Exploring Cementos Pacasmayo S.A.A. (CPAC) Investor Profile: Who’s Buying and Why?

You've seen Cementos Pacasmayo S.A.A. (CPAC) stock climb nearly 39.6% year-to-date through November 2025, easily outpacing the broader Construction sector's 4.4% average return, and you have to wonder who is driving that momentum. The investor profile is shifting, moving beyond just local Peruvian capital to include savvy US institutional buyers who are recognizing the value proposition: a company with a market capitalization around $612.07 million trading at a Price-to-Earnings (P/E) ratio of roughly 10.29, which is a massive discount to the industry average of 23.54. We saw a clear signal in the third quarter of 2025 when net income jumped 14.4% to S/ 71.5 million, fueled by a 9.0% increase in sales volume from both major infrastructure projects and sustained bagged cement demand-that's the core of the business, and it's defintely firing on all cylinders. So, are the big funds piling in for the value, or is it a bet on Peru's northern region infrastructure boom? Let's break down the ownership landscape and the core drivers making this cement producer a compelling, yet still undervalued, play.

Who Invests in Cementos Pacasmayo S.A.A. (CPAC) and Why?

You're looking at Cementos Pacasmayo S.A.A. (CPAC) and wondering who else is at the table and what their game plan is. The direct takeaway is this: CPAC's investor base is a mix of a dominant, long-term controlling family interest, local pension funds seeking stable income, and global institutional money chasing cyclical growth and a high dividend yield.

The company's unique position as a near-monopoly in Northern Peru's construction market makes it a compelling, if illiquid, play. The recent 10.9% rise in revenues for Q3 2025, driven by infrastructure projects, is defintely what's drawing the attention of new capital.

Key Investor Types: The Ownership Breakdown

The ownership structure of Cementos Pacasmayo S.A.A. is heavily skewed toward a controlling entity, which is typical for a family-founded company in an emerging market. This structure impacts the available float-the shares available for public trading-and, consequently, the stock's liquidity.

Here's the quick math on the major shareholders, based on data reported through October 2025:

• Controlling Interest: Farragut Holdings Inc. is the anchor investor, holding a massive 49.52% of the shares as of March 2025. This group is the strategic, long-term holder, focused on operational control and market dominance.
• Local Institutional Investors (Pension Funds): Peruvian Pension Fund Administrators (AFPs) are significant players. They are essentially mandated to hold stable, domestic assets. AFP Integra S.A. holds 6.71% and Prima AFP S.A. holds 5.96%, making them key stakeholders in the company's long-term stability and dividend policy.
• Global Institutional Investors: This group includes major asset managers like BlackRock, Inc., which holds about 0.61% of the ADRs (American Depositary Receipts) as of September 2025, and other global funds like Harding Loevner LP. They invest via the NYSE listing (CPAC) for exposure to Peruvian construction growth and the compelling dividend yield.

The remaining float is dispersed among other institutional investors, hedge funds, and retail investors, both in Peru and the US. The high concentration means the stock price can sometimes be less sensitive to short-term news but more sensitive to long-term economic shifts in Peru.

Investment Motivations: Why They're Buying

The primary draw for new investors right now is a combination of cyclical recovery and a robust dividend. Cementos Pacasmayo S.A.A. is seen as a value play with a strong income component.

• Growth Prospects from Infrastructure: The company is a direct beneficiary of Peru's construction cycle. The 9.0% increase in sales volume in Q3 2025 was largely driven by demand from infrastructure-related projects, signaling a strong cyclical upswing after years of decline.
• High Dividend Yield: For income-focused investors, the dividend is a major incentive. The company announced an annual dividend of S/ 0.41 per share in October 2025. The forward dividend yield is attractive, estimated at around 8.28%, with some analysts suggesting it could potentially reach as high as 13% as the cyclical recovery matures and distributable earnings grow.
• Market Position and Moat: CPAC has a near-monopoly in the northern region of Peru. This strong, defensible market position allows for better pricing power and improved operating leverage, which translated to a Q3 2025 consolidated EBITDA of S/ 160.6 million.

The investment thesis here is simple: Buy a dominant regional player when the construction cycle is turning positive, and get paid handsomely via dividends while you wait for the full recovery. If you want to dive deeper into the company's structural advantages, you should review the Mission Statement, Vision, & Core Values of Cementos Pacasmayo S.A.A. (CPAC).

Investment Strategies: Income, Value, and Long-Term Holding

Given the investor profile, three core strategies dominate the trading of Cementos Pacasmayo S.A.A. shares.

• Value Investing: Many institutional investors are attracted to the company's valuation metrics. Despite the strong Q3 2025 results, the stock trades at a relatively low earnings multiple, which suggests it is undervalued compared to its growth potential and strong profitability. A value investor sees the current price as a discount to the true intrinsic value.
• Income Investing/Dividend Capture: This is the strategy of the AFPs and many retail investors. They are buying for the consistent, high dividend payments. The recent approval of a S/ 0.41 per share dividend payout in October 2025 confirms management's commitment to returning capital, making it a reliable income stock.
• Long-Term Holding (Strategic/Passive): The controlling interest and the large local pension funds are long-term holders. They are not looking for short-term trading gains but for decades of stable cash flow and capital appreciation tied to the Peruvian economy's growth. Their low turnover contributes to the stock's stability.

What this estimate hides is the inherent risk of a single-market focus; a major political or economic shock in Peru could impact all these strategies. Still, for now, the data supports a compelling case for a high-yield, value-oriented investment.

Next step: Portfolio Manager: Assess current CPAC exposure against your emerging market allocation limits by Friday.

Institutional Ownership and Major Shareholders of Cementos Pacasmayo S.A.A. (CPAC)

You want to know who is really buying Cementos Pacasmayo S.A.A. (CPAC) and what their stake means for your investment. The direct takeaway is that CPAC's ownership structure is dominated by a single controlling entity, Farragut Holdings Inc., with the remaining institutional investment spread across global asset managers and local Peruvian pension funds, who are largely focused on value and dividends.

The company's ownership profile is split between a majority control group and a diverse set of minority institutional investors. As of the most recent 2025 fiscal year filings, institutional investors hold a substantial portion of the company, but the key is understanding the difference between the control stake and the passive minority stakes.

Top Institutional Investors and Their Control Stake

The single most dominant shareholder is Farragut Holdings Inc., which controls the company through Inversiones ASPI S.A. This is not a typical passive fund; it's the control vehicle for the Hochschild family, effectively making CPAC a family-controlled enterprise with publicly traded shares. This structure means the company's long-term strategy is set by this core group, not by the collective will of the minority institutional investors.

Here's the quick math: Farragut Holdings Inc. holds approximately 49.52% of the outstanding shares, totaling over 211.9 million shares as of the March 30, 2025 report date. This level of ownership provides a clear and unassailable majority control over all major corporate decisions.

Beyond the control group, the next largest institutional holders include a mix of Peruvian Administradoras de Fondos de Pensiones (AFPs) and major global asset managers. It's an interesting mix because the AFPs are essentially mandated to invest locally, while the global funds are making a strategic emerging market play.

Recent Shifts in Institutional Ownership

Looking at the near-term activity in 2025, there's been a clear signal of continued, albeit minor, accumulation from certain financial institutions. This isn't a massive wave of buying, but it shows conviction from funds specializing in value and emerging markets. For example, BNP Paribas Financial Markets, a global financial services firm, raised its position by 6.7% in the second quarter of 2025, acquiring an additional 1,900 shares. This small transaction increased their total holding to 30,110 shares, valued at approximately $179,000 at the end of that quarter. BlackRock, Inc. also reported a holding of nearly 3 million shares as recently as October 30, 2025. This suggests that the stock is still on the radar for large, diversified funds.

What this tells you is that the stock is seen as a solid, if slow-moving, value play. It's defintely not a high-turnover momentum stock for these large players.

Impact of Institutional Investors on Strategy and Stock

The impact of CPAC's institutional ownership is layered. Since Farragut Holdings Inc. holds the majority, the company's core strategic direction-like its focus on the northern Peruvian market and its vertical integration-is largely insulated from the demands of the minority shareholders. The company's Mission Statement, Vision, & Core Values of Cementos Pacasmayo S.A.A. (CPAC) are driven from the top.

However, the minority institutional investors, particularly the large AFPs and global asset managers like BlackRock, Inc. and Dimensional Fund Advisors LP, play a crucial role in two areas:

• Liquidity and Stability: Their consistent presence provides a stable floor for the stock's liquidity and valuation.
• Governance and Payouts: They exert pressure for sound corporate governance and, critically, for attractive dividend payouts.

This focus on value and dividends is reflected in the stock's valuation metrics. As of September 2025, the stock was trading with a Forward Price-to-Earnings (P/E) ratio of approximately 9.84, which is significantly lower than the industry average of 24.26. This wide gap suggests that institutional value investors are buying a stock they believe is currently undervalued. Plus, the company recently announced a special dividend of $0.6018 per share, which is a clear signal that management is rewarding its shareholders, a move minority institutions always appreciate.

Key Investors and Their Impact on Cementos Pacasmayo S.A.A. (CPAC)

You need to know who is driving the bus at Cementos Pacasmayo S.A.A. (CPAC) and why the big money is sticking around. The investor profile is defintely a story of concentrated, long-term control mixed with a significant block of domestic pension capital and a smattering of global institutional funds.

The core takeaway is that the company's strategic direction is locked down by a single, powerful entity, which means less risk of activist shakeups but also less pressure for radical change. For the rest of us, the play is about the stability of its $612.07 million market capitalization, its consistent dividend policy, and Peru's infrastructure growth.

The Controlling Interest: Farragut Holdings and the Hochschild Group

The single most important shareholder is Farragut Holdings Inc., a Cayman Islands-based entity that holds a commanding stake of 49.52% as of March 30, 2025. This isn't just a large passive investment; Farragut is the controlling person of Cementos Pacasmayo S.A.A. through its ownership of Inversiones ASPI S.A. (or IPSA). This makes Eduardo Hochschild, who is the direct and indirect controlling person of both Farragut and ASPI, the ultimate decision-maker.

Here's the quick math: a near-50% stake means the Hochschild Group, a name with a century of operating history in Latin America, dictates the company's strategic agenda, capital allocation, and board composition. This structure gives management a long runway to execute on major projects, like their continued focus on the northern Peru construction market, without the near-term noise of shareholder battles.

• Farragut Holdings Inc.: 49.52% stake, providing ultimate control.
• Ultimate Control: Eduardo Hochschild guides strategy and capital.
• Impact: Stability in long-term infrastructure investment planning.

The Domestic Anchor: Peruvian Pension Funds (AFPs)

A significant portion of the remaining ownership is held by Peruvian Pension Fund Administrators (AFPs), which are the domestic institutional bedrock for the company. These funds are essentially mandated to invest in Peru's largest and most stable companies, and Cementos Pacasmayo S.A.A. fits that bill perfectly. Their presence is a powerful vote of confidence in the local economy and the construction sector's long-term health. The top AFPs hold substantial, multi-percent stakes:

These AFPs are not activist in the U.S. sense, but they are crucial stakeholders who prioritize consistent dividends and financial stability. Their buy-in is a key reason the company's dividend policy is so strong; the Board approved a cash dividend of S/ 0.41 per common and investment share on October 21, 2025, distributing a total of over S/ 175.5 million to external shareholders.

Global Institutional Footprint and Recent Moves

Global institutional investors hold a smaller, but still important, share via American Depositary Receipts (ADRs). Firms like BlackRock, Inc. and Dimensional Fund Advisors LP are major names that hold positions. BlackRock, Inc. held 2,614,427 shares as of September 29, 2025, representing about 0.61% of the company. Their investment signals that the stock is included in major Emerging Markets and Latin America index funds, providing a stable source of passive demand.

Recent activity in 2025 shows institutional conviction in the company's Q3 results, where revenues grew 10.9% to S/ 574.1 million. For example, BNP Paribas Financial Markets raised its holdings by 6.7% in the second quarter. This kind of incremental buying, especially from funds that track global indices, is a sign that Cementos Pacasmayo S.A.A.'s performance-driven by a 14.4% increase in Q3 net income to S/ 71.5 million-is keeping it in favor. You can read more about how this ownership structure came to be in Cementos Pacasmayo S.A.A. (CPAC): History, Ownership, Mission, How It Works & Makes Money.

Market Impact and Investor Sentiment

You're looking for a clear read on Cementos Pacasmayo S.A.A. (CPAC) right now, and the picture is complex: the stock is performing well in the market, but Wall Street's official consensus is cautious. The market is definitely rewarding the company's strong operational performance in 2025, but analysts are still mapping near-term risks, keeping their price targets conservative.

The core investor sentiment is currently positive, driven by the latest financial results. For the third quarter of 2025 (3Q25), CPAC reported a net income increase of 14.4%, reaching S/71.5 million (Peruvian Soles), which is a clear signal of efficiency and demand. This operational strength is why the stock price hit a new 52-week high of $7.50 in early November 2025. Honestly, beating the sector average by a mile is a huge green flag.

• YTD Stock Return (Nov 2025): 39.6%.
• Construction Sector Average YTD Return: 4.4%.
• Q3 2025 EPS: $0.24 (Beat consensus of $0.19).

Analyst Perspectives: The Cautious Consensus

Despite the strong stock performance, the consensus rating from Wall Street analysts remains a 'Reduce' with an average target price of $6.95. This is a classic case of a stock outpacing its analyst coverage, which means there's a disconnect between fundamental performance and perceived valuation risk.

To be fair, some analysts are adjusting. For instance, JPMorgan Chase & Co. recently raised its price target from $6.50 to $7.50 in November 2025, though they kept an 'underweight' rating, suggesting the price move is justified, but the long-term risk/reward is still a concern. On the flip side, the Zacks Rank, a model that tracks earnings estimate revisions, has CPAC at a #2 (Buy) as of November 2025, noting a 14.5% increase in the full-year earnings consensus estimate over the last three months. You need to weigh the caution of a fundamental analyst against the momentum signal of a quantitative model.

Here's the quick math on the 2025 full-year forecast:

Who's Buying and Why: The Ownership Structure

When you look at who owns Cementos Pacasmayo S.A.A., you see a structure that favors stability and long-term control. The dominant force is the controlling shareholder, Farragut Holdings Inc., which held a massive 49.52% of the shares as of March 30, 2025. This high concentration of ownership means the stock is less susceptible to the whims of day-to-day trading, but also limits the float (the number of shares available to the public).

The other major players are Peruvian pension funds (Administradoras de Fondos de Pensiones or AFPs), which are essentially long-term, domestic institutional investors. AFP Integra Fondo 3 and Prima AFP S.A. hold significant stakes, at 6.71% and 5.96% respectively, as of March 2025. They buy CPAC for its role as a proxy for Peruvian infrastructure and construction growth, plus its consistent dividend policy, which is critical for pension-style investing. Speaking of dividends, the company declared a special dividend of $0.6018 per share in late 2025, cementing its commitment to shareholder returns.

Global institutional ownership is relatively small at about 6.07%, but firms like BlackRock, Inc. are involved, holding 0.61% of shares as of September 29, 2025. Institutional buyers like BlackRock, Inc. and BNP Paribas Financial Markets, which raised its stake by 6.7% in Q2 2025, are buying because the company is a well-managed leader in a geographically-protected market, with a low net debt-to-EBITDA ratio of 2.5x. They see a fundamentally sound business, even if the stock price has run up. You can dive deeper into the operational stability here: Breaking Down Cementos Pacasmayo S.A.A. (CPAC) Financial Health: Key Insights for Investors.

The key takeaway for you is that the major shareholders are long-term holders tied to the company's strategic direction and the Peruvian economy. Their sentiment is defintely positive, anchored by the company's ability to drive sales volume up 9.0% in 3Q25, largely due to infrastructure projects.