Norwegian Cruise Line (NASDAQ:NCLH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports. The brokerage presently has a $56.00 price target on the stock. Zacks Investment Research‘s target price points to a potential upside of 5.94% from the stock’s current price.
According to Zacks, “Norwegian Cruise’s shares have outperformed its industry year to date. The outperformance is likely to continue as the company reported better-than-expected third-quarter 2019 results. Strong onboard spending had a positive impact on the quarterly revenues as well. Moreover, an increase in net yield, driven by the repositioning of Norwegian Joy to North America, boosted revenues. The company is well poised to benefit from fleet expansion, increased booking and capacity as well as higher onboard spend. It is on track with strategic actions to improve profitability and de-risk its business profile by focusing more on fastest-growing markets. However, high costs, intense competition from other cruises and debt levels are concerns. Earnings estimates for current year have been stable in the past 30 days.”
NCLH has been the topic of several other research reports. Macquarie set a $65.00 price objective on shares of Norwegian Cruise Line and gave the stock a “buy” rating in a report on Friday, October 18th. Stifel Nicolaus set a $65.00 target price on shares of Norwegian Cruise Line and gave the company a “buy” rating in a research note on Sunday, November 3rd. Wedbush set a $65.00 target price on shares of Norwegian Cruise Line and gave the company a “buy” rating in a research note on Thursday, September 12th. SunTrust Banks boosted their price target on Norwegian Cruise Line from $71.00 to $72.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Morgan Stanley set a $59.00 price target on Norwegian Cruise Line and gave the company a “buy” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Norwegian Cruise Line currently has an average rating of “Buy” and a consensus target price of $64.81.
Norwegian Cruise Line (NASDAQ:NCLH) last announced its earnings results on Thursday, November 7th. The company reported $2.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.08. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. The company’s revenue was up 3.0% compared to the same quarter last year. During the same period last year, the firm posted $2.27 EPS.
In related news, CEO Rio Frank J. Del sold 2,456 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $50.23, for a total value of $123,364.88. Following the sale, the chief executive officer now owns 404,094 shares of the company’s stock, valued at approximately $20,297,641.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Rio Frank J. Del sold 4,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $53.39, for a total value of $213,560.00. In the last three months, insiders sold 257,364 shares of company stock worth $13,753,202. 0.98% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in NCLH. Millennium Management LLC lifted its position in Norwegian Cruise Line by 72.6% during the 3rd quarter. Millennium Management LLC now owns 390,581 shares of the company’s stock valued at $20,220,000 after purchasing an additional 164,337 shares during the period. Squarepoint Ops LLC boosted its stake in shares of Norwegian Cruise Line by 43.4% in the 3rd quarter. Squarepoint Ops LLC now owns 168,128 shares of the company’s stock valued at $8,704,000 after purchasing an additional 50,844 shares during the last quarter. Halsey Associates Inc. CT grew its position in shares of Norwegian Cruise Line by 6.2% during the 3rd quarter. Halsey Associates Inc. CT now owns 253,478 shares of the company’s stock worth $13,123,000 after buying an additional 14,810 shares during the period. Parametric Portfolio Associates LLC grew its position in shares of Norwegian Cruise Line by 7.3% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 690,922 shares of the company’s stock worth $35,769,000 after buying an additional 46,889 shares during the period. Finally, California State Teachers Retirement System raised its stake in shares of Norwegian Cruise Line by 0.5% during the third quarter. California State Teachers Retirement System now owns 346,978 shares of the company’s stock worth $17,963,000 after buying an additional 1,893 shares during the last quarter. Hedge funds and other institutional investors own 88.85% of the company’s stock.
About Norwegian Cruise Line
Norwegian Cruise Line Holdings Ltd. (NCLH) is a global cruise company. The Company operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. The Company had 25 ships with approximately 50,400 Berths, as of May 1, 2017. The Company’s brands offer itineraries to various destinations around the world, including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, Caribbean, Alaska and Hawaii.
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