Trade Report: Today, State Treasurer State of Michigan cuts position of Carnival Corp (CCL)

Today, State Treasurer State of Michigan cuts position of Carnival Corp (CCL)

State Treasurer State of Michigan cut its position in Carnival Corp (NYSE:CCL) by 0.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 151,060 shares of the company’s stock after selling 1,300 shares during the period. State Treasurer State of Michigan’s holdings in Carnival Corp were worth $7,375,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in CCL. Forte Capital LLC ADV boosted its stake in shares of Carnival Corp by 40.2% in the second quarter. Forte Capital LLC ADV now owns 14,667 shares of the company’s stock worth $648,000 after buying an additional 4,202 shares during the period. Trust Co boosted its stake in shares of Carnival Corp by 7.6% in the first quarter. Trust Co now owns 9,074 shares of the company’s stock worth $479,000 after buying an additional 639 shares during the period. Exxonmobil Investment Management Inc. TX boosted its stake in shares of Carnival Corp by 3.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 113,497 shares of the company’s stock worth $5,017,000 after buying an additional 3,777 shares during the period. DNB Asset Management AS boosted its stake in shares of Carnival Corp by 3.2% in the second quarter. DNB Asset Management AS now owns 801,906 shares of the company’s stock worth $34,861,000 after buying an additional 25,000 shares during the period. Finally, British Columbia Investment Management Corp boosted its stake in shares of Carnival Corp by 4.1% in the second quarter. British Columbia Investment Management Corp now owns 250,978 shares of the company’s stock worth $11,093,000 after buying an additional 9,881 shares during the period. 78.10% of the stock is owned by institutional investors and hedge funds.

Shares of Carnival Corp (NYSE:CCL) traded up 1.02% during mid-day trading on Thursday, hitting $52.30. 3,324,223 shares of the stock were exchanged. Carnival Corp has a 12 month low of $40.52 and a 12 month high of $55.77. The stock’s 50 day moving average is $48.60 and its 200-day moving average is $47.41. The stock has a market cap of $38.18 billion, a PE ratio of 16.26 and a beta of 0.66.

Carnival Corp (NYSE:CCL) last released its earnings results on Monday, September 26th. The company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.03. Carnival Corp had a return on equity of 10.76% and a net margin of 15.10%. The business earned $5.10 billion during the quarter. During the same quarter last year, the business posted $1.75 earnings per share. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, analysts anticipate that Carnival Corp will post $3.36 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, November 25th will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, November 22nd. This represents a $1.40 annualized dividend and a dividend yield of 2.68%. Carnival Corp’s dividend payout ratio (DPR) is 42.94%.

A number of brokerages have recently issued reports on CCL. Sanford C. Bernstein raised shares of Carnival Corp from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $52.00 to $63.00 in a research note on Tuesday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $46.00 price objective (down previously from $58.00) on shares of Carnival Corp in a research note on Thursday, October 27th. SunTrust Banks Inc. set a $54.00 price objective on shares of Carnival Corp and gave the company a “buy” rating in a research note on Wednesday, October 19th. Macquarie assumed coverage on shares of Carnival Corp in a research note on Tuesday, October 4th. They issued a “neutral” rating and a $55.00 price objective for the company. Finally, HSBC assumed coverage on shares of Carnival Corp in a report on Monday, October 3rd. They set a “buy” rating and a $60.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company. Carnival Corp presently has an average rating of “Buy” and a consensus target price of $55.64.

In related news, CEO Arnold W. Donald sold 91,813 shares of Carnival Corp stock in a transaction dated Tuesday, October 18th. The stock was sold at an average price of $46.67, for a total value of $4,284,912.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David Bernstein sold 4,030 shares of Carnival Corp stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $49.18, for a total value of $198,195.40. Following the completion of the sale, the chief financial officer now owns 47,256 shares of the company’s stock, valued at $2,324,050.08. The disclosure for this sale can be found here. Insiders own 22.00% of the company’s stock.

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