Granite Investment Advisors LLC Reduces Stake in Carnival Corporation (CCL)

Granite Investment Advisors LLC cut its position in Carnival Corporation (NYSE:CCL) by 9.0% during the second quarter, Holdings Channel reports. The institutional investor owned 113,940 shares of the company’s stock after selling 11,285 shares during the period. Carnival Corporation makes up about 1.4% of Granite Investment Advisors LLC’s investment portfolio, making the stock its 27th largest position. Granite Investment Advisors LLC’s holdings in Carnival Corporation were worth $7,651,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Gulf International Bank UK Ltd increased its position in shares of Carnival Corporation by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 111,038 shares of the company’s stock valued at $6,541,000 after buying an additional 1,300 shares during the period. Regentatlantic Capital LLC increased its position in shares of Carnival Corporation by 9.0% in the first quarter. Regentatlantic Capital LLC now owns 37,207 shares of the company’s stock valued at $2,192,000 after buying an additional 3,086 shares during the period. Capstone Asset Management Co. increased its position in shares of Carnival Corporation by 3.1% in the first quarter. Capstone Asset Management Co. now owns 35,001 shares of the company’s stock valued at $2,062,000 after buying an additional 1,060 shares during the period. Bremer Trust National Association increased its position in shares of Carnival Corporation by 2.0% in the first quarter. Bremer Trust National Association now owns 39,991 shares of the company’s stock valued at $2,356,000 after buying an additional 775 shares during the period. Finally, First National Bank & Trust Co. of Newtown increased its position in shares of Carnival Corporation by 3.2% in the first quarter. First National Bank & Trust Co. of Newtown now owns 7,363 shares of the company’s stock valued at $433,000 after buying an additional 225 shares during the period. 78.82% of the stock is owned by hedge funds and other institutional investors.

Shares of Carnival Corporation (CCL) opened at 67.38 on Friday. The company has a market capitalization of $48.78 billion, a PE ratio of 17.82 and a beta of 0.75. The firm has a 50-day moving average of $66.57 and a 200 day moving average of $61.19. Carnival Corporation has a 12 month low of $44.11 and a 12 month high of $68.87.

Carnival Corporation (NYSE:CCL) last posted its quarterly earnings results on Thursday, June 22nd. The company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.05. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.89 billion. Carnival Corporation had a return on equity of 11.26% and a net margin of 16.48%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the company earned $0.49 earnings per share. On average, equities research analysts expect that Carnival Corporation will post $3.74 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 25th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.37%. Carnival Corporation’s dividend payout ratio is 42.55%.

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Several equities analysts have recently issued reports on the stock. Bank of America Corporation reissued a “buy” rating and set a $73.20 price target on shares of Carnival Corporation in a report on Monday, July 24th. BidaskClub downgraded shares of Carnival Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Zacks Investment Research raised shares of Carnival Corporation from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Tuesday, August 1st. KeyCorp downgraded shares of Carnival Corporation to an “overweight” rating in a report on Thursday, July 6th. Finally, Wedbush reissued a “neutral” rating and set a $66.00 price target (up previously from $61.00) on shares of Carnival Corporation in a report on Sunday, June 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the stock. Carnival Corporation currently has an average rating of “Buy” and a consensus target price of $62.06.

In other Carnival Corporation news, insider Alan Buckelew sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $67.02, for a total value of $1,005,300.00. Following the completion of the transaction, the insider now directly owns 150,860 shares in the company, valued at $10,110,637.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 23.80% of the stock is owned by company insiders.

Carnival Corporation Company Profile

Carnival Corporation is a leisure travel company. The Company is a cruise company of global cruise guests, and a provider of vacations to all cruise destinations throughout the world. The Company operates in four segments: North America, EAA, Cruise Support and, Tour and Other. The Company’s North America segment includes Carnival Cruise Line, Holland America Line, Princess Cruises (Princess) and Seabourn.

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Institutional Ownership by Quarter for Carnival Corporation (NYSE:CCL)

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