Glenmede Trust Co. NA Sells 1,075,617 Shares of Southwest Airlines Co (LUV)
Glenmede Trust Co. NA decreased its holdings in Southwest Airlines Co (NYSE:LUV) by 48.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,125,151 shares of the airline’s stock after selling 1,075,617 shares during the quarter. Glenmede Trust Co. NA owned 0.20% of Southwest Airlines worth $57,248,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Partners lifted its position in shares of Southwest Airlines by 5.2% during the 2nd quarter. Boston Partners now owns 8,927,411 shares of the airline’s stock worth $454,227,000 after buying an additional 443,918 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Southwest Airlines by 9.3% during the 2nd quarter. Bank of Montreal Can now owns 5,832,599 shares of the airline’s stock worth $296,764,000 after buying an additional 494,484 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Southwest Airlines by 9.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,637,579 shares of the airline’s stock worth $185,076,000 after buying an additional 328,453 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Southwest Airlines by 33.9% during the 2nd quarter. American Century Companies Inc. now owns 3,500,152 shares of the airline’s stock worth $178,088,000 after buying an additional 886,325 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Southwest Airlines by 12.2% during the 2nd quarter. Wells Fargo & Company MN now owns 3,324,336 shares of the airline’s stock worth $169,142,000 after buying an additional 360,539 shares in the last quarter. 77.97% of the stock is currently owned by institutional investors and hedge funds.
NYSE:LUV opened at $63.10 on Tuesday. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $35.77 billion, a P/E ratio of 17.06, a P/E/G ratio of 1.24 and a beta of 1.10. Southwest Airlines Co has a 12 month low of $49.93 and a 12 month high of $66.99.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Wednesday, August 22nd were issued a $0.16 dividend. The ex-dividend date was Tuesday, August 21st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.01%. Southwest Airlines’s dividend payout ratio (DPR) is presently 18.29%.
LUV has been the topic of several recent analyst reports. Morgan Stanley reissued a “buy” rating on shares of Southwest Airlines in a research report on Tuesday, August 14th. Argus cut shares of Southwest Airlines from a “buy” rating to a “hold” rating and dropped their target price for the stock from $66.99 to $49.76 in a research report on Friday, June 15th. Edward Jones raised shares of Southwest Airlines from a “hold” rating to a “buy” rating in a research report on Tuesday, June 12th. Citigroup dropped their target price on shares of Southwest Airlines from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, May 29th. Finally, Cowen dropped their target price on shares of Southwest Airlines from $65.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday, June 4th. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $68.95.
In related news, SVP Mark R. Shaw sold 4,910 shares of Southwest Airlines stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $58.35, for a total value of $286,498.50. Following the sale, the senior vice president now owns 11,546 shares of the company’s stock, valued at approximately $673,709.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew M. Watterson sold 6,130 shares of Southwest Airlines stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $59.28, for a total transaction of $363,386.40. Following the completion of the sale, the executive vice president now directly owns 16,597 shares in the company, valued at approximately $983,870.16. The disclosure for this sale can be found here. Insiders sold a total of 11,470 shares of company stock worth $674,941 in the last ninety days. 0.23% of the stock is currently owned by insiders.
About Southwest Airlines
Southwest Airlines Co operates a passenger airline that provides scheduled air transportation services in the United States and near-international markets. As of December 31, 2017, the company operated a total of 706 Boeing 737 aircraft; and served 100 destinations in 40 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as 10 near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos.
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