Royal Caribbean Cruises Ltd. (NYSE:RCL) announced its quarterly earnings data on Tuesday, August 1st. The company reported $1.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.67 by $0.04, Bloomberg Earnings reports. The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Royal Caribbean Cruises had a return on equity of 16.71% and a net margin of 17.73%. Royal Caribbean Cruises’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $1.09 EPS. Royal Caribbean Cruises updated its Q3 guidance to approx $3.45 EPS.
Shares of Royal Caribbean Cruises (RCL) traded down 0.34% on Friday, reaching $118.81. The company’s stock had a trading volume of 1,747,300 shares. Royal Caribbean Cruises has a one year low of $65.10 and a one year high of $122.96. The firm has a 50-day moving average price of $114.61 and a 200 day moving average price of $105.28. The firm has a market capitalization of $25.56 billion, a PE ratio of 16.67 and a beta of 1.06.
A number of equities analysts recently weighed in on RCL shares. Zacks Investment Research cut Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Deutsche Bank AG reduced their price target on Royal Caribbean Cruises from $102.00 to $91.00 and set a “hold” rating on the stock in a research report on Tuesday, May 2nd. Wedbush raised their price target on Royal Caribbean Cruises from $106.00 to $117.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 25th. Goldman Sachs Group, Inc. (The) raised their price target on Royal Caribbean Cruises from $90.00 to $94.00 and gave the stock a “sell” rating in a research report on Monday, May 1st. Finally, Wells Fargo & Company restated an “outperform” rating and set a $119.50 price target (up from $117.50) on shares of Royal Caribbean Cruises in a research report on Tuesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $117.23.
Royal Caribbean Cruises declared that its Board of Directors has initiated a share buyback plan on Friday, April 28th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
In other Royal Caribbean Cruises news, CEO Richard D. Fain sold 20,000 shares of the stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $109.62, for a total transaction of $2,192,400.00. Following the sale, the chief executive officer now owns 967,741 shares of the company’s stock, valued at approximately $106,083,768.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bernt Reitan sold 4,793 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $117.22, for a total value of $561,835.46. Following the completion of the sale, the director now directly owns 7,862 shares of the company’s stock, valued at approximately $921,583.64. The disclosure for this sale can be found here. Insiders have sold a total of 460,079 shares of company stock worth $53,714,055 in the last ninety days. Insiders own 15.30% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Royal Caribbean Cruises by 3,290.6% in the first quarter. BlackRock Inc. now owns 10,359,358 shares of the company’s stock worth $1,016,356,000 after buying an additional 10,053,823 shares during the last quarter. Vanguard Group Inc. boosted its stake in Royal Caribbean Cruises by 4.1% in the second quarter. Vanguard Group Inc. now owns 17,178,558 shares of the company’s stock worth $1,876,413,000 after buying an additional 673,608 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Royal Caribbean Cruises by 1,754.5% in the second quarter. PNC Financial Services Group Inc. now owns 684,387 shares of the company’s stock worth $74,756,000 after buying an additional 647,483 shares during the last quarter. Capital Growth Management LP acquired a new stake in Royal Caribbean Cruises during the second quarter worth $61,933,000. Finally, American Century Companies Inc. boosted its stake in Royal Caribbean Cruises by 9,025.9% in the second quarter. American Century Companies Inc. now owns 531,677 shares of the company’s stock worth $58,075,000 after buying an additional 525,851 shares during the last quarter. 72.26% of the stock is owned by hedge funds and other institutional investors.
About Royal Caribbean Cruises
Royal Caribbean Cruises Ltd. is a cruise company. The Company owns and operates three global cruise brands: Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises (Global Brands). The Company also own joint venture interest in the German brand TUI Cruises, interest in the Spanish brand Pullmantur and interest in the Chinese brand SkySea Cruises (collectively, Partner Brands).
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