Engineers Gate Manager LP Trims Stock Position in LATAM Airlines Group S.A. $LTM

Key Points

• Engineers Gate Manager LP cut its LATAM Airlines Group position by 76.9% in the second quarter, selling 38,393 shares and retaining 11,530 shares valued at approximately $672,000.
• LATAM reported quarterly EPS of $0.44, beating estimates of $0.41, while revenue reached $4.12 billion versus expectations of $4.06 billion.
• The stock was recently priced at $53.37, and analysts maintain a consensus “Moderate Buy” rating with an average price target of $66.27.

Engineers Gate Manager LP trimmed its holdings in LATAM Airlines Group S.A. (NYSE:LTM - Free Report) by 76.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,530 shares of the transportation company's stock after selling 38,393 shares during the period. Engineers Gate Manager LP's holdings in LATAM Airlines Group were worth $672,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Nykredit A S acquired a new stake in shares of LATAM Airlines Group in the second quarter worth approximately $446,000. Navi International Administradora e Gestora de Recursos Financeiros Ltda. increased its position in LATAM Airlines Group by 1,478.6% during the second quarter. Navi International Administradora e Gestora de Recursos Financeiros Ltda. now owns 326,007 shares of the transportation company's stock worth $18,996,000 after purchasing an additional 305,355 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in LATAM Airlines Group during the second quarter worth approximately $570,000. GAMMA Investing LLC raised its stake in LATAM Airlines Group by 26.2% during the second quarter. GAMMA Investing LLC now owns 1,647 shares of the transportation company's stock worth $96,000 after purchasing an additional 342 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in shares of LATAM Airlines Group in the 1st quarter valued at $578,000.

LATAM Airlines Group Stock Up 4.3%

LATAM Airlines Group stock opened at $53.37 on Tuesday. The firm has a fifty day moving average of $52.38 and a 200-day moving average of $51.80. LATAM Airlines Group S.A. has a 52-week low of $41.41 and a 52-week high of $70.42. The firm has a market capitalization of $15.32 billion, a P/E ratio of 9.81, a PEG ratio of 1.24 and a beta of 3.64.

LATAM Airlines Group (NYSE:LTM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The transportation company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.03. LATAM Airlines Group had a net margin of 9.69% and a return on equity of 101.21%. The firm had revenue of $4.12 billion during the quarter, compared to analysts' expectations of $4.06 billion. On average, research analysts expect that LATAM Airlines Group S.A. will post 4.96 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. JPMorgan Chase & Co. initiated coverage on LATAM Airlines Group in a report on Wednesday, June 3rd. They set an "overweight" rating and a $70.00 price objective for the company. Jefferies Financial Group began coverage on LATAM Airlines Group in a report on Thursday, June 18th. They issued a "buy" rating and a $70.00 target price on the stock. Wall Street Zen downgraded LATAM Airlines Group from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 8th. Zacks Research lowered LATAM Airlines Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 17th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of LATAM Airlines Group in a report on Friday, July 17th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $66.27.

About LATAM Airlines Group

LATAM Airlines Group SA is a Chile-based airline holding company and one of the largest airline groups in Latin America. Through its operating affiliates and commercial brands, the company provides scheduled passenger and air cargo transportation on domestic and international routes.

LATAM serves markets across South America, including Chile, Brazil, Colombia, Ecuador and Peru, and connects the region with destinations in North America, Europe, Oceania and other international markets. Its passenger services include multiple travel classes and related offerings, while its cargo operations transport freight using both dedicated aircraft and passenger aircraft capacity.

The group was formed in 2012 through the merger of Chile's LAN Airlines and Brazil's TAM Airlines.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.