59 North Capital Management LP Makes New $69.30 Million Investment in Carnival Corporation $CCL

Key Points

• 59 North Capital Management LP has made a significant investment in Carnival Corporation, acquiring 3,548,555 shares valued at approximately $69 million, which represents 2.5% of its portfolio.
• Wall Street analysts maintain a cautious outlook on Carnival, with the stock receiving thirteen Buy ratings and eight Hold ratings; Barclay's increased its price target from $30 to $33.
• Carnival Corporation recently reported a strong quarterly performance, with earnings per share of $0.35, exceeding estimates, and a notable revenue increase of 9.5% year-over-year.

59 North Capital Management LP purchased a new stake in shares of Carnival Corporation (NYSE:CCL - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,548,555 shares of the company's stock, valued at approximately $69,303,000. Carnival comprises approximately 2.5% of 59 North Capital Management LP's holdings, making the stock its 13th biggest position. 59 North Capital Management LP owned 0.30% of Carnival as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. SouthState Corp boosted its holdings in Carnival by 9.8% in the first quarter. SouthState Corp now owns 5,976 shares of the company's stock worth $117,000 after purchasing an additional 531 shares during the last quarter. KBC Group NV boosted its holdings in Carnival by 0.8% in the first quarter. KBC Group NV now owns 73,391 shares of the company's stock worth $1,433,000 after purchasing an additional 553 shares during the last quarter. Fielder Capital Group LLC boosted its holdings in Carnival by 5.0% in the first quarter. Fielder Capital Group LLC now owns 12,843 shares of the company's stock worth $251,000 after purchasing an additional 615 shares during the last quarter. Commerce Bank boosted its holdings in Carnival by 2.8% in the first quarter. Commerce Bank now owns 23,027 shares of the company's stock worth $450,000 after purchasing an additional 620 shares during the last quarter. Finally, Kentucky Retirement Systems boosted its holdings in Carnival by 0.9% in the first quarter. Kentucky Retirement Systems now owns 70,058 shares of the company's stock worth $1,368,000 after purchasing an additional 638 shares during the last quarter. Hedge funds and other institutional investors own 67.19% of the company's stock.

Carnival Price Performance

Shares of CCL stock traded down $0.22 on Friday, hitting $31.54. 12,077,148 shares of the stock traded hands, compared to its average volume of 14,918,333. The firm has a market cap of $36.82 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 0.71 and a beta of 2.70. Carnival Corporation has a 52 week low of $15.07 and a 52 week high of $32.77. The firm has a 50 day simple moving average of $29.94 and a two-hundred day simple moving average of $24.29. The company has a debt-to-equity ratio of 2.58, a current ratio of 0.34 and a quick ratio of 0.30.

Carnival (NYSE:CCL - Get Free Report) last announced its quarterly earnings data on Tuesday, June 24th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. The firm had revenue of $6.33 billion for the quarter, compared to the consensus estimate of $6.20 billion. Carnival had a net margin of 9.72% and a return on equity of 27.88%. The company's revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $0.11 EPS. Carnival has set its FY 2025 guidance at 1.970-1.970 EPS. Q3 2025 guidance at 1.300-1.300 EPS. As a group, equities research analysts predict that Carnival Corporation will post 1.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on CCL. Loop Capital restated a "hold" rating and issued a $22.00 target price on shares of Carnival in a report on Monday, June 23rd. TD Cowen began coverage on shares of Carnival in a report on Tuesday, July 22nd. They issued a "buy" rating and a $36.00 target price on the stock. Mizuho increased their price target on shares of Carnival from $33.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Wall Street Zen upgraded shares of Carnival from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Finally, Zacks Research downgraded shares of Carnival from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. Thirteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $30.71.

Insider Transactions at Carnival

In other Carnival news, Director Sir Jonathon Band sold 12,500 shares of Carnival stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $29.75, for a total value of $371,875.00. Following the sale, the director directly owned 64,406 shares in the company, valued at approximately $1,916,078.50. The trade was a 16.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 7.60% 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.