Highland Capital Management LLC Increases Stake in Southwest Airlines Company (NYSE:LUV)
Highland Capital Management LLC boosted its stake in Southwest Airlines Company (NYSE:LUV) by 63.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,296 shares of the airline’s stock after buying an additional 7,516 shares during the period. Highland Capital Management LLC’s holdings in Southwest Airlines were worth $1,199,000 as of its most recent filing with the SEC.
A number of other large investors have also recently bought and sold shares of LUV. 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 during the period. 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 worth $1,880,703,000 after buying an additional 34,162,752 shares during the period. 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 worth $1,262,308,000 after buying an additional 353,960 shares during the period. 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 worth $505,416,000 after buying an additional 2,638,743 shares during the period. 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 worth $419,796,000 after buying an additional 3,477,912 shares during the period. Institutional investors own 79.72% of the company’s stock.
Southwest Airlines Company (NYSE LUV) traded down 0.20% on Friday, reaching $60.28. The company’s stock had a trading volume of 5,106,113 shares. The stock has a market capitalization of $36.45 billion, a P/E ratio of 18.08 and a beta of 1.29. The firm has a 50 day moving average price of $61.22 and a 200 day moving average price of $56.59. Southwest Airlines Company has a 52 week low of $35.42 and a 52 week high of $64.39.
Southwest Airlines (NYSE:LUV) last announced its quarterly earnings data on Thursday, April 27th. The airline reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by $0.01. Southwest Airlines had a net margin of 10.16% and a return on equity of 26.75%. The company had revenue of $4.88 billion for the quarter, compared to analysts’ expectations of $4.91 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. On average, equities analysts anticipate that Southwest Airlines Company will post $3.90 EPS for the current year.
Southwest Airlines announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the airline to purchase up to 5.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 28th. Stockholders of record on Wednesday, June 7th were paid a dividend of $0.125 per share. The ex-dividend date of this dividend was Monday, June 5th. This is a boost from Southwest Airlines’s previous quarterly dividend of $0.10. This represents a $0.50 annualized dividend and a dividend yield of 0.83%. Southwest Airlines’s payout ratio is currently 15.11%.
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A number of equities research analysts have recently issued reports on LUV shares. Morgan Stanley restated an “overweight” rating on shares of Southwest Airlines in a research report on Friday, April 7th. Deutsche Bank AG upped their price target on Southwest Airlines from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Vetr upgraded Southwest Airlines from a “hold” rating to a “buy” rating and set a $60.24 price target for the company in a research report on Thursday, March 30th. Imperial Capital upped their price target on Southwest Airlines from $63.00 to $68.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. Finally, Bank of America Corporation upped their price target on Southwest Airlines from $62.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, June 30th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Southwest Airlines presently has an average rating of “Buy” and an average target price of $63.80.
In other news, COO De Ven Michael G. Van sold 15,273 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $57.14, for a total transaction of $872,699.22. Following the completion of the sale, the chief operating officer now directly owns 182,302 shares of the company’s stock, valued at approximately $10,416,736.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mark R. Shaw sold 3,823 shares of the business’s 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 sale, the senior vice president now directly owns 7,784 shares of the company’s stock, valued at $460,267.92. The disclosure for this sale can be found here. Insiders have sold a total of 118,740 shares of company stock valued at $6,923,568 over the last three months. Corporate insiders own 0.18% 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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