Carnival Co. & (NYSE:CCL) Stock Price Up 2.4% Following Better-Than-Expected Earnings

Carnival Co. & plc (NYSE:CCL) shares traded up 2.4% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $18.28 and last traded at $18.24. 16,434,684 shares traded hands during trading, a decline of 47% from the average session volume of 31,091,650 shares. The stock had previously closed at $17.82.

The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.12. Carnival Co. & had a net margin of 3.86% and a return on equity of 15.20%. The firm had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.68 billion. During the same quarter last year, the business earned ($0.31) earnings per share. The business’s revenue was up 17.7% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Argus cut their target price on shares of Carnival Co. & from $23.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, April 1st. UBS Group lifted their price target on shares of Carnival Co. & from $20.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, May 14th. Tigress Financial lifted their price target on shares of Carnival Co. & from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Truist Financial cut their price target on shares of Carnival Co. & from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday, May 29th. Finally, Mizuho assumed coverage on shares of Carnival Co. & in a report on Tuesday, March 26th. They issued a “buy” rating and a $21.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $21.61.

Institutional Trading of Carnival Co. &

Several hedge funds have recently modified their holdings of CCL. Point72 Asset Management L.P. raised its holdings in shares of Carnival Co. & by 210.1% during the 4th quarter. Point72 Asset Management L.P. now owns 3,894,286 shares of the company’s stock worth $72,200,000 after acquiring an additional 2,638,564 shares in the last quarter. Norges Bank purchased a new stake in shares of Carnival Co. & during the 4th quarter worth approximately $40,236,000. Goldentree Asset Management LP purchased a new stake in shares of Carnival Co. & during the 1st quarter worth approximately $31,917,000. International Assets Investment Management LLC raised its holdings in shares of Carnival Co. & by 1,589.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,789,351 shares of the company’s stock worth $331,750,000 after acquiring an additional 1,683,434 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Carnival Co. & during the 1st quarter worth approximately $27,302,000. 67.19% of the stock is owned by hedge funds and other institutional investors.

Carnival Co. & Stock Up 3.1 %

The company has a market cap of $20.62 billion, a PE ratio of 28.26 and a beta of 2.57. The company has a fifty day moving average of $15.38 and a two-hundred day moving average of $16.10. The company has a debt-to-equity ratio of 4.27, a quick ratio of 0.32 and a current ratio of 0.36.

Carnival Co. & Company Profile

Carnival Corporation & plc engages in the provision of leisure travel services in North America, Australia, Europe, Asia, and internationally. The company operates through four segments: NAA Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations, private islands, and a solar park, as well as owns and operates hotels, lodges, glass-domed railcars, and motor coaches.