Cypress Asset Management Inc. TX decreased its position in shares of Southwest Airlines Company (NYSE:LUV) by 1.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 6,950 shares of the airline’s stock after selling 100 shares during the period. Cypress Asset Management Inc. TX’s holdings in Southwest Airlines were worth $432,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in LUV. Vanguard Group Inc. boosted its position in shares of Southwest Airlines by 0.7% in the first quarter. Vanguard Group Inc. now owns 38,498,787 shares of the airline’s stock worth $2,069,695,000 after buying an additional 286,456 shares during the period. BlackRock Inc. boosted its position in shares of Southwest Airlines by 4,163.3% in the first quarter. BlackRock Inc. now owns 34,983,319 shares of the airline’s stock worth $1,880,703,000 after buying an additional 34,162,752 shares during the period. State Street Corp boosted its position in shares of Southwest Airlines by 1.5% in the first quarter. State Street Corp now owns 23,480,558 shares of the airline’s stock worth $1,262,308,000 after buying an additional 353,960 shares during the period. Egerton Capital UK LLP raised its stake in Southwest Airlines by 39.0% in the first quarter. Egerton Capital UK LLP now owns 9,401,341 shares of the airline’s stock worth $505,416,000 after buying an additional 2,638,743 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Southwest Airlines by 80.3% in the first quarter. Ameriprise Financial Inc. now owns 7,809,175 shares of the airline’s stock worth $419,796,000 after buying an additional 3,477,912 shares in the last quarter. 80.34% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Southwest Airlines Company (LUV) traded up 0.24% during midday trading on Friday, reaching $54.14. 4,232,572 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $59.56 and its 200 day moving average price is $57.18. The firm has a market capitalization of $32.41 billion, a P/E ratio of 16.60 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 released 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. Southwest Airlines had a return on equity of 26.07% and a net margin of 9.63%. The firm had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the company posted $1.19 EPS. The business’s revenue was up 6.7% on a year-over-year basis. On average, equities research analysts anticipate that Southwest Airlines Company will post $3.80 EPS for the current fiscal year.
Southwest Airlines announced that its Board of Directors has approved a stock 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 reacquire up to 5.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Thursday, August 24th will be given a $0.125 dividend. The ex-dividend date is Tuesday, August 22nd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.92%. Southwest Airlines’s dividend payout ratio (DPR) is presently 15.34%.
A number of analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Tuesday, June 13th. BidaskClub lowered shares of Southwest Airlines from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Vetr upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and set a $63.80 price objective on the stock in a research note on Monday, June 5th. Argus upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and lifted their price target for the stock from $61.76 to $68.00 in a research note on Thursday, June 22nd. Finally, Cowen and Company lifted their price target on shares of Southwest Airlines from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Southwest Airlines has an average rating of “Buy” and an average target price of $65.78.
In other Southwest Airlines news, CFO Tammy Romo sold 8,322 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $59.15, for a total value of $492,246.30. Following the sale, the chief financial officer now owns 87,387 shares in the company, valued at approximately $5,168,941.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeff Lamb sold 19,800 shares of the company’s 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 completion of the sale, the executive vice president now owns 92,468 shares in the company, valued at approximately $5,640,548. The disclosure for this sale can be found here. Insiders sold a total of 118,740 shares of company stock worth $6,923,568 in the last quarter. Corporate insiders own 0.21% of the company’s stock.
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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