Stoneridge Investment Partners LLC Sells 45 Shares of Southwest Airlines Company (NYSE:LUV)
Stoneridge Investment Partners LLC lowered its stake in shares of Southwest Airlines Company (NYSE:LUV) by 0.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 34,975 shares of the airline’s stock after selling 45 shares during the period. Stoneridge Investment Partners LLC’s holdings in Southwest Airlines were worth $2,173,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. DnB Asset Management AS bought a new stake in shares of Southwest Airlines during the first quarter valued at about $697,000. MARSHALL WACE ASIA Ltd acquired a new stake in Southwest Airlines during the first quarter worth $22,797,000. E&G Advisors LP boosted its stake in Southwest Airlines by 2.0% in the first quarter. E&G Advisors LP now owns 5,100 shares of the airline’s stock worth $274,000 after buying an additional 100 shares during the last quarter. Wedbush Securities Inc. boosted its stake in Southwest Airlines by 21.3% in the first quarter. Wedbush Securities Inc. now owns 13,146 shares of the airline’s stock worth $707,000 after buying an additional 2,311 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in Southwest Airlines by 2.5% in the first quarter. Parallel Advisors LLC now owns 21,857 shares of the airline’s stock worth $1,271,000 after buying an additional 524 shares during the last quarter. 80.34% of the stock is currently owned by institutional investors and hedge funds.
Southwest Airlines Company (NYSE:LUV) opened at 54.69 on Thursday. Southwest Airlines Company has a 1-year low of $36.05 and a 1-year high of $64.39. The firm’s 50 day moving average price is $59.97 and its 200-day moving average price is $57.17. The stock has a market cap of $32.74 billion, a price-to-earnings ratio of 16.77 and a beta of 1.26.
Southwest Airlines (NYSE:LUV) last released its quarterly earnings data on Thursday, July 27th. The airline reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Southwest Airlines had a net margin of 9.63% and a return on equity of 26.07%. The company had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the prior year, the firm posted $1.19 earnings per share. Southwest Airlines’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, equities analysts anticipate that Southwest Airlines Company will post $3.80 earnings per share for the current year.
Southwest Airlines announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the airline to buy up to 5.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Thursday, August 24th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $0.50 annualized dividend and a dividend yield of 0.91%. Southwest Airlines’s dividend payout ratio (DPR) is 15.34%.
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A number of research firms have recently weighed in on LUV. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 price objective on shares of Southwest Airlines in a research report on Friday, May 26th. Zacks Investment Research raised Southwest Airlines from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Tuesday, June 6th. Argus raised Southwest Airlines from a “hold” rating to a “buy” rating and raised their price objective for the stock from $61.76 to $68.00 in a research report on Thursday, June 22nd. Wolfe Research cut Southwest Airlines from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a research report on Monday, July 10th. They noted that the move was a valuation call. Finally, Cowen and Company reissued a “buy” rating and issued a $67.00 price objective on shares of Southwest Airlines in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $65.78.
In other news, SVP Mark R. Shaw sold 3,823 shares of the stock in a transaction dated 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 sale, the senior vice president now owns 7,784 shares in the company, valued at $460,267.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Gary C. Kelly sold 51,000 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $57.06, for a total transaction of $2,910,060.00. Following the sale, the chairman now owns 556,808 shares of the company’s stock, valued at approximately $31,771,464.48. The disclosure for this sale can be found here. Insiders have sold 118,740 shares of company stock valued at $6,923,568 in the last quarter. 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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