Investors Buy Shares of Carnival (CCL) on Weakness on Insider Selling

Traders bought shares of Carnival Corporation (NYSE:CCL) on weakness during trading hours on Friday after an insider sold shares in the company. $87.15 million flowed into the stock on the tick-up and $30.95 million flowed out of the stock on the tick-down, for a money net flow of $56.20 million into the stock. Of all stocks tracked, Carnival had the 22nd highest net in-flow for the day. Carnival traded down ($0.46) for the day and closed at $68.56Specifically, CEO Stein Kruse sold 60,665 shares of the company’s stock in a transaction dated Wednesday, December 27th. The shares were sold at an average price of $66.59, for a total value of $4,039,682.35. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO David Bernstein sold 2,600 shares of the company’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $69.59, for a total transaction of $180,934.00. Following the completion of the sale, the chief financial officer now owns 34,620 shares in the company, valued at approximately $2,409,205.80. The disclosure for this sale can be found here. Insiders sold a total of 306,393 shares of company stock worth $20,524,631 in the last 90 days. 23.80% of the stock is currently owned by company insiders.

A number of equities research analysts recently weighed in on the stock. Credit Suisse Group upgraded shares of Carnival from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $66.05 to $70.00 in a report on Tuesday, January 9th. ValuEngine upgraded shares of Carnival from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Tigress Financial reiterated a “buy” rating on shares of Carnival in a research note on Friday, December 22nd. Barclays increased their price objective on shares of Carnival from $67.00 to $73.00 and gave the company an “equal weight” rating in a research note on Thursday, December 21st. Finally, Deutsche Bank increased their price objective on shares of Carnival to $70.00 and gave the company a “hold” rating in a research note on Wednesday, December 20th. Seven 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 stock. Carnival currently has an average rating of “Buy” and a consensus target price of $72.78.

The company has a debt-to-equity ratio of 0.29, a current ratio of 0.18 and a quick ratio of 0.14. The stock has a market cap of $49,100.00, a P/E ratio of 19.10, a PEG ratio of 1.17 and a beta of 0.73.

Carnival (NYSE:CCL) last issued its quarterly earnings results on Tuesday, December 19th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.12. Carnival had a net margin of 14.88% and a return on equity of 11.78%. The company had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same quarter last year, the business posted $0.67 EPS. Carnival’s quarterly revenue was up 8.2% compared to the same quarter last year. research analysts predict that Carnival Corporation will post 4.24 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Stockholders of record on Friday, February 23rd will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.63%. Carnival’s payout ratio is currently 44.57%.

Several hedge funds have recently modified their holdings of CCL. Eaton Vance Management purchased a new stake in shares of Carnival during the 2nd quarter worth approximately $1,028,000. Profund Advisors LLC increased its stake in shares of Carnival by 20.7% during the 2nd quarter. Profund Advisors LLC now owns 13,968 shares of the company’s stock worth $916,000 after purchasing an additional 2,399 shares during the last quarter. Thrivent Financial For Lutherans increased its stake in shares of Carnival by 7.3% during the 2nd quarter. Thrivent Financial For Lutherans now owns 17,528 shares of the company’s stock worth $1,149,000 after purchasing an additional 1,198 shares during the last quarter. FMR LLC increased its stake in shares of Carnival by 125.7% during the 2nd quarter. FMR LLC now owns 511,670 shares of the company’s stock worth $33,550,000 after purchasing an additional 284,926 shares during the last quarter. Finally, ETRADE Capital Management LLC purchased a new stake in shares of Carnival during the 2nd quarter worth approximately $206,000. Institutional investors own 75.91% of the company’s stock.

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Carnival 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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