Korea Investment CORP Sells 48,000 Shares of Southwest Airlines Company (NYSE:LUV)
Korea Investment CORP lowered its stake in shares of Southwest Airlines Company (NYSE:LUV) by 32.7% during the second quarter, Holdings Channel reports. The institutional investor owned 98,800 shares of the airline’s stock after selling 48,000 shares during the period. Korea Investment CORP’s holdings in Southwest Airlines were worth $6,139,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Southwest Airlines by 0.7% in the first quarter. Vanguard Group Inc. now owns 38,498,787 shares of the airline’s stock valued at $2,069,695,000 after buying an additional 286,456 shares in the last quarter. BlackRock Inc. raised its stake in Southwest Airlines by 4,163.3% in the first quarter. BlackRock Inc. now owns 34,983,319 shares of the airline’s stock valued at $1,880,703,000 after buying an additional 34,162,752 shares in the last quarter. State Street Corp raised its stake in Southwest Airlines by 1.5% in the first quarter. State Street Corp now owns 23,480,558 shares of the airline’s stock valued at $1,262,308,000 after buying an additional 353,960 shares in the last quarter. Egerton Capital UK LLP raised its stake in Southwest Airlines by 39.0% in the first quarter. Egerton Capital UK LLP now owns 9,401,341 shares of the airline’s stock valued at $505,416,000 after buying an additional 2,638,743 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Southwest Airlines by 80.3% in the first quarter. Ameriprise Financial Inc. now owns 7,809,175 shares of the airline’s stock valued at $419,796,000 after buying an additional 3,477,912 shares in the last quarter. 80.34% of the stock is owned by institutional investors and hedge funds.
Southwest Airlines Company (LUV) opened at 54.01 on Friday. The firm has a 50-day moving average of $59.77 and a 200 day moving average of $57.15. Southwest Airlines Company has a 1-year low of $36.05 and a 1-year high of $64.39. The firm has a market cap of $32.33 billion, a price-to-earnings ratio of 16.56 and a beta of 1.26.
Southwest Airlines (NYSE:LUV) last released its quarterly earnings data on Thursday, July 27th. The airline reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Southwest Airlines had a net margin of 9.63% and a return on equity of 26.07%. The business had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the firm earned $1.19 EPS. Southwest Airlines’s quarterly revenue was up 6.7% compared to the same quarter last year. Analysts expect that Southwest Airlines Company will post $3.80 earnings per share for the current fiscal year.
Southwest Airlines declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 17th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the airline to buy up to 5.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 24th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Tuesday, August 22nd. Southwest Airlines’s payout ratio is currently 15.34%.
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Several analysts recently commented on LUV shares. Sanford C. Bernstein reissued an “outperform” rating and set a $70.00 target price on shares of Southwest Airlines in a research note on Thursday, July 13th. BidaskClub lowered shares of Southwest Airlines from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 12th. Zacks Investment Research lowered shares of Southwest Airlines from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Vetr upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and set a $64.21 price target on the stock in a report on Tuesday, June 27th. Finally, ValuEngine upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Southwest Airlines presently has an average rating of “Buy” and an average target price of $65.78.
In other Southwest Airlines news, SVP Mark R. Shaw sold 3,823 shares of Southwest Airlines stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $59.13, for a total value of $226,053.99. Following the transaction, the senior vice president now owns 7,784 shares of the company’s stock, valued at $460,267.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Gary C. Kelly sold 51,000 shares of Southwest Airlines stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $57.06, for a total transaction of $2,910,060.00. Following the completion of the transaction, the chairman now directly owns 556,808 shares in the company, valued at approximately $31,771,464.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,740 shares of company stock worth $6,923,568. Insiders own 0.21% of the company’s stock.
Southwest Airlines Company Profile
Southwest Airlines Co (Southwest) operates Southwest Airlines, a passenger airline that provides scheduled air transportation in the United States and near-international markets. The Company provides point-to-point service. The Company offers ancillary service offerings, such as Southwest’s EarlyBird Check-In and transportation of pets and unaccompanied minors, in accordance with Southwest’s respective policies.
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