Pier 88 Investment Partners LLC Raises Stock Position in Carnival Corporation $CCL

Pier 88 Investment Partners LLC increased its stake in Carnival Corporation (NYSE:CCL) by 33.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 138,600 shares of the company’s stock after acquiring an additional 35,100 shares during the quarter. Carnival makes up about 0.9% of Pier 88 Investment Partners LLC’s portfolio, making the stock its 26th biggest holding. Pier 88 Investment Partners LLC’s holdings in Carnival were worth $4,233,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. CVA Family Office LLC increased its holdings in Carnival by 15.6% in the 4th quarter. CVA Family Office LLC now owns 2,597 shares of the company’s stock worth $79,000 after acquiring an additional 350 shares in the last quarter. Net Worth Advisory Group boosted its stake in Carnival by 2.9% during the 4th quarter. Net Worth Advisory Group now owns 12,383 shares of the company’s stock worth $378,000 after purchasing an additional 354 shares during the last quarter. Triad Wealth Partners LLC boosted its stake in Carnival by 2.1% during the 4th quarter. Triad Wealth Partners LLC now owns 17,464 shares of the company’s stock worth $533,000 after purchasing an additional 358 shares during the last quarter. Brooklyn Investment Group boosted its stake in Carnival by 1.9% during the 3rd quarter. Brooklyn Investment Group now owns 21,363 shares of the company’s stock worth $618,000 after purchasing an additional 396 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Carnival by 0.3% during the 3rd quarter. CIBC Asset Management Inc now owns 147,728 shares of the company’s stock worth $4,271,000 after purchasing an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 67.19% of the company’s stock.

Carnival Trading Down 3.6%

Shares of CCL stock opened at $25.44 on Tuesday. The company’s 50-day moving average price is $26.50 and its 200-day moving average price is $28.24. The company has a current ratio of 0.30, a quick ratio of 0.26 and a debt-to-equity ratio of 1.82. The stock has a market cap of $31.51 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.17 and a beta of 2.33. Carnival Corporation has a twelve month low of $21.55 and a twelve month high of $34.03.

Carnival (NYSE:CCL) last announced its quarterly earnings results on Friday, March 27th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. The firm had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.13 billion. Carnival had a net margin of 11.48% and a return on equity of 26.92%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 EPS. As a group, equities analysts predict that Carnival Corporation will post 2.21 earnings per share for the current year.

Carnival Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Monday, May 18th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, May 18th. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. Carnival’s payout ratio is presently 26.67%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Truist Financial lowered their target price on shares of Carnival from $34.00 to $30.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Stifel Nicolaus lowered their target price on shares of Carnival from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Weiss Ratings raised shares of Carnival from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 30th. William Blair reaffirmed an “outperform” rating on shares of Carnival in a research note on Tuesday, March 3rd. Finally, Susquehanna lowered their target price on shares of Carnival from $40.00 to $30.00 and set a “positive” rating on the stock in a research note on Monday, March 23rd. Twenty equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.37.

Insider Buying and Selling at Carnival

In other news, Director Sir Jonathon Band sold 11,988 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $26.19, for a total transaction of $313,965.72. Following the transaction, the director owned 52,601 shares of the company’s stock, valued at approximately $1,377,620.19. The trade was a 18.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 7.90% of the company’s stock.

About Carnival

Carnival Corporation (NYSE: CCL) is a global cruise operator that provides leisure travel services through a portfolio of passenger cruise brands. The company’s core business is operating cruise ships that offer multi-night voyages and associated vacation services, including onboard accommodations, dining, entertainment, spa and wellness offerings, casinos, youth programs, and organized shore excursions. Carnival markets cruise vacations to a broad range of consumers, from value-focused travelers to premium and luxury segments, through differentiated brand positioning and onboard experiences.

Its operating structure comprises multiple well-known cruise brands that target distinct geographic and demographic markets.