AGF Management Ltd. Raises Stock Position in Carnival Corporation (NYSE:CCL)

Key Points

• AGF Management Ltd. significantly increased its stake in Carnival Corporation by 14,603.8%, owning approximately 2.87 million shares valued at $56.1 million as of the latest quarter.
• Hedge funds and institutional investors collectively own 67.19% of Carnival's stock, indicating strong institutional interest in the company.
• Carnival's recent earnings report showed a 35 cents EPS, exceeding expectations, while the company also experienced a 9.5% revenue increase year-over-year.

AGF Management Ltd. boosted its stake in Carnival Corporation (NYSE:CCL - Free Report) by 14,603.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,871,219 shares of the company's stock after purchasing an additional 2,851,692 shares during the quarter. AGF Management Ltd. owned about 0.25% of Carnival worth $56,075,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Public Sector Pension Investment Board grew its holdings in shares of Carnival by 10.6% during the first quarter. Public Sector Pension Investment Board now owns 143,538 shares of the company's stock valued at $2,803,000 after buying an additional 13,706 shares during the last quarter. SouthState Corp grew its holdings in shares of Carnival by 9.8% during the first quarter. SouthState Corp now owns 5,976 shares of the company's stock valued at $117,000 after buying an additional 531 shares during the last quarter. Nuveen LLC acquired a new position in shares of Carnival during the first quarter valued at about $432,718,000. Aigen Investment Management LP grew its holdings in shares of Carnival by 136.2% during the first quarter. Aigen Investment Management LP now owns 140,970 shares of the company's stock valued at $2,753,000 after buying an additional 81,291 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Carnival during the first quarter valued at about $829,000. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Tigress Financial lifted their price objective on shares of Carnival from $32.00 to $38.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. HSBC raised shares of Carnival from a "reduce" rating to a "hold" rating and set a $24.00 price target on the stock in a research report on Friday, May 16th. Wall Street Zen raised shares of Carnival from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Macquarie dropped their price target 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. Finally, Stifel Nicolaus raised their price target on shares of Carnival from $33.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $30.71.

Insider Buying and Selling

In related news, Director Sir Jonathon Band sold 12,500 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $29.75, for a total transaction of $371,875.00. Following the completion of the transaction, the director owned 64,406 shares of the company's stock, valued at approximately $1,916,078.50. The trade was a 16.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.60% of the company's stock.

Carnival Stock Performance

Shares of CCL traded up $1.03 during trading hours on Tuesday, hitting $29.64. The company's stock had a trading volume of 14,824,759 shares, compared to its average volume of 17,711,702. The company has a market cap of $34.60 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 0.64 and a beta of 2.70. The company has a debt-to-equity ratio of 2.58, a current ratio of 0.34 and a quick ratio of 0.30. The business has a 50 day simple moving average of $27.54 and a two-hundred day simple moving average of $23.75. Carnival Corporation has a 52-week low of $14.53 and a 52-week high of $31.01.

Carnival (NYSE:CCL - Get Free Report) last posted its earnings results on Tuesday, June 24th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.11. The firm had revenue of $6.33 billion during 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 quarter last year, the company earned $0.11 earnings per share. On average, equities analysts expect that Carnival Corporation will post 1.77 earnings per share for the current fiscal year.

Carnival Profile

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.