Carnival (NYSE:CUK) Shares Gap Up on Earnings Beat

Carnival Corporation (NYSE:CUK) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $21.57, but opened at $22.64. Carnival shares last traded at $23.71, with a volume of 1,882,178 shares.

The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. Carnival had a net margin of 9.72% and a return on equity of 28.65%. The firm had revenue of $6.33 billion during the quarter, compared to analyst estimates of $6.21 billion.

Institutional Investors Weigh In On Carnival

A number of institutional investors and hedge funds have recently modified their holdings of CUK. Legal & General Group Plc raised its holdings in shares of Carnival by 106.2% in the 4th quarter. Legal & General Group Plc now owns 6,917 shares of the company’s stock valued at $156,000 after purchasing an additional 3,562 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Carnival in the 4th quarter valued at about $158,000. First Trust Advisors LP bought a new stake in shares of Carnival in the 4th quarter valued at about $202,000. Ameriprise Financial Inc. bought a new stake in shares of Carnival in the 4th quarter valued at about $206,000. Finally, Truist Financial Corp bought a new stake in shares of Carnival in the 4th quarter valued at about $208,000. 23.80% of the stock is owned by institutional investors.

Carnival Stock Performance

The company has a debt-to-equity ratio of 2.78, a quick ratio of 0.21 and a current ratio of 0.26. The stock’s fifty day moving average price is $19.80 and its 200-day moving average price is $20.66. The company has a market capitalization of $4.37 billion, a P/E ratio of 12.54 and a beta of 2.67.

Carnival Company Profile

Carnival Plc operates as a global cruise and vacation company. The firm offers holiday and vacation products to a customer base that is broadly varied in terms of cultures, languages and leisure-time preferences. It operates through the North America and Australia (NAA), Europe and Asia (EA), Cruise Support, and Tour and Other segments.