Shellback Capital LP Purchases 575,000 Shares of Carnival Corporation $CCL

Key Points

• Shellback Capital LP increased its stake in Carnival Corporation by 135.3%, owning 1,000,000 shares valued at approximately $19.5 million, making it the fund's 21st largest holding.
• Carnival Corporation reported earnings of $0.35 per share for the quarter, surpassing analyst expectations, and posted a revenue of $6.33 billion, a year-over-year increase of 9.5%.
• Recent analyst ratings for Carnival include upgrades from several firms, with an average target price of $30.71 and a consensus rating of "Moderate Buy."

Shellback Capital LP lifted its position in Carnival Corporation (NYSE:CCL - Free Report) by 135.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,000,000 shares of the company's stock after purchasing an additional 575,000 shares during the quarter. Carnival accounts for about 1.9% of Shellback Capital LP's holdings, making the stock its 21st largest holding. Shellback Capital LP owned approximately 0.09% of Carnival worth $19,530,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CCL. Schonfeld Strategic Advisors LLC purchased a new position in shares of Carnival in the 4th quarter worth about $733,000. Ameriprise Financial Inc. boosted its holdings in shares of Carnival by 2.3% in the 4th quarter. Ameriprise Financial Inc. now owns 2,093,705 shares of the company's stock worth $52,175,000 after purchasing an additional 46,129 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Carnival by 70.6% in the 4th quarter. Baird Financial Group Inc. now owns 49,821 shares of the company's stock worth $1,242,000 after purchasing an additional 20,620 shares in the last quarter. Captrust Financial Advisors boosted its holdings in Carnival by 53.9% during the 4th quarter. Captrust Financial Advisors now owns 65,032 shares of the company's stock valued at $1,621,000 after acquiring an additional 22,774 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in Carnival by 8.6% during the 4th quarter. Cetera Investment Advisers now owns 252,731 shares of the company's stock valued at $6,298,000 after acquiring an additional 20,057 shares during the period. 67.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Sir Jonathon Band sold 12,500 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $29.75, for a total value 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. This represents a 16.25% decrease in their position. 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.

Wall Street Analysts Forecast Growth

CCL has been the subject of several analyst reports. Citigroup increased their target price on Carnival from $30.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Wall Street Zen upgraded Carnival from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Truist Financial increased their target price on Carnival from $27.00 to $31.00 and gave the company a "hold" rating in a report on Monday, July 21st. Loop Capital restated a "hold" rating and set a $22.00 target price on shares of Carnival in a report on Monday, June 23rd. Finally, Tigress Financial increased their target price on Carnival from $32.00 to $38.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Carnival currently has a consensus rating of "Moderate Buy" and an average price target of $30.71.

Carnival Trading Up 3.6%

NYSE CCL traded up $1.12 on Thursday, hitting $32.48. The company's stock had a trading volume of 19,169,537 shares, compared to its average volume of 23,036,986. Carnival Corporation has a 52-week low of $15.07 and a 52-week high of $32.80. 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 company's 50-day simple moving average is $30.10 and its 200 day simple moving average is $24.44. The firm has a market cap of $37.91 billion, a P/E ratio of 17.56, a PEG ratio of 0.71 and a beta of 2.70.

Carnival (NYSE:CCL - Get Free Report) last released its quarterly earnings data 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. Carnival had a return on equity of 27.88% and a net margin of 9.72%.The business had revenue of $6.33 billion during the quarter, compared to analysts' expectations of $6.20 billion. During the same quarter last year, the business posted $0.11 EPS. The business's revenue was up 9.5% on a year-over-year basis. Carnival has set its FY 2025 guidance at 1.970-1.970 EPS. Q3 2025 guidance at 1.300-1.300 EPS. Research analysts predict that Carnival Corporation will post 1.77 EPS for the current fiscal year.

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.