Kornitzer Capital Management Inc. KS Cuts Stake in Carnival Corporation (NYSE:CCL)
Kornitzer Capital Management Inc. KS cut its position in Carnival Corporation (NYSE:CCL) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,450 shares of the company’s stock after selling 375 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Carnival Corporation were worth $1,931,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Dubuque Bank & Trust Co. purchased a new stake in Carnival Corporation during the first quarter worth about $106,000. Point72 Asia Hong Kong Ltd purchased a new stake in Carnival Corporation during the first quarter worth about $138,000. Harbour Capital Advisors LLC purchased a new stake in Carnival Corporation during the first quarter worth about $147,000. Parallel Advisors LLC increased its stake in Carnival Corporation by 87.9% in the first quarter. Parallel Advisors LLC now owns 2,674 shares of the company’s stock worth $167,000 after buying an additional 1,251 shares during the last quarter. Finally, Wesbanco Bank Inc. purchased a new stake in Carnival Corporation during the first quarter worth about $201,000. 78.82% of the stock is currently owned by institutional investors and hedge funds.
Carnival Corporation (NYSE:CCL) last posted its earnings results on Thursday, June 22nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.05. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.89 billion. Carnival Corporation had a return on equity of 11.26% and a net margin of 16.48%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.49 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 25th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $1.60 annualized dividend and a yield of 2.36%. Carnival Corporation’s dividend payout ratio (DPR) is 42.55%.
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A number of analysts have issued reports on the company. UBS AG reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Carnival Corporation in a research note on Monday, April 17th. BidaskClub downgraded Carnival Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Zacks Investment Research raised Carnival Corporation from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Tuesday, August 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $68.00 price objective on shares of Carnival Corporation in a research note on Friday, June 16th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Carnival Corporation in a research note on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $62.06.
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 stock was sold at an average price of $67.02, for a total transaction of $1,005,300.00. Following the completion of the sale, the insider now owns 150,860 shares of the company’s stock, valued at $10,110,637.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 23.80% of the stock is owned by company insiders.
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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