Southwest Airlines Company (LUV) Stake Decreased by Sumitomo Mitsui Asset Management Company LTD
Sumitomo Mitsui Asset Management Company LTD lowered its stake in Southwest Airlines Company (NYSE:LUV) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,548 shares of the airline’s stock after selling 200 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Southwest Airlines were worth $966,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Cornerstone Advisors Inc. increased its stake in shares of Southwest Airlines by 28.2% in the second quarter. Cornerstone Advisors Inc. now owns 4,112 shares of the airline’s stock valued at $256,000 after buying an additional 904 shares in the last quarter. Boston Advisors LLC boosted its position in shares of Southwest Airlines by 13.1% in the second quarter. Boston Advisors LLC now owns 51,610 shares of the airline’s stock worth $3,207,000 after buying an additional 5,972 shares during the last quarter. ING Groep NV boosted its position in shares of Southwest Airlines by 120.4% in the second quarter. ING Groep NV now owns 34,723 shares of the airline’s stock worth $2,158,000 after buying an additional 18,965 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Southwest Airlines by 11.0% in the second quarter. Russell Investments Group Ltd. now owns 858,990 shares of the airline’s stock worth $53,377,000 after buying an additional 84,876 shares during the last quarter. Finally, PGGM Investments boosted its position in shares of Southwest Airlines by 412.0% in the second quarter. PGGM Investments now owns 516,329 shares of the airline’s stock worth $32,085,000 after buying an additional 415,489 shares during the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.
Southwest Airlines Company (NYSE:LUV) opened at 56.58 on Friday. Southwest Airlines Company has a 1-year low of $35.43 and a 1-year high of $64.39. The firm has a market capitalization of $33.87 billion, a PE ratio of 17.35 and a beta of 1.26. The stock’s 50 day moving average is $60.75 and its 200-day moving average is $57.04.
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 company had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.73 billion. Southwest Airlines had a return on equity of 26.07% and a net margin of 9.63%. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the company earned $1.19 earnings per share. Equities research analysts forecast that Southwest Airlines Company will post $3.80 EPS for the current year.
The firm 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 dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.88%. Southwest Airlines’s dividend payout ratio (DPR) is 15.34%.
Southwest Airlines declared that its Board of Directors has approved a share repurchase plan 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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A number of equities analysts have recently commented on LUV shares. Cowen and Company reaffirmed a “buy” rating and issued a $67.00 target price on shares of Southwest Airlines in a report on Friday, July 28th. BidaskClub cut shares of Southwest Airlines from a “hold” rating to a “sell” rating in a report on Sunday, July 30th. Morgan Stanley reaffirmed an “overweight” rating and issued a $66.00 target price (up from $65.00) on shares of Southwest Airlines in a report on Monday, July 10th. Deutsche Bank AG lifted their target price on shares of Southwest Airlines from $63.00 to $65.00 and gave the company a “buy” rating in a report on Friday, April 28th. Finally, Imperial Capital lifted their target price on shares of Southwest Airlines from $63.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, April 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $65.78.
In other news, EVP Jeff Lamb sold 19,800 shares of the firm’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 directly owns 92,468 shares of the company’s stock, valued at $5,640,548. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Gary C. Kelly sold 51,000 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $57.06, for a total value of $2,910,060.00. Following the transaction, the chairman now directly owns 556,808 shares in the company, valued at $31,771,464.48. The disclosure for this sale can be found here. Insiders have sold 118,740 shares of company stock worth $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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