TD Asset Management Inc. Has $33.01 Million Position in Southwest Airlines Company (LUV)
TD Asset Management Inc. lowered its stake in shares of Southwest Airlines Company (NYSE:LUV) by 23.9% during the second quarter, Holdings Channel reports. The institutional investor owned 531,286 shares of the airline’s stock after selling 166,716 shares during the period. TD Asset Management Inc.’s holdings in Southwest Airlines were worth $33,014,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Deschutes Portfolio Strategy LLC purchased a new stake in Southwest Airlines during the first quarter valued at approximately $283,000. Nisa Investment Advisors LLC raised its stake in Southwest Airlines by 5.3% in the first quarter. Nisa Investment Advisors LLC now owns 272,607 shares of the airline’s stock valued at $14,654,000 after buying an additional 13,603 shares in the last quarter. Boston Advisors LLC purchased a new stake in Southwest Airlines during the first quarter valued at approximately $2,454,000. DnB Asset Management AS purchased a new stake in Southwest Airlines during the first quarter valued at approximately $697,000. Finally, Palisade Capital Management LLC NJ purchased a new stake in Southwest Airlines during the first quarter valued at approximately $269,000. Institutional investors own 80.34% of the company’s stock.
Southwest Airlines Company (NYSE:LUV) opened at 54.01 on Friday. The company’s 50-day moving average is $59.77 and its 200-day moving average is $57.15. The firm has a market capitalization of $32.33 billion, a price-to-earnings ratio of 16.56 and a beta of 1.26. Southwest Airlines Company has a 52-week low of $36.05 and a 52-week high of $64.39.
Southwest Airlines (NYSE:LUV) last issued its quarterly earnings data on Thursday, July 27th. The airline reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.04. The firm had revenue of $5.74 billion for 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 firm’s revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.19 EPS. Equities analysts predict that Southwest Airlines Company will post $3.80 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Investors of record on Thursday, August 24th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $0.50 dividend on an annualized basis and a yield of 0.93%. Southwest Airlines’s payout ratio is 15.34%.
Southwest Airlines announced that its Board of Directors has approved a share buyback plan on Wednesday, May 17th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the airline to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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Several research firms recently commented on LUV. Wolfe Research lowered shares of Southwest Airlines from an “outperform” rating to a “market perform” rating and set a $63.00 price target on the stock. in a research report on Monday, July 10th. They noted that the move was a valuation call. Morgan Stanley restated an “overweight” rating and set a $66.00 price target (up previously from $65.00) on shares of Southwest Airlines in a research report on Monday, July 10th. BidaskClub lowered shares of Southwest Airlines from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Tuesday, July 4th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $70.00 target price on shares of Southwest Airlines in a research report on Thursday, July 13th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $65.78.
In related news, EVP Jeff Lamb sold 19,800 shares of the stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $61.00, for a total value of $1,207,800.00. Following the sale, the executive vice president now directly owns 92,468 shares of the company’s stock, valued at approximately $5,640,548. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 directly owns 7,784 shares in the company, valued at $460,267.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,740 shares of company stock worth $6,923,568. 0.21% of the stock is owned by corporate insiders.
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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