Carnival (NYSE:CCL) Sets New 52-Week High - Here's Why

Shares of Carnival Corporation (NYSE:CCL - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $28.83 and last traded at $28.42, with a volume of 8613042 shares. The stock had previously closed at $28.12.

Wall Street Analyst Weigh In

Several research firms have weighed in on CCL. Wall Street Zen raised Carnival from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Loop Capital restated a "hold" rating and set a $22.00 price target on shares of Carnival in a research report on Monday, June 23rd. Susquehanna upped their price target on Carnival from $27.00 to $30.00 and gave the stock a "positive" rating in a research note on Wednesday, June 25th. Mizuho raised their price objective on Carnival from $33.00 to $35.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Finally, Macquarie reduced their target price on shares of Carnival from $31.00 to $26.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $28.53.

Carnival Trading Up 3.5%

The firm has a 50 day simple moving average of $22.67 and a 200 day simple moving average of $22.85. The company has a current ratio of 0.34, a quick ratio of 0.30 and a debt-to-equity ratio of 2.58. The firm has a market capitalization of $34.60 billion, a PE ratio of 16.02, a P/E/G ratio of 0.62 and a beta of 2.61.

Carnival (NYSE:CCL - Get Free Report) last announced its earnings results on Tuesday, June 24th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The business had revenue of $6.33 billion during the quarter, compared to analyst estimates of $6.20 billion. Carnival had a net margin of 9.72% and a return on equity of 27.88%. The company's quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.11 EPS. Equities analysts expect that Carnival Corporation will post 1.77 earnings per share for the current fiscal year.

Institutional Trading of Carnival

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Carnival by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 119,505,754 shares of the company's stock valued at $2,333,947,000 after buying an additional 2,410,188 shares in the last quarter. Causeway Capital Management LLC purchased a new position in shares of Carnival during the first quarter valued at approximately $518,816,000. Geode Capital Management LLC lifted its holdings in Carnival by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 25,228,416 shares of the company's stock valued at $627,053,000 after buying an additional 1,201,256 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Carnival by 33.7% during the fourth quarter. Nuveen Asset Management LLC now owns 22,850,042 shares of the company's stock worth $569,423,000 after acquiring an additional 5,761,489 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Carnival in the first quarter valued at approximately $432,718,000. Institutional investors own 67.19% of the company's stock.

About Carnival

Carnival Corp. engages in the operation of cruise ships. It operates through the following business segments: North America and Australia (NAA) Cruise, Europe and Asia (EA) Cruise Operations, Cruise Support, and Tour and Others. The North America and Australia (NAA) Cruise segment includes the Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn.