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

Carnival Co. & plc (NYSE:CCL)’s stock price rose 2.4% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $18.28 and last traded at $18.24. Approximately 16,434,684 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 31,091,650 shares. The stock had previously closed at $17.82.

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

Analyst Ratings Changes

CCL has been the subject of a number of recent analyst reports. Truist Financial cut their price target on shares of Carnival Co. & from $18.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday, May 29th. Argus dropped their price objective on shares of Carnival Co. & from $23.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. UBS Group increased their price objective on shares of Carnival Co. & from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, May 14th. Mizuho assumed coverage on shares of Carnival Co. & in a research report on Tuesday, March 26th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Stifel Nicolaus dropped their price objective on shares of Carnival Co. & from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, March 28th. 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, Carnival Co. & has an average rating of “Moderate Buy” and an average price target of $21.61.

Hedge Funds Weigh In On Carnival Co. &

Hedge funds have recently bought and sold shares of the company. Richardson Capital Management LLC bought a new position in Carnival Co. & in the 1st quarter valued at about $26,000. Friedenthal Financial bought a new position in Carnival Co. & in the 4th quarter valued at about $28,000. ICA Group Wealth Management LLC bought a new position in Carnival Co. & in the 4th quarter valued at about $31,000. BNP Paribas bought a new position in Carnival Co. & in the 1st quarter valued at about $32,000. Finally, Massmutual Trust Co. FSB ADV increased its holdings in Carnival Co. & by 67.2% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,838 shares of the company’s stock valued at $34,000 after buying an additional 739 shares during the period. 67.19% of the stock is owned by institutional investors.

Carnival Co. & Trading Up 3.1 %

The company has a debt-to-equity ratio of 4.27, a quick ratio of 0.32 and a current ratio of 0.36. The stock has a market capitalization of $20.62 billion, a P/E ratio of 28.26 and a beta of 2.57. The firm’s fifty day simple moving average is $15.38 and its 200 day simple moving average is $16.10.

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.