Mutual of America Capital Management 13F: New $3.2M Stake in CCL
Key Points
- Mutual of America Capital Management purchased 130,291 shares of Carnival Corporation Ltd. CCL to open a new stake worth $3.2 million as of October 23, 2026.
- Carnival shares traded around $27.08 recently, sitting roughly 20.4% below their 52-week high of $34.03.
- Wall Street analysts hold a consensus buy rating on the cruise operator, with a mean price target of $33.89 ahead of December earnings.
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Mutual of America Capital Management opened a new position in Carnival Corporation Ltd. CCL, purchasing 130,291 shares worth about $3.2 million. The investment was revealed in a Form 13F filing with the SEC on October 23, 2026. Carnival closed at $26.11 on the day of the filing.
CCL
Carnival Corporation Ltd.
Inside Mutual of America's Carnival Trade
Mutual of America added Carnival Corporation Ltd. CCL to its portfolio by picking up 130,291 shares during the quarter. Because this is a brand-new holding for the firm, there were no prior shares on the books. The reported value of the stake reached $3.19 million when the filing was made public.
Other Institutional Activity in Carnival
Other large money managers also adjusted their holdings in the cruise provider recently. Causeway Capital Management LLC grew its holdings by 4,095,320 shares, ending with 41,190,606 shares worth about $1.07 billion after an 11.0% increase. Meanwhile, Barrow, Hanley Mewhinney & Strauss, LLC reduced its holdings by 2,130,659 shares, ending with 27,502,985 shares worth about $718.1 million after a 7.2% decrease.
Carnival Corporation Ltd. Stock Down 0.8%
Carnival shares recently traded around $27.08, sitting up about 3.7% from the filing-day close of $26.11. The stock trades above its 50-day moving average of $24.79 and slightly below its 200-day moving average of $27.19. Over the past year, the shares have moved between a low of $21.45 and a high of $34.03. The company carries a P/E ratio of 11.93 and a forward P/E of 10.53.
Recent Earnings
Carnival reported trailing-twelve-month revenue of $27.59 billion alongside $2.27 in earnings per share. The company generated a net profit margin of 11.4% and a return on equity of 24.0%. Its year-over-year revenue growth stood at 3.5%. The company's next earnings report is expected on December 18, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 target cuts vs 1 raises.
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EPS & revenue
EPS beat estimates by 7.3%. Revenue missed estimates by 0.5%.
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Profit surprise
EBITDA met by 1 percent. Operating income beat by 3 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
1 upgrade, 1 target raise, 5 target cuts.
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Earnings quality
Gross margin up 0.9 points. Positive free cash flow.
Earnings Call Summary
Carnival posted strong first quarter results with record revenue, yields, and customer deposits near $8 billion. Net income jumped 55 percent year over year to $275 million. Demand remained robust with close-in bookings up 10 percent year over year and nearly 85 percent of 2026 sailings already booked at high prices. Management credited strong execution and higher onboard spending. However, geopolitical tensions and fuel price spikes created a $500 million headwind to full year guidance, which management offset with operational improvements of $150 million.
Guidance Carnival raised 2026 earnings guidance to $2.21 per share, up from prior December view, despite a $500 million fuel headwind. Management expects modest 2.75 percent yield growth and 3.1 percent cruise cost growth for the full year. They introduced PROPEL targets for 2029: greater than 16 percent return on invested capital, more than 50 percent earnings per share growth from 2025, and over 40 percent of operating cash returned to shareholders, roughly $14 billion.
Clearly negative report. The company missed important expectations and likely triggers downward revisions.
Dividend
Carnival pays an annual dividend rate of $0.45 per share, giving it a dividend yield of 1.66%. The company's payout ratio sits at 19.8%.
Insider Buying and Selling at Carnival Corporation Ltd.
Company insiders completed several transactions in the months leading up to the filing. Chief Financial Officer David Bernstein sold 361,790 shares on February 10, 2026, at an average price of $33.22 for a total value of $12.01 million. Director Sir Jonathon Band sold 12,000 shares on April 1, 2026, valued at $314,266. Director Stuart A Subotnick sold shares valued at $5.00 on May 11, 2026, at a price of $25.22. Officer Bettina Alejandra Deynes sold 43,058 shares on May 28, 2026, at an average price of $28.10 for a total value of $1.21 million.
Wall Street Ratings and Price Targets
Analyst firms adjusted their views on Carnival ahead of the filing. On September 30, 2026, Morgan Stanley maintained an Overweight rating while raising its price target from $31.00 to $32.50. Freedom Broker maintained a Buy rating on October 1, 2026, lifting its target from $35.00 to $36.00. Argus Research maintained a Buy rating on October 1, 2026, adjusting its target from $35.00 to $30.00. Wells Fargo maintained an Overweight rating on October 1, 2026, moving its target from $36.00 to $34.00. Tigress Financial maintained a Buy rating on October 13, 2026, keeping its price target at $42.00. Overall, the stock carries a consensus buy recommendation from 26 analysts with a mean price target of $33.89.
About Carnival Corporation Ltd.
Carnival Corporation Ltd. operates as a leisure travel provider, offering cruise vacations across North America, Europe, and international destinations. The enterprise operates port destinations, islands, hotels, lodges, and tour services. Institutional interest remains steady as the company navigates its travel seasons and prepares for upcoming financial updates.
Bottom Line
Mutual of America's new position highlights steady institutional interest in Carnival as the cruise operator heads toward its next earnings release in December 2026. Investors will watch whether consumer demand keeps supporting profit margins and if the stock can retest its 52-week highs.
Related Filing Alerts
Source: Mutual of America Capital Management's 13F filing on $CCL (Oct 23, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts