Carnival Corporation (NYSE:CCL) Stock Position Reduced by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. has reduced its holdings in Carnival Corporation by 11.0%, bringing their total shares owned to 137,259, with a reported value of $2.68 million.
• Several institutional investors, including Nuveen Asset Management and FMR LLC, significantly increased their positions in Carnival during the last quarter, indicating a rising interest among institutional investors.
• Carnival Corporation reported a quarterly revenue of $6.33 billion, surpassing analysts' expectations, and analysts are forecasting a 1.77 EPS for the current year, reflecting positive growth prospects.

iA Global Asset Management Inc. trimmed its stake in shares of Carnival Corporation (NYSE:CCL - Free Report) by 11.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,259 shares of the company's stock after selling 16,996 shares during the period. iA Global Asset Management Inc.'s holdings in Carnival were worth $2,681,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Nuveen Asset Management LLC grew its position in shares of Carnival by 33.7% in the fourth quarter. Nuveen Asset Management LLC now owns 22,850,042 shares of the company's stock valued at $569,423,000 after purchasing an additional 5,761,489 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Carnival by 17.7% in the 4th quarter. Renaissance Technologies LLC now owns 18,097,001 shares of the company's stock valued at $450,977,000 after buying an additional 2,720,096 shares in the last quarter. Northern Trust Corp grew its holdings in Carnival by 14.8% during the 4th quarter. Northern Trust Corp now owns 10,638,692 shares of the company's stock valued at $265,116,000 after buying an additional 1,374,714 shares during the last quarter. FMR LLC increased its position in Carnival by 186.6% during the fourth quarter. FMR LLC now owns 9,898,906 shares of the company's stock worth $246,681,000 after buying an additional 6,444,444 shares in the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of Carnival by 58.1% in the fourth quarter. Two Sigma Advisers LP now owns 7,056,246 shares of the company's stock worth $175,842,000 after acquiring an additional 2,593,046 shares during the last quarter. Hedge funds and other institutional investors own 67.19% of the company's stock.

Wall Street Analyst Weigh In

CCL has been the topic of a number of analyst reports. Citigroup increased their price objective on Carnival from $30.00 to $37.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Loop Capital restated a "hold" rating and issued a $22.00 target price on shares of Carnival in a report on Monday, June 23rd. Susquehanna lifted their price target on shares of Carnival from $27.00 to $30.00 and gave the stock a "positive" rating in a report on Wednesday, June 25th. Truist Financial boosted their price objective on shares of Carnival from $27.00 to $31.00 and gave the company a "hold" rating in a research report on Monday, July 21st. Finally, Wall Street Zen upgraded shares of Carnival from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.71.

Carnival Stock Down 2.2%

CCL stock traded down $0.64 during trading on Friday, reaching $28.37. The stock had a trading volume of 18,048,954 shares, compared to its average volume of 17,669,816. 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 firm has a fifty day moving average price of $27.33 and a 200 day moving average price of $23.71. The company has a market capitalization of $33.12 billion, a P/E ratio of 15.34, a PEG ratio of 0.65 and a beta of 2.70. Carnival Corporation has a 1-year low of $14.49 and a 1-year high of $31.01.

Carnival (NYSE:CCL - Get Free Report) last released its quarterly 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. Carnival had a return on equity of 27.88% and a net margin of 9.72%. The business had revenue of $6.33 billion for the quarter, compared to analysts' expectations of $6.20 billion. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company's revenue was up 9.5% compared to the same quarter last year. On average, equities analysts anticipate that Carnival Corporation will post 1.77 earnings per share for the current year.

Insider Activity at Carnival

In related 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 completion of the sale, the director owned 64,406 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.60% of the company's stock.

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.