Hudson Bay Capital Management LP Raises Stock Position in Copa Holdings, S.A. $CPA

Key Points

• Hudson Bay Capital Management LP increased its stake in Copa by 74.0% in the third quarter, buying 12,582 shares to hold 29,582 shares worth $3.515 million, and institutional investors now own about 70.09% of the stock.
• Copa reported Q results with EPS $4.18 (missing the $4.44 estimate) and revenue of $962.9M (up 9.6% year‑over‑year); the company trades at a PE of 6.7 and has a market cap of about $4.49 billion.
• Copa raised its quarterly dividend to $1.71 (annualized $6.84, yield 6.3%, payout ratio 42.0%), and analysts hold a consensus rating of “Moderate Buy” with a consensus target of $166.44.

Hudson Bay Capital Management LP grew its stake in Copa Holdings, S.A. (NYSE:CPA - Free Report) by 74.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,582 shares of the transportation company's stock after buying an additional 12,582 shares during the period. Hudson Bay Capital Management LP owned 0.07% of Copa worth $3,515,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in Copa by 56.1% in the first quarter. Goldman Sachs Group Inc. now owns 340,554 shares of the transportation company's stock valued at $31,488,000 after acquiring an additional 122,413 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Copa by 9.4% during the second quarter. PNC Financial Services Group Inc. now owns 2,964 shares of the transportation company's stock worth $326,000 after purchasing an additional 255 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Copa by 152.9% during the second quarter. SG Americas Securities LLC now owns 3,870 shares of the transportation company's stock worth $426,000 after purchasing an additional 2,340 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of Copa by 138.5% in the 2nd quarter. Cetera Investment Advisers now owns 19,675 shares of the transportation company's stock valued at $2,164,000 after purchasing an additional 11,427 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Copa by 26.2% in the 2nd quarter. Artisan Partners Limited Partnership now owns 214,533 shares of the transportation company's stock valued at $23,592,000 after purchasing an additional 44,513 shares during the last quarter. 70.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CPA has been the topic of a number of research reports. Morgan Stanley restated an "overweight" rating and set a $190.00 price target on shares of Copa in a research note on Monday, February 9th. Itau BBA Securities began coverage on Copa in a research note on Sunday, November 30th. They issued a "market perform" rating for the company. JPMorgan Chase & Co. decreased their price objective on Copa from $170.00 to $165.00 and set an "overweight" rating for the company in a report on Thursday, March 12th. Bank of America cut their target price on shares of Copa from $212.00 to $171.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Evercore reiterated an "outperform" rating and issued a $185.00 price target on shares of Copa in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $166.44.

Copa Stock Down 1.5%

Copa stock opened at $109.07 on Friday. The stock's 50 day moving average price is $134.52 and its 200 day moving average price is $126.17. Copa Holdings, S.A. has a 1-year low of $82.54 and a 1-year high of $156.41. The company has a market cap of $4.49 billion, a PE ratio of 6.70, a price-to-earnings-growth ratio of 0.80 and a beta of 0.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.31 and a quick ratio of 1.20.

Copa (NYSE:CPA - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The transportation company reported $4.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.44 by ($0.26). Copa had a return on equity of 25.62% and a net margin of 18.57%.The business had revenue of $962.89 million during the quarter, compared to analysts' expectations of $959.22 million. During the same quarter in the previous year, the company posted $3.99 EPS. The company's revenue was up 9.6% compared to the same quarter last year. On average, sell-side analysts predict that Copa Holdings, S.A. will post 15.48 EPS for the current fiscal year.

Copa Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a $1.71 dividend. The ex-dividend date was Friday, February 27th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 6.3%. This is a boost from Copa's previous quarterly dividend of $1.61. Copa's payout ratio is 42.04%.

About Copa

Copa Holdings, SA NYSE: CPA is a Panama‐based aviation holding company that provides passenger and cargo air transportation across the Americas and the Caribbean. Through its principal subsidiary, Copa Airlines, the company operates a modern fleet of Boeing 737 aircraft, offering scheduled flights that connect passengers through its Tocumen International Airport hub in Panama City. The company also offers dedicated cargo services under the Copa Cargo brand, leveraging belly hold capacity on its passenger flights to transport freight throughout its network.

The roots of Copa Holdings trace back to 1947, when Compañía Panameña de Aviación began operations as the flag carrier of Panama.

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