Carnival Corporation (NYSE:CCL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

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 thirdd 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 brokerages have also issued reports on CCL. Instinet boosted their price target on shares of Carnival Corporation from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, June 23rd. UBS AG reiterated a “buy” rating and set a $76.00 price target (up from $67.00) on shares of Carnival Corporation in a research note on Thursday, August 17th. Bank of America Corporation reiterated a “buy” rating and set a $73.20 price target on shares of Carnival Corporation in a research note on Monday, July 24th. BidaskClub lowered shares of Carnival Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Finally, William Blair reiterated an “outperform” rating on shares of Carnival Corporation in a research note on Friday, June 9th. Eight equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Carnival Corporation has an average rating of “Buy” and an average price target of $63.32.

Shares of Carnival Corporation (NYSE:CCL) traded down 0.16% on Friday, reaching $65.56. 3,807,116 shares of the company’s stock traded hands. Carnival Corporation has a 52 week low of $44.11 and a 52 week high of $69.89. The firm’s 50 day moving average is $67.69 and its 200 day moving average is $62.91. The firm has a market capitalization of $47.46 billion, a P/E ratio of 17.34 and a beta of 0.74.

Carnival Corporation (NYSE:CCL) last issued its quarterly earnings results on Thursday, June 22nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.05. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.89 billion. Carnival Corporation had a net margin of 16.48% and a return on equity of 11.26%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 earnings per share. Analysts expect that Carnival Corporation will post $3.74 earnings per share for the current fiscal year.

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In related news, insider Alan Buckelew sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $67.52, for a total value of $1,012,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 23.80% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in CCL. Almanack Investment Partners LLC. acquired a new position in Carnival Corporation in the second quarter valued at approximately $117,000. Point72 Asia Hong Kong Ltd acquired a new position in Carnival Corporation in the first quarter valued at approximately $138,000. Harbour Capital Advisors LLC acquired a new position in Carnival Corporation in the first quarter valued at approximately $147,000. Parallel Advisors LLC boosted its holdings in Carnival Corporation by 87.9% in the first quarter. Parallel Advisors LLC now owns 2,674 shares of the company’s stock valued at $167,000 after purchasing an additional 1,251 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Carnival Corporation by 109.4% in the second quarter. Bessemer Group Inc. now owns 2,618 shares of the company’s stock valued at $171,000 after purchasing an additional 1,368 shares in the last quarter. 77.34% of the stock is owned by hedge funds and other 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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Analyst Recommendations for Carnival Corporation (NYSE:CCL)

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