after buying an additional 1,368 shares during the last quarter. Institutional investors and hedge funds own 75.94% of the company’s stock.
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Carnival Company Profile
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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