Chicago Equity Partners LLC trimmed its position in shares of Southwest Airlines Company (NYSE:LUV) by 24.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,180 shares of the airline’s stock after selling 3,530 shares during the quarter. Chicago Equity Partners LLC’s holdings in Southwest Airlines were worth $695,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. BDO Wealth Advisors LLC purchased a new position in Southwest Airlines during the 2nd quarter valued at about $102,000. Guardian Life Insurance Co. of America boosted its holdings in Southwest Airlines by 0.6% during the 1st quarter. Guardian Life Insurance Co. of America now owns 2,374 shares of the airline’s stock valued at $128,000 after acquiring an additional 15 shares during the period. Van ECK Associates Corp boosted its holdings in Southwest Airlines by 6.6% during the 1st quarter. Van ECK Associates Corp now owns 2,502 shares of the airline’s stock valued at $135,000 after acquiring an additional 154 shares during the period. National Pension Service purchased a new position in Southwest Airlines during the 2nd quarter valued at about $141,000. Finally, TrimTabs Asset Management LLC boosted its holdings in Southwest Airlines by 88.9% during the 1st quarter. TrimTabs Asset Management LLC now owns 2,821 shares of the airline’s stock valued at $152,000 after acquiring an additional 1,328 shares during the period. Institutional investors own 79.42% of the company’s stock.
Shares of Southwest Airlines Company (NYSE:LUV) opened at 53.60 on Tuesday. Southwest Airlines Company has a 12 month low of $36.31 and a 12 month high of $64.39. The stock’s 50 day moving average price is $54.25 and its 200 day moving average price is $57.03. The firm has a market cap of $32.08 billion, a price-to-earnings ratio of 16.44 and a beta of 1.29.
Southwest Airlines (NYSE:LUV) last issued its quarterly earnings results on Thursday, July 27th. The airline reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.73 billion. Southwest Airlines had a return on equity of 26.07% and a net margin of 9.63%. Southwest Airlines’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.19 earnings per share. Equities research analysts predict that Southwest Airlines Company will post $3.76 earnings per share for the current fiscal year.
Southwest Airlines announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 17th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the airline to buy up to 5.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 24th will be issued 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 dividend payout ratio is currently 15.34%.
A number of equities analysts recently commented on LUV shares. Bank of America Corporation raised their target price on Southwest Airlines from $62.00 to $75.00 and gave the company a “buy” rating in a report on Friday, June 30th. BidaskClub cut Southwest Airlines from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Zacks Investment Research cut Southwest Airlines from a “buy” rating to a “hold” rating in a report on Monday, June 5th. Wolfe Research cut Southwest Airlines from an “outperform” rating to a “market perform” rating and set a $63.00 target price for the company. in a report on Monday, July 10th. They noted that the move was a valuation call. Finally, Vetr upgraded 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Southwest Airlines presently has a consensus rating of “Buy” and an average price target of $66.10.
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In other Southwest Airlines news, Director William H. Dr Cunningham purchased 4,500 shares of Southwest Airlines stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average price of $54.00 per share, with a total value of $243,000.00. Following the completion of the acquisition, the director now owns 66,969 shares of the company’s stock, valued at approximately $3,616,326. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.21% of the company’s stock.
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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