Corporación América Airports (NYSE:CAAP) Shares Gap Down Following Weak Earnings

Corporación América Airports S.A. (NYSE:CAAP)’s stock price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $19.28, but opened at $18.48. Corporación América Airports shares last traded at $18.63, with a volume of 41,982 shares trading hands.

The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.12). Corporación América Airports had a return on equity of 28.13% and a net margin of 20.78%. The firm had revenue of $461.10 million for the quarter, compared to analysts’ expectations of $373.00 million.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. began coverage on shares of Corporación América Airports in a research note on Friday, March 14th. They set an “overweight” rating and a $22.50 target price on the stock.

Hedge Funds Weigh In On Corporación América Airports

Several hedge funds have recently added to or reduced their stakes in CAAP. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Corporación América Airports by 111.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 851,325 shares of the company’s stock valued at $15,886,000 after purchasing an additional 448,298 shares during the last quarter. Royal Bank of Canada increased its stake in Corporación América Airports by 48.3% in the fourth quarter. Royal Bank of Canada now owns 887,485 shares of the company’s stock valued at $16,561,000 after purchasing an additional 288,948 shares during the last quarter. Millennium Management LLC increased its stake in Corporación América Airports by 899.4% in the fourth quarter. Millennium Management LLC now owns 220,076 shares of the company’s stock valued at $4,107,000 after purchasing an additional 198,056 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Corporación América Airports in the fourth quarter valued at approximately $1,189,000. Finally, Covalis Capital LLP purchased a new position in Corporación América Airports in the fourth quarter valued at approximately $682,000. 12.95% of the stock is currently owned by hedge funds and other institutional investors.

Corporación América Airports Price Performance

The company has a market capitalization of $2.87 billion, a PE ratio of 8.15 and a beta of 1.97. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.29 and a quick ratio of 1.27. The company’s 50 day simple moving average is $18.88 and its 200 day simple moving average is $18.51.

Corporación América Airports Company Profile

Corporación América Airports SA, through its subsidiaries, acquires, develops, and operates airport concessions. It operates 52 airports in Latin America, Europe, and Eurasia. The company was formerly known as A.C.I. Airports International S.à r.l. and changed its name to Corporación América Airports SA in September 2017.