LATAM Airlines Group S.A. (NYSE:LTM) Short Interest Update

Key Points

• Short interest fell sharply: LATAM Airlines Group’s short interest dropped 47.2% to 1.8 million shares as of July 15, representing about 0.7% of shares outstanding and 2.4 days to cover.
• Quarterly results beat expectations: The company reported EPS of $2.01 versus the $1.35 consensus estimate, while revenue reached $4.08 billion compared with expectations of $3.96 billion.
• Analysts remain broadly positive: LATAM has an average “Buy” rating and a consensus price target of $66.27, compared with a recent trading price of $52.05; several institutional investors also increased their holdings.

LATAM Airlines Group S.A. (NYSE:LTM - Get Free Report) was the recipient of a large decrease in short interest during the month of July. As of July 15th, there was short interest totaling 1,797,135 shares, a decrease of 47.2% from the June 30th total of 3,406,814 shares. Approximately 0.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 762,741 shares, the days-to-cover ratio is currently 2.4 days.

LATAM Airlines Group Price Performance

LTM traded down $1.48 during trading on Wednesday, hitting $52.05. The company's stock had a trading volume of 916,528 shares, compared to its average volume of 1,125,716. The firm's 50 day moving average price is $53.40 and its 200-day moving average price is $54.05. The stock has a market cap of $14.94 billion, a PE ratio of 8.96, a PEG ratio of 1.05 and a beta of 3.61. LATAM Airlines Group has a twelve month low of $41.41 and a twelve month high of $70.42.

LATAM Airlines Group (NYSE:LTM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The transportation company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.66. The business had revenue of $4.08 billion for the quarter, compared to analysts' expectations of $3.96 billion. LATAM Airlines Group had a return on equity of 127.75% and a net margin of 11.03%. Equities analysts anticipate that LATAM Airlines Group will post 5.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on LTM shares. Jefferies Financial Group initiated coverage on LATAM Airlines Group in a report on Thursday, June 18th. They issued a "buy" rating and a $70.00 price target for the company. The Goldman Sachs Group reaffirmed a "buy" rating and set a $72.60 price objective on shares of LATAM Airlines Group in a research note on Tuesday, May 12th. Wall Street Zen upgraded LATAM Airlines Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 23rd. Weiss Ratings reissued a "hold (c)" rating on shares of LATAM Airlines Group in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. assumed coverage on shares of LATAM Airlines Group in a report on Wednesday, June 3rd. They issued an "overweight" rating and a $70.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, LATAM Airlines Group presently has an average rating of "Buy" and an average price target of $66.27.

Hedge Funds Weigh In On LATAM Airlines Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC acquired a new position in shares of LATAM Airlines Group in the 1st quarter valued at $3,061,000. Goldman Sachs Group Inc. grew its position in 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 acquiring an additional 23,044 shares during the period. Rhumbline Advisers increased its stake in LATAM Airlines Group by 113.8% during the first quarter. Rhumbline Advisers now owns 3,194 shares of the transportation company's stock worth $100,000 after acquiring an additional 1,700 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of LATAM Airlines Group in the 2nd quarter worth about $402,000. Finally, First Trust Advisors LP lifted its stake in shares of 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 valued at $2,809,000 after purchasing an additional 41,363 shares in the last quarter.

LATAM Airlines Group Company Profile

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.

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.