Conning Inc. cut its position in Southwest Airlines Company (NYSE:LUV) by 1.0% during the second quarter, Holdings Channel reports. The institutional investor owned 15,170 shares of the airline’s stock after selling 150 shares during the period. Conning Inc.’s holdings in Southwest Airlines were worth $943,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rational Advisors LLC bought a new position in Southwest Airlines during the second quarter worth about $870,000. Convergence Investment Partners LLC bought a new position in Southwest Airlines during the second quarter worth about $2,011,000. UMB Bank N A MO boosted its position 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 worth $18,453,000 after buying an additional 1,263 shares in the last quarter. Sigma Planning Corp boosted its position in Southwest Airlines by 24.2% in the second quarter. Sigma Planning Corp now owns 37,931 shares of the airline’s stock worth $2,357,000 after buying an additional 7,380 shares in the last quarter. Finally, Traynor Capital Management Inc. boosted its position in Southwest Airlines by 12.9% in the second quarter. Traynor Capital Management Inc. now owns 16,506 shares of the airline’s stock worth $933,000 after buying an additional 1,882 shares in the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

Shares of Southwest Airlines Company (NYSE:LUV) opened at 55.20 on Wednesday. The firm has a market cap of $33.04 billion, a price-to-earnings 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 company’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 data on Thursday, July 27th. The airline reported $1.24 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.04. The company had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.73 billion. Southwest Airlines had a net margin of 9.63% and a return on equity of 26.07%. Southwest Airlines’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 EPS. On average, analysts expect that Southwest Airlines Company will post $3.80 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 24th will be given a dividend of $0.125 per share. The ex-dividend date is Tuesday, August 22nd. This represents a $0.50 dividend on an annualized basis and a yield of 0.91%. Southwest Airlines’s payout ratio is currently 15.34%.

Southwest Airlines declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 17th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the airline to reacquire up to 5.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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A number of research firms have issued reports on LUV. Zacks Investment Research cut shares of Southwest Airlines from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub cut shares of Southwest Airlines from a “hold” rating to a “sell” rating in a report on Sunday, July 30th. Cowen and Company reaffirmed a “buy” rating and issued a $67.00 price target on shares of Southwest Airlines in a report on Friday, July 28th. Vetr raised shares of Southwest Airlines from a “buy” rating to a “strong-buy” rating and set a $64.53 price target for the company in a report on Thursday, July 27th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $70.00 price target on shares of Southwest Airlines in a report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $65.78.

In other Southwest Airlines news, CFO Tammy Romo sold 8,322 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $59.15, for a total transaction of $492,246.30. Following the completion of the transaction, the chief financial officer now owns 87,387 shares in the company, valued at approximately $5,168,941.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jeff Lamb sold 19,800 shares of the company’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $61.00, for a total transaction of $1,207,800.00. Following the transaction, the executive vice president now owns 92,468 shares of the company’s stock, valued at approximately $5,640,548. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,740 shares of company stock valued at $4,013,508. 0.21% of the stock is owned by insiders.

About Southwest Airlines

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

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