Cadence Capital Management LLC increased its stake in shares of Royal Caribbean Cruises Ltd (NYSE:RCL) by 36.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,412 shares of the company’s stock after acquiring an additional 4,133 shares during the quarter. Cadence Capital Management LLC’s holdings in Royal Caribbean Cruises were worth $2,003,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Legacy Capital Partners Inc. increased its position in Royal Caribbean Cruises by 7.2% during the third quarter. Legacy Capital Partners Inc. now owns 6,552 shares of the company’s stock worth $851,000 after acquiring an additional 441 shares during the period. Earnest Partners LLC boosted its stake in Royal Caribbean Cruises by 0.4% during the second quarter. Earnest Partners LLC now owns 104,334 shares of the company’s stock worth $10,809,000 after buying an additional 457 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Royal Caribbean Cruises by 5.5% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 8,866 shares of the company’s stock worth $919,000 after buying an additional 465 shares in the last quarter. Advisors Capital Management LLC boosted its stake in Royal Caribbean Cruises by 1.4% during the third quarter. Advisors Capital Management LLC now owns 33,424 shares of the company’s stock worth $4,343,000 after buying an additional 473 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Royal Caribbean Cruises by 2.8% during the second quarter. CIBC Asset Management Inc now owns 17,855 shares of the company’s stock worth $1,850,000 after buying an additional 480 shares in the last quarter. 70.91% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Harri U. Kulovaara sold 6,600 shares of the business’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $125.55, for a total value of $828,630.00. Following the sale, the executive vice president now owns 26,165 shares in the company, valued at approximately $3,285,015.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.26% of the stock is currently owned by insiders.
Royal Caribbean Cruises (NYSE:RCL) last issued its earnings results on Thursday, October 25th. The company reported $3.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.97 by $0.01. Royal Caribbean Cruises had a net margin of 19.46% and a return on equity of 16.93%. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.82 billion. On average, sell-side analysts anticipate that Royal Caribbean Cruises Ltd will post 8.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 11th. Stockholders of record on Friday, September 21st were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend was Thursday, September 20th. This is an increase from Royal Caribbean Cruises’s previous quarterly dividend of $0.60. Royal Caribbean Cruises’s payout ratio is currently 37.18%.
RCL has been the topic of a number of recent research reports. Nomura decreased their price target on shares of Royal Caribbean Cruises from $153.00 to $152.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Stifel Nicolaus lifted their price target on shares of Royal Caribbean Cruises from $147.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, September 24th. Zacks Investment Research upgraded shares of Royal Caribbean Cruises from a “hold” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Wednesday, August 8th. Citigroup decreased their price target on shares of Royal Caribbean Cruises from $138.00 to $136.00 and set a “buy” rating on the stock in a research note on Friday, August 17th. Finally, Deutsche Bank upgraded shares of Royal Caribbean Cruises from a “hold” rating to a “buy” rating and lifted their price target for the stock from $135.00 to $146.00 in a research note on Wednesday, August 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $139.29.
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Royal Caribbean Cruises Company Profile
Royal Caribbean Cruises Ltd. operates as a cruise company. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Azamara Club Cruises brands. The Royal Caribbean International brand provides itineraries to destinations worldwide, including Alaska, Asia, Australia, Bahamas, Bermuda, Canada, the Caribbean, Europe, the Panama Canal, and New Zealand with cruise lengths that range from 2 to 23 nights.
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