Forest Avenue Capital Management LP Sells 525,900 Shares of Carnival Co. & plc (NYSE:CCL)

Forest Avenue Capital Management LP reduced its position in Carnival Co. & plc (NYSE:CCL) by 35.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 961,400 shares of the company’s stock after selling 525,900 shares during the quarter. Carnival Co. & comprises about 2.5% of Forest Avenue Capital Management LP’s portfolio, making the stock its 20th largest position. Forest Avenue Capital Management LP owned about 0.09% of Carnival Co. & worth $17,997,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Carnival Co. & during the fourth quarter worth $40,236,000. PNC Financial Services Group Inc. boosted its stake in Carnival Co. & by 7.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 176,147 shares of the company’s stock valued at $3,266,000 after buying an additional 12,017 shares in the last quarter. US Bancorp DE grew its position in Carnival Co. & by 8.0% in the fourth quarter. US Bancorp DE now owns 37,750 shares of the company’s stock valued at $700,000 after acquiring an additional 2,804 shares during the last quarter. FineMark National Bank & Trust acquired a new position in Carnival Co. & during the fourth quarter worth about $243,000. Finally, TCW Group Inc. bought a new position in shares of Carnival Co. & in the fourth quarter worth about $280,000. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Carnival Co. & Stock Up 1.3 %

Shares of NYSE:CCL opened at $19.00 on Friday. The business’s 50-day moving average is $16.59 and its 200-day moving average is $16.14. Carnival Co. & plc has a 1 year low of $10.84 and a 1 year high of $19.74. The company has a market capitalization of $21.33 billion, a price-to-earnings ratio of 29.23 and a beta of 2.68. The company has a debt-to-equity ratio of 3.99, a current ratio of 0.28 and a quick ratio of 0.24.

Carnival Co. & (NYSE:CCL) last posted its quarterly earnings results on Tuesday, June 25th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.12. Carnival Co. & had a return on equity of 15.22% and a net margin of 3.86%. The firm had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.68 billion. During the same period in the prior year, the business earned ($0.31) EPS. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. Equities research analysts predict that Carnival Co. & plc will post 1.19 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on CCL. Susquehanna reiterated a “positive” rating and set a $22.00 price objective on shares of Carnival Co. & in a research report on Wednesday, June 26th. Truist Financial increased their price target on Carnival Co. & from $17.00 to $20.00 and gave the company a “hold” rating in a research note on Tuesday, July 23rd. Argus raised their price objective on Carnival Co. & from $20.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Hsbc Global Res raised Carnival Co. & to a “moderate sell” rating in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. lifted their price target on Carnival Co. & from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.63.

About Carnival Co. &

Carnival Corporation & plc engages in the provision of leisure travel services in North America, Australia, Europe, Asia, and internationally. The company operates through four segments: NAA Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations, private islands, and a solar park, as well as owns and operates hotels, lodges, glass-domed railcars, and motor coaches.