DAVENPORT & Co LLC trimmed its position in Southwest Airlines Co (NYSE:LUV) by 61.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,969 shares of the airline’s stock after selling 45,541 shares during the period. DAVENPORT & Co LLC’s holdings in Southwest Airlines were worth $990,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Raymond James Trust N.A. boosted its position in Southwest Airlines by 3.4% in the second quarter. Raymond James Trust N.A. now owns 9,917 shares of the airline’s stock worth $339,000 after purchasing an additional 330 shares during the last quarter. Signaturefd LLC boosted its position in Southwest Airlines by 13.2% in the first quarter. Signaturefd LLC now owns 2,847 shares of the airline’s stock worth $101,000 after purchasing an additional 332 shares during the last quarter. Huntington National Bank boosted its position in Southwest Airlines by 8.6% in the first quarter. Huntington National Bank now owns 4,437 shares of the airline’s stock worth $158,000 after purchasing an additional 350 shares during the last quarter. Cribstone Capital Management LLC boosted its position in Southwest Airlines by 5.7% in the first quarter. Cribstone Capital Management LLC now owns 7,404 shares of the airline’s stock worth $264,000 after purchasing an additional 396 shares during the last quarter. Finally, BancorpSouth Bank boosted its position in Southwest Airlines by 2.8% in the first quarter. BancorpSouth Bank now owns 14,406 shares of the airline’s stock worth $513,000 after purchasing an additional 396 shares during the last quarter. 82.71% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Andrew M. Watterson sold 8,275 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $31.85, for a total transaction of $263,558.75. Following the completion of the sale, the executive vice president now directly owns 52,911 shares in the company, valued at approximately $1,685,215.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.28% of the company’s stock.

Several brokerages have issued reports on LUV. Stifel Nicolaus raised Southwest Airlines from a “hold” rating to a “buy” rating and raised their target price for the stock from $40.00 to $50.00 in a research report on Wednesday, April 29th. Citigroup lowered their price objective on Southwest Airlines from $38.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, July 27th. Raymond James lowered their price objective on Southwest Airlines from $45.00 to $42.00 and set a “strong-buy” rating on the stock in a research report on Monday, July 27th. Susquehanna Bancshares raised Southwest Airlines from a “neutral” rating to a “positive” rating and set a $41.00 price objective on the stock in a research report on Tuesday, April 21st. Finally, Zacks Investment Research cut Southwest Airlines from a “hold” rating to a “sell” rating and set a $33.00 price objective on the stock. in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $48.38.

Shares of LUV stock opened at $30.89 on Friday. Southwest Airlines Co has a twelve month low of $22.47 and a twelve month high of $58.83. The stock has a market capitalization of $18.22 billion, a price-to-earnings ratio of 77.23 and a beta of 1.25. The stock has a fifty day simple moving average of $33.69 and a two-hundred day simple moving average of $39.07. The company has a current ratio of 1.70, a quick ratio of 1.65 and a debt-to-equity ratio of 0.98.

Southwest Airlines (NYSE:LUV) last issued its quarterly earnings data on Thursday, July 23rd. The airline reported ($2.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.53) by ($0.14). The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $867.19 million. Southwest Airlines had a negative return on equity of 4.11% and a net margin of 0.99%. The company’s revenue for the quarter was down 82.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.37 earnings per share. Research analysts predict that Southwest Airlines Co will post -5.54 EPS for the current fiscal year.

About Southwest Airlines

Southwest Airlines Co operates a passenger airline that provides scheduled air transportation services in the United States and near-international markets. As of December 31, 2018, the company operated a total of 750 Boeing 737 aircraft; and served 99 destinations in 40 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as 10 near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos.

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Institutional Ownership by Quarter for Southwest Airlines (NYSE:LUV)

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