Pitcairn Co. Has $338,000 Stake in Southwest Airlines Company (LUV)
Pitcairn Co. cut its stake in Southwest Airlines Company (NYSE:LUV) by 1.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,431 shares of the airline’s stock after selling 77 shares during the period. Pitcairn Co.’s holdings in Southwest Airlines were worth $338,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in LUV. UMB Bank N A MO raised its stake in Southwest Airlines by 0.4% in the second quarter. UMB Bank N A MO now owns 296,961 shares of the airline’s stock valued at $18,453,000 after buying an additional 1,263 shares during the period. Sigma Planning Corp raised its stake in Southwest Airlines by 24.2% in the second quarter. Sigma Planning Corp now owns 37,931 shares of the airline’s stock valued at $2,357,000 after buying an additional 7,380 shares during the period. Traynor Capital Management Inc. raised its stake in Southwest Airlines by 12.9% in the second quarter. Traynor Capital Management Inc. now owns 16,506 shares of the airline’s stock valued at $933,000 after buying an additional 1,882 shares during the period. Foundry Partners LLC purchased a new stake in Southwest Airlines during the second quarter valued at about $207,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Southwest Airlines by 15.2% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,570 shares of the airline’s stock valued at $470,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 80.58% of the company’s stock.
Shares of Southwest Airlines Company (LUV) opened at 55.20 on Wednesday. The stock has a market cap of $33.04 billion, a P/E ratio of 16.93 and a beta of 1.26. Southwest Airlines Company has a 52-week low of $36.05 and a 52-week high of $64.39. The firm’s 50-day moving average is $59.17 and its 200 day moving average is $57.31.
Southwest Airlines (NYSE:LUV) last announced its quarterly earnings results on Thursday, July 27th. The airline reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.04. The company had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.73 billion. Southwest Airlines had a net margin of 9.63% and a return on equity of 26.07%. The firm’s revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.19 earnings per share. Analysts forecast that Southwest Airlines Company will post $3.80 earnings per share for the current fiscal year.
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. The ex-dividend date is Tuesday, August 22nd. This represents a $0.50 annualized dividend and a yield of 0.91%. Southwest Airlines’s dividend payout ratio is currently 15.34%.
Southwest Airlines declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 17th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the airline to purchase up to 5.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Southwest Airlines from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub lowered shares of Southwest Airlines from a “hold” rating to a “sell” rating in a report on Sunday, July 30th. Cowen and Company restated a “buy” rating and issued a $67.00 target price on shares of Southwest Airlines in a report on Friday, July 28th. Vetr upgraded shares of Southwest Airlines from a “buy” rating to a “strong-buy” rating and set a $64.53 target price for the company in a report on Thursday, July 27th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $70.00 target price on shares of Southwest Airlines in a report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $65.78.
In other Southwest Airlines news, Director William H. Dr Cunningham bought 4,500 shares of the stock in a transaction dated Friday, August 11th. The shares were acquired at an average cost of $54.00 per share, for a total transaction of $243,000.00. Following the completion of the transaction, the director now owns 66,969 shares in the company, valued at approximately $3,616,326. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO De Ven Michael G. Van sold 15,273 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $57.14, for a total transaction of $872,699.22. Following the transaction, the chief operating officer now owns 182,302 shares in the company, valued at $10,416,736.28. The disclosure for this sale can be found here. Insiders sold 67,740 shares of company stock worth $4,013,508 over the last quarter. 0.21% of the stock is currently owned by insiders.
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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