Copa (NYSE:CPA) Shares Gap Down – Here’s What Happened

Shares of Copa Holdings, S.A. (NYSE:CPA) gapped down before the market opened on Thursday . The stock had previously closed at $105.81, but opened at $97.07. Copa shares last traded at $94.55, with a volume of 257,359 shares.

Analysts Set New Price Targets

Several brokerages have weighed in on CPA. Evercore ISI decreased their price objective on shares of Copa from $165.00 to $150.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. StockNews.com lowered shares of Copa from a “buy” rating to a “hold” rating in a report on Saturday, November 16th. TD Cowen decreased their price target on shares of Copa from $145.00 to $130.00 and set a “buy” rating for the company in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Copa from $145.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Copa from $180.00 to $175.00 and set an “overweight” rating for the company in a report on Thursday, August 29th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $148.83.

Copa Stock Performance

The stock has a market capitalization of $3.68 billion, a P/E ratio of 6.17, a P/E/G ratio of 0.67 and a beta of 1.48. The company’s 50-day moving average is $96.99 and its two-hundred day moving average is $95.03. The company has a current ratio of 0.98, a quick ratio of 0.89 and a debt-to-equity ratio of 0.56.

Copa Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be given a $1.61 dividend. The ex-dividend date is Monday, December 2nd. This represents a $6.44 annualized dividend and a yield of 6.90%. Copa’s dividend payout ratio is presently 42.59%.

Institutional Trading of Copa

Hedge funds have recently bought and sold shares of the company. Sprucegrove Investment Management Ltd. raised its position in shares of Copa by 8.3% during the 2nd quarter. Sprucegrove Investment Management Ltd. now owns 3,086,189 shares of the transportation company’s stock worth $293,743,000 after buying an additional 236,850 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Copa by 1.9% during the 2nd quarter. Renaissance Technologies LLC now owns 871,928 shares of the transportation company’s stock worth $82,990,000 after buying an additional 16,100 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Copa by 8.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 829,478 shares of the transportation company’s stock worth $78,950,000 after buying an additional 65,525 shares in the last quarter. Carrhae Capital LLP bought a new stake in shares of Copa during the 3rd quarter worth about $52,166,000. Finally, Marathon Asset Management Ltd raised its position in shares of Copa by 1.7% during the 3rd quarter. Marathon Asset Management Ltd now owns 514,679 shares of the transportation company’s stock worth $48,297,000 after buying an additional 8,524 shares in the last quarter. 70.09% of the stock is currently owned by institutional investors.

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.