Millennium Management LLC Increases Holdings in Copa Holdings, S.A. $CPA

Key Points

• Millennium Management LLC increased its stake in Copa Holdings by 56.5% in Q1, acquiring an additional 183,184 shares, bringing its total to 507,419 shares valued at approximately $46.9 million.
• Copa reported $3.61 earnings per share for its last quarter, exceeding analyst expectations, with revenue of $842.60 million, up 2.8% year-over-year.
• The company declared a quarterly dividend of $1.61 per share, reflecting a 5.6% dividend yield and a payout ratio of 41.87%.

Millennium Management LLC grew its stake in shares of Copa Holdings, S.A. (NYSE:CPA - Free Report) by 56.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 507,419 shares of the transportation company's stock after purchasing an additional 183,184 shares during the period. Millennium Management LLC owned about 1.23% of Copa worth $46,916,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of CPA. Silvercrest Asset Management Group LLC lifted its holdings in shares of Copa by 1.1% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 16,060 shares of the transportation company's stock valued at $1,411,000 after purchasing an additional 169 shares in the last quarter. Retirement Planning Co of New England Inc. raised its position in Copa by 11.3% in the 1st quarter. Retirement Planning Co of New England Inc. now owns 3,053 shares of the transportation company's stock valued at $282,000 after buying an additional 309 shares during the last quarter. Montag A & Associates Inc. bought a new position in Copa during the 1st quarter valued at $30,000. Signet Financial Management LLC lifted its stake in Copa by 14.3% during the 1st quarter. Signet Financial Management LLC now owns 2,635 shares of the transportation company's stock valued at $244,000 after acquiring an additional 329 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new position in Copa during the 1st quarter worth $36,000. 70.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on CPA. Wall Street Zen upgraded shares of Copa from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Citigroup cut their price target on shares of Copa from $159.00 to $150.00 and set a "buy" rating on the stock in a report on Friday, August 22nd. Raymond James Financial reiterated a "strong-buy" rating on shares of Copa in a research note on Friday, August 8th. TD Cowen lifted their target price on shares of Copa from $144.00 to $147.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Cowen restated a "buy" rating on shares of Copa in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $154.40.

Copa Stock Performance

Shares of NYSE CPA traded up $1.09 during trading on Friday, reaching $118.30. 359,099 shares of the stock traded hands, compared to its average volume of 263,627. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.93. The stock has a market capitalization of $4.87 billion, a P/E ratio of 7.69, a price-to-earnings-growth ratio of 1.02 and a beta of 1.31. Copa Holdings, S.A. has a 52-week low of $82.54 and a 52-week high of $121.63. The company has a 50-day moving average of $113.71 and a 200-day moving average of $103.27.

Copa (NYSE:CPA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The transportation company reported $3.61 earnings per share for the quarter, topping the consensus estimate of $3.25 by $0.36. The company had revenue of $842.60 million during the quarter, compared to analyst estimates of $833.12 million. Copa had a return on equity of 26.22% and a net margin of 18.36%.The firm's revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.88 EPS. Analysts forecast that Copa Holdings, S.A. will post 15.48 EPS for the current fiscal year.

Copa Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $1.61 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $6.44 annualized dividend and a dividend yield of 5.4%. Copa's payout ratio is 41.87%.

About Copa

Copa Holdings, SA, through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 375 daily scheduled flights to 82 destinations in 32 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 31, 2023, it operated a fleet of 106 aircraft comprising 76 Boeing 737-Next Generation aircraft, 29 Boeing 737 MAX 9 aircraft, and one Boeing 737-800 Boeing Converted Freighter.