stock has been rallying as of late, and Chairman Micky Arison just sold a large block of shares of the cruise giant.
Carnival (ticker: CCL) stock has surged in November on upbeat data on potential coronavirus vaccines. Shares have gained 39.4% since Sept. 30, although Carnival stock remains down 58% for the year to date through Wednesday’s close. By comparison, the
S&P 500 index,
a broad measure of the market, has risen 9.1% since the end of September for a 13.6%.
Arison sold 5 million Carnival shares on Nov. 30 for a total of $102.9 million, a per-share average price of $20.58. Arison sold the stock through a limited partnership that he controls, according to a form he filed with the Securities and Exchange Commission. Arison now owns 80.7 million Carnival shares through the LP, and another 4.9 million shares through trusts. He remains Carnival’s largest shareholder.
Carnival was just coming off a stock offering. It sold 57.4 million shares priced at $18.05 each in mid-November “to a limited number of holders” of its convertible senior debt that has a coupon of 5.75%.
Carnival didn’t make Arison available for comment on his stock sale, and the company declined comment, as well.
It’s the first sale of stock on the open market in 2020 by a Carnival insider, and Arison’s first such sale in more than five years. He sold 10 million Carnival shares in February 2015 for $433.7 million, or $43.37 each.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Because of their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.