Engineers Gate Manager LP Cuts Position in Copa Holdings, S.A. $CPA

Key Points

• Engineers Gate Manager LP cut its Copa Holdings position by 48.1% in the second quarter, selling 26,021 shares and retaining 28,057 shares valued at approximately $4.4 million. Institutional investors collectively own 70.09% of the company.
• Analysts remain broadly positive, with Copa carrying a consensus “Buy” rating and an average price target of $172.20, despite some target-price reductions and one downgrade to “Hold.”
• Copa’s latest quarterly results fell short of estimates, reporting $1.67 in EPS and $1.06 billion in revenue, but revenue rose 25.7% year over year. The company also declared a quarterly dividend of $1.71 per share, implying a 5.3% annualized yield.

Engineers Gate Manager LP decreased its position in Copa Holdings, S.A. (NYSE:CPA - Free Report) by 48.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,057 shares of the transportation company's stock after selling 26,021 shares during the quarter. Engineers Gate Manager LP owned 0.07% of Copa worth $4,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CPA. Elevation Wealth Partners LLC boosted its position in shares of Copa by 240.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 167 shares of the transportation company's stock valued at $26,000 after acquiring an additional 118 shares during the last quarter. Hilton Head Capital Partners LLC bought a new stake in Copa in the fourth quarter worth $27,000. Empowered Funds LLC purchased a new stake in Copa during the fourth quarter valued at $29,000. US Bancorp DE raised its stake in Copa by 90.2% during the third quarter. US Bancorp DE now owns 253 shares of the transportation company's stock valued at $30,000 after purchasing an additional 120 shares in the last quarter. Finally, SJS Investment Consulting Inc. lifted its position in Copa by 284.2% during the first quarter. SJS Investment Consulting Inc. now owns 292 shares of the transportation company's stock valued at $33,000 after purchasing an additional 216 shares during the last quarter. 70.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on CPA shares. UBS Group reduced their target price on shares of Copa from $195.00 to $185.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Raymond James Financial decreased their price objective on Copa from $195.00 to $185.00 and set a "strong-buy" rating on the stock in a research report on Monday, August 24th. Wall Street Zen lowered Copa from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. JPMorgan Chase & Co. lifted their target price on Copa from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group assumed coverage on Copa in a research report on Thursday, June 18th. They set a "buy" rating and a $185.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $172.20.

Copa Price Performance

CPA stock opened at $129.10 on Friday. Copa Holdings, S.A. has a 12 month low of $107.44 and a 12 month high of $160.46. The company has a current ratio of 1.06, a quick ratio of 0.97 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $137.42 and a 200 day moving average price of $132.09. The stock has a market cap of $5.31 billion, a PE ratio of 8.49, a P/E/G ratio of 1.20 and a beta of 0.99.

Copa (NYSE:CPA - Get Free Report) last issued its quarterly earnings results on Saturday, August 8th. The transportation company reported $1.67 EPS for the quarter, missing the consensus estimate of $1.88 by ($0.21). Copa had a net margin of 15.71% and a return on equity of 22.40%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the company posted $3.61 earnings per share. The business's revenue for the quarter was up 25.7% on a year-over-year basis. Equities research analysts anticipate that Copa Holdings, S.A. will post 15.22 earnings per share for the current year.

Copa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Monday, August 31st. Copa's dividend payout ratio (DPR) is currently 44.97%.

Copa Profile

Copa Holdings, SA is a Panama-based airline holding company whose principal subsidiary is Compañía Panameña de Aviación, SA, known as Copa Airlines. The company provides scheduled passenger air transportation, connecting Panama and other destinations across North, Central and South America and the Caribbean. Copa also offers related cargo transportation services.

Copa Airlines operates its primary hub at Tocumen International Airport in Panama City, which serves as a connecting point for travel throughout the Americas.

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