As of June 20, 2023, &Prostatis Group LLC has announced that it has purchased a new stake in the renowned Royal Caribbean Cruises Ltd. (NYSE:RCL). According to their most recent Form 13F filing with the Securities & Exchange Commission, the fund has acquired an impressive amount of 16,820 shares of the company’s stock. This purchase amounts to approximately $32,000 in value.
Royal Caribbean Cruises (NYSE:RCL) is well-known in the cruise industry for being one of the largest and most prominent companies around. Their range of global cruise brands includes names like Royal Caribbean International, Celebrity Cruises, and Silversea Cruises, among others. TUI Cruises GmbH also falls under their ownership and holds interest over German brands TUI Cruises and Hapag-Lloyd Cruises.
The company recently reported their quarterly earnings results on Thursday, May 4th. The earnings report revealed that they had managed to overcome consensus estimates from analysts with a ($0.23) EPS for that quarter alone, beating predictions by $0.48 per share.
Royal Caribbean Cruises’ revenue for that quarter was also recorded as $2.89 billion compared to the expected amount of $2.82 billion by investors and market analysts alike. The earnings report showed a remarkable increase of 172.4% compared to their financial performance during the same period last year.
Although Royal Caribbean Group had negative returns during this period for equity (-25.86%) and net margin (-9.72%), they remain optimistic about their future growth prospects.
Numerous equities analysts forecast good tidings ahead for Royal Caribbean cruises as well -positively expecting them to post 4.69 earnings per share for the duration of this current calendar year alone.
The investment made by &Prostatis Group LLC demonstrates confidence in both Royal Caribbean’s strong brand presence alongside their continued progress towards financial growth. This recent acquisition also proves that the cruise industry remains a popular choice for investors, with many wealthy individuals and companies alike finding newfound interest and value in this diverse industry of adventure and luxury upon the ocean waves.
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Royal Caribbean Group Attracts Interest from Institutional Investors and Hedge Funds Despite Pandemic Challenges
Royal Caribbean Group, a leading cruise company with a market cap of $24.37 billion, has seen an influx of interest from institutional investors and hedge funds in recent months. Several institutional investors have either added to or reduced their stakes in RCL, including CIBC Asset Management, which increased its position by 9.9% and now owns nearly 35,000 shares valued at $1.7 million. Pitti Group Wealth Management acquired a new position in the company worth approximately $285,000 during the fourth quarter of the last fiscal year while MML Investors Services lifted its holdings by 4.5%. Intech Investment Management also acquired a new stake valued at $301,000 while BI Asset Management Fondsmaeglerselskab AS purchased a new stake worth $111,000 during the same period.
Currently trading at $95.30 per share as of June 20th, RCL’s 50-day simple moving average is $76.51 and its two-hundred-day simple moving average is $67.60. The company has a debt-to-equity ratio of 6.41 along with quick and current ratios standing at 0.23 and 0.26 respectively.
Leading global cruise brands such as Royal Caribbean International, Celebrity Cruises, Silversea Cruises, and TUI Cruises GmbH are owned and operated by the Royal Caribbean Group that recently received several ratings from research analysts like UBS Group who raised their price objective on shares from $82 to $91 with a “buy” rating on Thursday, February 23rd.
Meanwhile Director Arne Alexander Wilhelmsen sold over three hundred thousand shares in multiple transactions that took place during May this year while CEO Jason T Liberty sold about thirty-six thousand five hundred shares thereby netting millions of dollars for themselves together amounting to over fifty eight million forty thousand dollars between them so far this year when all insiders are said to have sold over seven hundred thousand shares valued at fifty-eight million and twenty thousand dollars in the last three months. Corporate insiders now own a bit under 9% of the company’s stock.
Despite the pandemic – necessitating a halt on all cruises worldwide due to several outbreaks among passengers/community transmissions traced back to some ships – there is still strong investor interest in RCL as evidenced by this influx of stakes from institutional investors and hedge funds, suggesting optimism about the future of cruising and the return of normalcy post-pandemic.