Financial Connections Group Inc. Purchases 70,215 Shares of Carnival Corporation (NYSE:CCL)

Key Points

• Financial Connections Group Inc. significantly increased its stake in Carnival Corporation by 23,173.3%, owning 70,518 shares valued at $1.377 million by the end of the reporting period.
• Carnival Corporation reported earnings of $0.35 per share, exceeding analysts' expectations of $0.24, with revenue reaching $6.33 billion during the last quarter.
• Analysts have varied opinions on Carnival's stock, with a consensus rating of "Moderate Buy" and an average price target of $30.71, reflecting increased confidence in the company's potential growth.

Financial Connections Group Inc. raised its position in Carnival Corporation (NYSE:CCL - Free Report) by 23,173.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,518 shares of the company's stock after purchasing an additional 70,215 shares during the period. Financial Connections Group Inc.'s holdings in Carnival were worth $1,377,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of CCL. N.E.W. Advisory Services LLC bought a new position in Carnival in the first quarter valued at approximately $25,000. Graybill Wealth Management LTD. acquired a new position in Carnival in the 1st quarter worth $26,000. Measured Risk Portfolios Inc. acquired a new position in Carnival in the 4th quarter worth $29,000. Orion Capital Management LLC bought a new position in Carnival during the 4th quarter worth about $30,000. Finally, Dunhill Financial LLC boosted its position in shares of Carnival by 1,125.0% during the first quarter. Dunhill Financial LLC now owns 1,862 shares of the company's stock worth $36,000 after buying an additional 1,710 shares during the period. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Sir Jonathon Band sold 12,500 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $29.75, for a total transaction of $371,875.00. Following the completion of the sale, the director directly owned 64,406 shares in the company, valued at approximately $1,916,078.50. This represents a 16.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.60% of the stock is owned by corporate insiders.

Carnival Stock Performance

Carnival stock traded down $0.23 during midday trading on Thursday, hitting $29.01. The company's stock had a trading volume of 15,120,597 shares, compared to its average volume of 18,035,532. 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 company has a market cap of $33.86 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 0.65 and a beta of 2.70. Carnival Corporation has a 1-year low of $14.08 and a 1-year high of $31.01. The company has a 50-day moving average price of $27.23 and a two-hundred day moving average price of $23.69.

Carnival (NYSE:CCL - Get Free Report) last announced its earnings results on Tuesday, June 24th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11. The company had revenue of $6.33 billion for the quarter, compared to analysts' expectations of $6.20 billion. Carnival had a net margin of 9.72% and a return on equity of 27.88%. The business's revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $0.11 earnings per share. As a group, sell-side analysts predict that Carnival Corporation will post 1.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

CCL has been the topic of a number of recent research reports. Susquehanna lifted their target price on Carnival from $27.00 to $30.00 and gave the company a "positive" rating in a research report on Wednesday, June 25th. Bank of America raised their target price on shares of Carnival from $31.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Hsbc Global Res raised shares of Carnival from a "moderate sell" rating to a "hold" rating in a research report on Friday, May 16th. Morgan Stanley lifted their price objective on shares of Carnival from $21.00 to $24.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. Finally, Barclays upped their target price on shares of Carnival from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Wednesday, June 25th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Carnival currently has an average rating of "Moderate Buy" and a consensus price target of $30.71.

Carnival Company 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.