Bank of America Corp DE Acquires 299,710 Shares of LATAM Airlines Group S.A. $LTM

Key Points

• Bank of America increased its LATAM Airlines stake by 641.9% in the first quarter, purchasing 299,710 additional shares and ending the period with 346,402 shares valued at approximately $17.1 million.
• LATAM Airlines reported quarterly EPS of $0.44, beating estimates of $0.41, while revenue of $4.12 billion also exceeded expectations. The stock opened at $50.48, down 1.8%, with a market capitalization of about $14.5 billion.
• Analyst sentiment remains positive, with six Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and an average price target of $66.27.

Bank of America Corp DE grew its holdings in LATAM Airlines Group S.A. (NYSE:LTM - Free Report) by 641.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 346,402 shares of the transportation company's stock after buying an additional 299,710 shares during the quarter. Bank of America Corp DE owned approximately 0.12% of LATAM Airlines Group worth $17,126,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. AQR Capital Management LLC bought a new position in shares of LATAM Airlines Group in the first quarter worth about $3,061,000. Goldman Sachs Group Inc. grew its stake in shares of LATAM Airlines Group by 133.9% during the first quarter. Goldman Sachs Group Inc. now owns 40,258 shares of the transportation company's stock valued at $1,259,000 after purchasing an additional 23,044 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of LATAM Airlines Group by 113.8% in the first quarter. Rhumbline Advisers now owns 3,194 shares of the transportation company's stock valued at $100,000 after purchasing an additional 1,700 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of LATAM Airlines Group in the second quarter valued at approximately $402,000. Finally, First Trust Advisors LP raised its position in LATAM Airlines Group by 149.1% in the 2nd quarter. First Trust Advisors LP now owns 69,108 shares of the transportation company's stock worth $2,809,000 after purchasing an additional 41,363 shares during the last quarter.

LATAM Airlines Group Stock Down 1.8%

NYSE:LTM opened at $50.48 on Friday. LATAM Airlines Group S.A. has a 12-month low of $41.41 and a 12-month high of $70.42. The stock's fifty day simple moving average is $54.40 and its 200-day simple moving average is $53.13. The firm has a market capitalization of $14.49 billion, a P/E ratio of 9.28, a P/E/G ratio of 1.13 and a beta of 3.62.

LATAM Airlines Group (NYSE:LTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The transportation company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $4.06 billion. LATAM Airlines Group had a return on equity of 101.21% and a net margin of 9.69%. As a group, equities research analysts expect that LATAM Airlines Group S.A. will post 5.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on LTM. JPMorgan Chase & Co. started coverage on LATAM Airlines Group in a research report on Wednesday, June 3rd. They set an "overweight" rating and a $70.00 target price for the company. Jefferies Financial Group assumed coverage on LATAM Airlines Group in a research report on Thursday, June 18th. They issued a "buy" rating and a $70.00 price objective for the company. Weiss Ratings reissued a "hold (c)" rating on shares of LATAM Airlines Group in a report on Friday, July 17th. The Goldman Sachs Group reissued a "buy" rating and set a $72.60 price objective on shares of LATAM Airlines Group in a report on Tuesday, May 12th. Finally, Zacks Research downgraded shares of LATAM Airlines Group from a "strong-buy" rating to a "hold" rating in a research report on Monday. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, LATAM Airlines Group has a consensus rating of "Moderate Buy" and a consensus price target of $66.27.

About LATAM Airlines Group

LATAM Airlines Group SA is a Chilean-based airline holding company formed in 2012 through the merger of LAN Airlines of Chile and TAM Linhas Aéreas of Brazil. The Group offers passenger and cargo air transportation services across South America and beyond, operating under a multi‐brand strategy that encompasses several nationally recognized carriers. Headquartered in Santiago, Chile, LATAM is structured to serve diverse market segments with full-service, premium and low‐cost offerings.

The core business activities of LATAM Airlines Group include scheduled domestic and international passenger flights, air cargo services and maintenance, repair and overhaul (MRO) capabilities through its technical divisions.

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