Entropy Technologies LP Buys 221,763 Shares of Carnival Corporation $CCL

Key Points

• Entropy Technologies LP increased its Carnival stake by 211.6% in the fourth quarter, buying 221,763 additional shares and bringing its total holding to 326,568 shares worth about $10 million.
• Multiple analysts remain constructive on Carnival, with recent moves including HSBC upgrading the stock to buy and Loop Capital initiating coverage with a buy rating; MarketBeat shows a consensus rating of Moderate Buy and a $34.85 price target.
• Carnival’s latest results topped expectations, as the company reported $0.20 EPS on $6.17 billion in revenue, while shares recently traded at $29.14 near the upper end of their 52-week range.

Entropy Technologies LP grew its stake in Carnival Corporation (NYSE:CCL - Free Report) by 211.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 326,568 shares of the company's stock after purchasing an additional 221,763 shares during the period. Entropy Technologies LP's holdings in Carnival were worth $9,973,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in shares of Carnival during the third quarter worth about $1,291,000. Swedbank AB grew its holdings in shares of Carnival by 10.0% during the fourth quarter. Swedbank AB now owns 519,939 shares of the company's stock worth $15,879,000 after purchasing an additional 47,070 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Carnival by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 128,133,282 shares of the company's stock worth $3,913,190,000 after purchasing an additional 368,445 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Carnival by 5.6% during the third quarter. Russell Investments Group Ltd. now owns 1,774,765 shares of the company's stock worth $51,867,000 after purchasing an additional 93,565 shares during the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Carnival by 42.8% during the fourth quarter. Nordea Investment Management AB now owns 2,126,893 shares of the company's stock worth $65,487,000 after purchasing an additional 637,605 shares during the last quarter. 67.19% of the stock is owned by institutional investors.

Key Headlines Impacting Carnival

Here are the key news stories impacting Carnival this week:

• Positive Sentiment: Stifel raised its price target on Carnival and said it remains confident in the company’s financial outlook, a clear catalyst supporting the stock. Carnival (CCL) Stock Is Up, What You Need To Know
• Positive Sentiment: Jim Cramer said he likes Carnival and highlighted its low valuation, which may have reinforced the market’s view that the stock still looks inexpensive relative to fundamentals. Jim Cramer Says He Likes Carnival But Leans More Toward Viking Holdings
• Neutral Sentiment: Carnival scheduled a conference call for its second-quarter earnings on June 23, which keeps investor focus on upcoming results but does not by itself change the outlook. CARNIVAL CORPORATION LTD. TO HOLD CONFERENCE CALL ON SECOND QUARTER EARNINGS
• Neutral Sentiment: Several articles this week discussed Carnival as a potentially attractive consumer cyclical stock, adding to broader interest but offering no new company-specific operating update. Is Carnival Corporation Ltd. (CCL) A Good Stock To Buy Now?
• Negative Sentiment: Some commentary still suggested Carnival is less preferred than rival Viking Holdings, which could temper enthusiasm at the margin. Jim Cramer Says He Likes Carnival But Leans More Toward Viking Holdings

Analyst Ratings Changes

Several analysts have recently weighed in on the company. HSBC upgraded Carnival from a "hold" rating to a "buy" rating and reduced their price target for the stock from $33.60 to $30.10 in a report on Monday, March 30th. William Blair restated an "outperform" rating on shares of Carnival in a report on Tuesday, March 3rd. Barclays reduced their price target on Carnival from $37.00 to $36.00 and set an "overweight" rating on the stock in a report on Tuesday, March 24th. Truist Financial reduced their price target on Carnival from $30.00 to $29.00 and set a "hold" rating on the stock in a report on Friday, May 22nd. Finally, Loop Capital assumed coverage on Carnival in a report on Monday, June 1st. They set a "buy" rating and a $36.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.85.

Carnival Stock Performance

Shares of CCL stock opened at $29.14 on Friday. The business's 50 day simple moving average is $26.84 and its 200 day simple moving average is $28.12. Carnival Corporation has a one year low of $22.11 and a one year high of $34.03. The stock has a market capitalization of $36.11 billion, a PE ratio of 12.95, a PEG ratio of 1.29 and a beta of 2.32. The company has a debt-to-equity ratio of 1.82, a current ratio of 0.30 and a quick ratio of 0.26.

Carnival (NYSE:CCL - Get Free Report) last released its earnings results on Friday, March 27th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.18 by $0.02. Carnival had a return on equity of 26.92% and a net margin of 11.48%.The business had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.13 billion. During the same quarter last year, the firm posted $0.13 earnings per share. The firm's revenue was up 6.1% on a year-over-year basis. As a group, research analysts forecast that Carnival Corporation will post 2.22 earnings per share for the current year.

Carnival Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.60 annualized dividend and a yield of 2.1%. Carnival's dividend payout ratio (DPR) is currently 26.67%.

Insider Activity at Carnival

In related news, insider Bettina Alejandra Deynes sold 43,058 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $28.10, for a total transaction of $1,209,929.80. Following the completion of the sale, the insider owned 69,238 shares of the company's stock, valued at $1,945,587.80. This trade represents a 38.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sir Jonathon Band sold 11,988 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $26.19, for a total value of $313,965.72. Following the sale, the director directly owned 52,601 shares of the company's stock, valued at $1,377,620.19. This represents a 18.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 55,058 shares of company stock valued at $1,524,195 in the last ninety days. 7.90% of the stock is currently owned by insiders.

Carnival Company Profile

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.

Want to see what other hedge funds are holding CCL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carnival Corporation (NYSE:CCL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.