State Board of Administration of Florida Retirement System cut its position in shares of Southwest Airlines Company (NYSE:LUV) by 8.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 853,452 shares of the airline’s stock after selling 81,635 shares during the period. State Board of Administration of Florida Retirement System owned 0.14% of Southwest Airlines worth $53,034,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. raised its position in Southwest Airlines by 912.7% in the second quarter. Marshall Wace North America L.P. now owns 49,855 shares of the airline’s stock worth $3,091,000 after buying an additional 44,932 shares during the period. Annex Advisory Services LLC raised its position in Southwest Airlines by 11.7% in the second quarter. Annex Advisory Services LLC now owns 26,235 shares of the airline’s stock worth $1,630,000 after buying an additional 2,743 shares during the period. BB&T Securities LLC raised its position in Southwest Airlines by 9.1% in the second quarter. BB&T Securities LLC now owns 29,473 shares of the airline’s stock worth $1,831,000 after buying an additional 2,467 shares during the period. Ballentine Partners LLC raised its position in Southwest Airlines by 3.7% in the second quarter. Ballentine Partners LLC now owns 4,141 shares of the airline’s stock worth $243,000 after buying an additional 146 shares during the period. Finally, Fernwood Investment Management LLC bought a new position in Southwest Airlines during the second quarter worth about $449,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.
Southwest Airlines Company (LUV) opened at 53.17 on Monday. The firm has a market cap of $31.83 billion, a PE ratio of 16.30 and a beta of 1.26. The company has a 50-day moving average price of $58.49 and a 200 day moving average price of $57.27. Southwest Airlines Company has a 12 month low of $36.05 and a 12 month high of $64.39.
Southwest Airlines (NYSE:LUV) last released its quarterly earnings results on Thursday, July 27th. The airline reported $1.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.04. The company had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Southwest Airlines had a net margin of 9.63% and a return on equity of 26.07%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.19 earnings per share. Equities research analysts anticipate that Southwest Airlines Company will post $3.80 EPS for the current year.
Southwest Airlines declared that its Board of Directors has approved a stock buyback program on Wednesday, May 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the airline to reacquire up to 5.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Thursday, August 24th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Tuesday, August 22nd. Southwest Airlines’s dividend payout ratio (DPR) is presently 15.34%.
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A number of research firms recently issued reports on LUV. Wolfe Research upgraded Southwest Airlines from a “market perform” rating to an “outperform” rating in a report on Friday. Morgan Stanley set a $64.00 price target on Southwest Airlines and gave the company a “buy” rating in a research note on Thursday. Zacks Investment Research cut Southwest Airlines from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub cut Southwest Airlines from a “hold” rating to a “sell” rating in a research note on Sunday, July 30th. Finally, Cowen and Company restated a “buy” rating and issued a $67.00 price target on shares of Southwest Airlines in a research note on Friday, July 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Southwest Airlines presently has an average rating of “Buy” and an average price target of $65.66.
In related news, SVP Mark R. Shaw sold 3,823 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $59.13, for a total transaction of $226,053.99. Following the completion of the transaction, the senior vice president now owns 7,784 shares in the company, valued at $460,267.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Dr Cunningham bought 4,500 shares of Southwest Airlines stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average price of $54.00 per share, with a total value of $243,000.00. Following the acquisition, the director now directly owns 66,969 shares of the company’s stock, valued at approximately $3,616,326. The disclosure for this purchase can be found here. Insiders sold 47,218 shares of company stock valued at $2,838,204 in the last quarter. Corporate 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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