Credit Suisse Group Downgrades Carnival Corporation (CCL) to Neutral
Carnival Corporation (NYSE:CCL) was downgraded by equities researchers at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday, The Fly reports.
A number of other equities research analysts have also issued reports on CCL. Zacks Investment Research lowered shares of Carnival Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 8th. Stifel Nicolaus restated a “buy” rating and issued a $68.00 price objective on shares of Carnival Corporation in a report on Friday, June 16th. UBS AG restated a “buy” rating and issued a $76.00 price objective (up from $67.00) on shares of Carnival Corporation in a report on Thursday, August 17th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating on shares of Carnival Corporation in a report on Tuesday, August 15th. Finally, BidaskClub lowered shares of Carnival Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Eight investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Carnival Corporation has an average rating of “Buy” and an average target price of $63.27.
Carnival Corporation (NYSE CCL) opened at 68.74 on Friday. The company has a 50-day moving average of $67.78 and a 200-day moving average of $63.29. The company has a market cap of $49.77 billion, a P/E ratio of 18.18 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 released its 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 firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.49 EPS. On average, equities research analysts predict that Carnival Corporation will post $3.74 EPS for the current 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 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 transaction, the insider now directly owns 150,860 shares of the company’s stock, valued at approximately $10,110,637.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 23.80% of the company’s stock.
A number of institutional investors have recently modified their holdings of CCL. UBS Asset Management Americas Inc. grew its position in 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 during the last quarter. Commerce Bank grew its position in Carnival Corporation by 87.7% during the 1st quarter. Commerce Bank now owns 9,419 shares of the company’s stock worth $555,000 after purchasing an additional 4,402 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Carnival Corporation by 129.9% in the first quarter. Ameriprise Financial Inc. now owns 3,395,780 shares of the company’s stock valued at $201,341,000 after acquiring an additional 1,918,638 shares in the last quarter. Toronto Dominion Bank boosted its holdings in shares of Carnival Corporation by 56.1% in the first quarter. Toronto Dominion Bank now owns 112,036 shares of the company’s stock valued at $6,599,000 after acquiring an additional 40,257 shares in the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in shares of Carnival Corporation by 30.8% in the first quarter. Parametric Portfolio Associates LLC now owns 815,069 shares of the company’s stock valued at $48,016,000 after acquiring an additional 191,759 shares in the last quarter. 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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