State of New Jersey Common Pension Fund D cut its stake in shares of Southwest Airlines Company (NYSE:LUV) by 14.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,735,000 shares of the airline’s stock after selling 300,000 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.29% of Southwest Airlines worth $107,813,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Telos Capital Management Inc. raised its position in shares of Southwest Airlines by 0.5% in the second quarter. Telos Capital Management Inc. now owns 31,772 shares of the airline’s stock valued at $1,974,000 after buying an additional 146 shares during the period. Bessemer Group Inc. raised its position in Southwest Airlines by 0.3% in the second quarter. Bessemer Group Inc. now owns 91,881 shares of the airline’s stock worth $5,710,000 after buying an additional 230 shares during the last quarter. CIBC Asset Management Inc raised its position in Southwest Airlines by 1.6% in the second quarter. CIBC Asset Management Inc now owns 61,873 shares of the airline’s stock worth $3,845,000 after buying an additional 953 shares during the last quarter. Honkamp Krueger Financial Services Inc. acquired a new stake in shares of Southwest Airlines during the second quarter worth about $249,000. Finally, Great West Life Assurance Co. Can increased its stake in shares of Southwest Airlines by 159.3% in the second quarter. Great West Life Assurance Co. Can now owns 547,243 shares of the airline’s stock worth $33,949,000 after buying an additional 336,192 shares during the period. 80.58% of the stock is owned by institutional investors.
Southwest Airlines Company (NYSE:LUV) traded up 1.24% during mid-day trading on Monday, reaching $54.81. 2,776,381 shares of the company were exchanged. The company has a market capitalization of $32.81 billion, a price-to-earnings ratio of 16.81 and a beta of 1.26. The company has a 50 day moving average of $59.56 and a 200-day moving average of $57.18. Southwest Airlines Company has a 1-year low of $36.05 and a 1-year high of $64.39.
Southwest Airlines (NYSE:LUV) last announced its quarterly earnings results on Thursday, July 27th. The airline reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.04. The business had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.73 billion. Southwest Airlines had a net margin of 9.63% and a return on equity of 26.07%. The business’s revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.19 EPS. On average, equities research analysts forecast that Southwest Airlines Company will post $3.80 EPS for the current year.
Southwest Airlines declared that its board has approved a stock 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 buy up to 5.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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 0.92%. Southwest Airlines’s payout ratio is 15.34%.
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LUV has been the topic of a number of research reports. Bank of America Corporation raised 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. Deutsche Bank AG raised their price objective on Southwest Airlines from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, April 28th. BidaskClub cut Southwest Airlines from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research cut Southwest Airlines from a “buy” rating to a “hold” rating in a research note on Monday, June 5th. Finally, Imperial Capital lifted their price objective on Southwest Airlines from $63.00 to $68.00 and gave the company an “outperform” rating in a research report on Friday, April 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $65.78.
In related news, EVP Jeff Lamb sold 19,800 shares of the firm’s stock in a transaction that occurred on 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 $5,640,548. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mark R. Shaw sold 3,823 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was 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.
About Southwest Airlines
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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