State Treasurer State of Michigan Sells 179,200 Shares of Royal Caribbean Cruises Ltd (RCL)
State Treasurer State of Michigan reduced its holdings in shares of Royal Caribbean Cruises Ltd (NYSE:RCL) by 78.4% during the 1st quarter, HoldingsChannel reports. The fund owned 49,472 shares of the company’s stock after selling 179,200 shares during the period. State Treasurer State of Michigan’s holdings in Royal Caribbean Cruises were worth $5,670,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. First Mercantile Trust Co. boosted its position in Royal Caribbean Cruises by 6.1% in the first quarter. First Mercantile Trust Co. now owns 2,058 shares of the company’s stock valued at $236,000 after buying an additional 118 shares in the last quarter. Perella Weinberg Partners Capital Management LP acquired a new position in shares of Royal Caribbean Cruises during the first quarter worth approximately $8,886,000. Cetera Advisors LLC acquired a new position in shares of Royal Caribbean Cruises during the first quarter worth approximately $215,000. First Allied Advisory Services Inc. lifted its position in shares of Royal Caribbean Cruises by 15.9% during the first quarter. First Allied Advisory Services Inc. now owns 2,578 shares of the company’s stock worth $289,000 after purchasing an additional 354 shares in the last quarter. Finally, Stephens Inc. AR lifted its position in shares of Royal Caribbean Cruises by 72.0% during the first quarter. Stephens Inc. AR now owns 5,904 shares of the company’s stock worth $677,000 after purchasing an additional 2,472 shares in the last quarter. Institutional investors and hedge funds own 71.84% of the company’s stock.
In other Royal Caribbean Cruises news, CEO Michael W. Bayley sold 20,084 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $117.72, for a total value of $2,364,288.48. Following the completion of the sale, the chief executive officer now owns 62,018 shares of the company’s stock, valued at $7,300,758.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen R. Jr. Howe bought 420 shares of the stock in a transaction on Tuesday, March 5th. The stock was purchased at an average cost of $119.50 per share, with a total value of $50,190.00. Following the purchase, the director now directly owns 1,944 shares of the company’s stock, valued at approximately $232,308. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 69,166 shares of company stock valued at $8,316,371. 13.07% of the stock is currently owned by insiders.
Royal Caribbean Cruises (NYSE:RCL) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.20. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.38 billion. Royal Caribbean Cruises had a net margin of 18.60% and a return on equity of 17.23%. Royal Caribbean Cruises’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.09 earnings per share. On average, equities research analysts anticipate that Royal Caribbean Cruises Ltd will post 9.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 3rd. Investors of record on Tuesday, June 4th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Monday, June 3rd. Royal Caribbean Cruises’s dividend payout ratio (DPR) is 31.60%.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a research report on Monday, April 15th. Deutsche Bank reiterated a “buy” rating and set a $140.00 target price on shares of Royal Caribbean Cruises in a research report on Wednesday, May 1st. Buckingham Research upped their target price on shares of Royal Caribbean Cruises from $148.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Citigroup upped their target price on shares of Royal Caribbean Cruises from $138.00 to $154.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, Wells Fargo & Co upped their target price on shares of Royal Caribbean Cruises from $145.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, February 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $144.57.
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About Royal Caribbean Cruises
Royal Caribbean Cruises Ltd. operates as a cruise company. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, Azamara Club Cruises, and Silversea Cruises brands. The Royal Caribbean International brand provides itineraries to destinations worldwide, including Alaska, Asia, Australia, Bahamas, Bermuda, Canada, the Caribbean, Europe, the Panama Canal, and New Zealand with cruise lengths that range from 2 to 23 nights.
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