Carnival Corporation (CCL) Upgraded to Buy by Zacks Investment Research
Carnival Corporation (NYSE:CCL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $72.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.66% from the stock’s previous close.
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 is likely to further drive growth. Meanwhile, estimates have been stable lately ahead of its fiscal third quarter earnings release and the company has positive record of earnings surprises in recent quarters. 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.”
A number of other equities research analysts have also recently weighed in on CCL. William Blair restated an “outperform” rating on shares of Carnival Corporation in a research note on Friday, June 9th. UBS AG restated a “buy” rating and issued a $76.00 price target (up previously from $67.00) on shares of Carnival Corporation in a research note on Thursday, August 17th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $57.00 price target (up previously from $55.00) on shares of Carnival Corporation in a research note on Tuesday, June 20th. Stifel Nicolaus restated a “buy” rating and issued a $74.00 price target (up previously from $68.00) on shares of Carnival Corporation in a research note on Friday, June 23rd. Finally, ValuEngine upgraded Carnival Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Eight investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $62.87.
Shares of Carnival Corporation (NYSE:CCL) traded down 0.09% during trading on Thursday, reaching $64.42. The company’s stock had a trading volume of 1,376,177 shares. The stock’s 50 day moving average price is $67.69 and its 200 day moving average price is $63.59. The company has a market cap of $46.64 billion, a PE ratio of 17.04 and a beta of 0.74. Carnival Corporation has a 52 week low of $45.46 and a 52 week high of $69.89.
Carnival Corporation (NYSE:CCL) last announced its quarterly earnings data on Thursday, June 22nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.05. Carnival Corporation had a return on equity of 11.26% and a net margin of 16.48%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same quarter in the prior year, the business posted $0.49 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. Equities research analysts predict that Carnival Corporation will post $3.73 EPS for the current year.
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In other news, insider Alan Buckelew sold 15,000 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $67.02, for a total transaction of $1,005,300.00. Following the sale, the insider now directly owns 150,860 shares of the company’s stock, valued at approximately $10,110,637.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 23.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CCL. UBS Asset Management Americas Inc. grew its holdings in shares of Carnival Corporation by 17.5% during the 1st quarter. UBS Asset Management Americas Inc. now owns 1,891,800 shares of the company’s stock worth $111,446,000 after purchasing an additional 281,960 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of Carnival Corporation by 5.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 51,297 shares of the company’s stock worth $3,022,000 after purchasing an additional 2,557 shares in the last quarter. Carret Asset Management LLC grew its holdings in shares of Carnival Corporation by 2.8% during the 1st quarter. Carret Asset Management LLC now owns 58,160 shares of the company’s stock worth $3,426,000 after purchasing an additional 1,570 shares in the last quarter. Eagle Global Advisors LLC grew its holdings in shares of Carnival Corporation by 2.9% during the 1st quarter. Eagle Global Advisors LLC now owns 75,015 shares of the company’s stock worth $4,419,000 after purchasing an additional 2,146 shares in the last quarter. Finally, Rational Advisors LLC acquired a new stake in shares of Carnival Corporation during the 1st quarter worth $1,031,000. 77.34% of the stock is currently owned by institutional investors.
Carnival Corporation 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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