Copa Holdings, S.A. (NYSE:CPA) Shares Sold by Sprucegrove Investment Management Ltd.

Sprucegrove Investment Management Ltd. cut its position in Copa Holdings, S.A. (NYSE:CPA) by 9.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,709,995 shares of the transportation company’s stock after selling 270,740 shares during the period. Copa accounts for approximately 15.6% of Sprucegrove Investment Management Ltd.’s investment portfolio, making the stock its 2nd biggest holding. Sprucegrove Investment Management Ltd. owned about 6.87% of Copa worth $299,671,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Capital World Investors boosted its stake in Copa by 9.9% during the 1st quarter. Capital World Investors now owns 3,298,119 shares of the transportation company’s stock valued at $275,855,000 after purchasing an additional 297,595 shares during the last quarter. BlackRock Inc. boosted its stake in Copa by 9.4% during the 1st quarter. BlackRock Inc. now owns 2,393,256 shares of the transportation company’s stock valued at $221,017,000 after purchasing an additional 205,746 shares during the last quarter. FMR LLC boosted its stake in Copa by 32.0% during the 1st quarter. FMR LLC now owns 1,663,395 shares of the transportation company’s stock valued at $153,615,000 after purchasing an additional 403,631 shares during the last quarter. Millennium Management LLC boosted its stake in Copa by 67.5% during the 4th quarter. Millennium Management LLC now owns 808,205 shares of the transportation company’s stock valued at $67,218,000 after purchasing an additional 325,800 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Copa by 5.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 686,291 shares of the transportation company’s stock worth $75,888,000 after buying an additional 35,322 shares in the last quarter. 81.94% of the stock is currently owned by institutional investors and hedge funds.

Copa Price Performance

NYSE:CPA traded down $1.01 during midday trading on Tuesday, hitting $93.59. The company had a trading volume of 100,913 shares, compared to its average volume of 483,410. Copa Holdings, S.A. has a 52-week low of $78.12 and a 52-week high of $121.20. The stock’s fifty day moving average price is $87.30 and its 200-day moving average price is $100.09. The company has a market capitalization of $3.69 billion, a PE ratio of 9.04, a P/E/G ratio of 0.33 and a beta of 1.37. The company has a quick ratio of 0.68, a current ratio of 0.74 and a debt-to-equity ratio of 0.71.

Copa (NYSE:CPA) last announced its earnings results on Thursday, November 16th. The transportation company reported $4.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.62 by $0.77. Copa had a net margin of 12.07% and a return on equity of 42.85%. The company had revenue of $867.71 million during the quarter, compared to analyst estimates of $870.57 million. During the same period in the previous year, the business earned $2.91 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, research analysts expect that Copa Holdings, S.A. will post 14.52 earnings per share for the current year.

Copa Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 3.50%. The ex-dividend date is Wednesday, November 29th. Copa’s dividend payout ratio is presently 31.36%.

Wall Street Analyst Weigh In

Several research firms have commented on CPA. TD Cowen dropped their target price on shares of Copa from $130.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, August 11th. StockNews.com assumed coverage on shares of Copa in a report on Thursday, October 5th. They issued a “hold” rating on the stock. TheStreet cut shares of Copa from a “b-” rating to a “c+” rating in a report on Wednesday, November 1st. Raymond James boosted their target price on shares of Copa from $152.00 to $155.00 and gave the company a “strong-buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Copa from $160.00 to $170.00 in a report on Monday, September 18th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $135.89.

Copa Company Profile

Copa Holdings, SA, through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 327 daily scheduled flights to 78 destinations in 32 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 31, 2022, it operated a fleet of 97 aircraft comprising 67 Boeing 737-800 Next Generation aircraft, 9 Boeing 737-700 Next Generation aircraft, 1 Boeing 737-800 Boeing Converted Freighter, and 20 737-MAX aircraft.