Carnival Corporation (CCL) Upgraded by Zacks Investment Research to Buy
Carnival Corporation (NYSE:CCL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $77.00 target price on the stock. Zacks Investment Research‘s target price points to a potential upside of 12.41% from the company’s current price.
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 research analysts have also recently issued reports about the stock. ValuEngine upgraded shares of Carnival Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Stifel Nicolaus reiterated a “buy” rating and set a $68.00 target price on shares of Carnival Corporation in a report on Friday, June 16th. Instinet increased their target price on shares of Carnival Corporation from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, June 23rd. HSBC Holdings plc reiterated a “buy” rating and set a $71.00 target price (up from $65.00) on shares of Carnival Corporation in a report on Monday, June 26th. Finally, Bank of America Corporation reiterated a “buy” rating and set a $73.20 target price on shares of Carnival Corporation in a report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $62.59.
Shares of Carnival Corporation (CCL) traded down 0.328% on Tuesday, reaching $68.275. 1,922,717 shares of the company were exchanged. Carnival Corporation has a 52 week low of $44.11 and a 52 week high of $69.24. The company’s 50-day moving average is $67.04 and its 200-day moving average is $61.92. The company has a market capitalization of $49.43 billion, a price-to-earnings ratio of 18.057 and a beta of 0.75.
Carnival Corporation (NYSE:CCL) last issued its earnings results on Thursday, June 22nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same period in the prior year, the business earned $0.49 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities analysts expect that Carnival Corporation will post $3.74 EPS for the current fiscal year.
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In other Carnival Corporation news, insider Alan Buckelew sold 15,000 shares of the firm’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 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 23.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of CCL. Teachers Advisors LLC raised its position in Carnival Corporation by 4.0% in the first quarter. Teachers Advisors LLC now owns 1,313,131 shares of the company’s stock valued at $77,357,000 after buying an additional 50,283 shares during the period. Sheaff Brock Investment Advisors LLC purchased a new position in Carnival Corporation during the first quarter valued at $525,000. SG Americas Securities LLC raised its position in Carnival Corporation by 899.3% in the first quarter. SG Americas Securities LLC now owns 161,580 shares of the company’s stock valued at $9,519,000 after buying an additional 145,410 shares during the period. Peak Capital Management LLC purchased a new position in Carnival Corporation during the second quarter valued at $495,000. Finally, AT Bancorp raised its position in Carnival Corporation by 28.3% in the first quarter. AT Bancorp now owns 19,423 shares of the company’s stock valued at $1,144,000 after buying an additional 4,283 shares during the period. 78.54% of the stock is owned by hedge funds and other institutional investors.
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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