Southwest Airlines Company (LUV) Shares Sold by Gotham Asset Management LLC
Gotham Asset Management LLC decreased its position in Southwest Airlines Company (NYSE:LUV) by 56.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 290,020 shares of the airline’s stock after selling 377,681 shares during the period. Gotham Asset Management LLC’s holdings in Southwest Airlines were worth $15,591,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. Guardian Life Insurance Co. of America raised its position in Southwest Airlines by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 2,374 shares of the airline’s stock worth $128,000 after buying an additional 15 shares during the period. Quadrant Capital Group LLC increased its stake in Southwest Airlines by 0.5% in the first quarter. Quadrant Capital Group LLC now owns 3,488 shares of the airline’s stock worth $184,000 after buying an additional 16 shares in the last quarter. Buckingham Asset Management LLC increased its stake in Southwest Airlines by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 5,690 shares of the airline’s stock worth $306,000 after buying an additional 16 shares in the last quarter. Bank of Hawaii increased its stake in Southwest Airlines by 0.3% in the first quarter. Bank of Hawaii now owns 12,867 shares of the airline’s stock worth $692,000 after buying an additional 35 shares in the last quarter. Finally, First Heartland Consultants Inc. increased its stake in Southwest Airlines by 0.3% in the first quarter. First Heartland Consultants Inc. now owns 16,293 shares of the airline’s stock worth $876,000 after buying an additional 43 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.
Southwest Airlines Company (NYSE:LUV) traded up 0.74% on Thursday, reaching $56.11. The company had a trading volume of 4,615,503 shares. The stock has a market capitalization of $33.59 billion, a P/E ratio of 17.11 and a beta of 1.27. Southwest Airlines Company has a 12 month low of $35.43 and a 12 month high of $64.39. The firm has a 50-day moving average of $60.75 and a 200-day moving average of $57.04.
Southwest Airlines (NYSE:LUV) last announced 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 business had revenue of $5.74 billion during the quarter, compared to analyst estimates 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 for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.19 earnings per share. On average, equities research analysts expect that Southwest Airlines Company will post $3.89 earnings per share for the current fiscal year.
Southwest Airlines declared that its board has initiated a stock buyback program on Wednesday, May 17th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the airline to buy up to 5.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Thursday, August 24th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.89%. Southwest Airlines’s dividend payout ratio is currently 15.34%.
A number of equities research analysts have commented on the company. Zacks Investment Research downgraded Southwest Airlines from a “buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub downgraded Southwest Airlines from a “hold” rating to a “sell” rating in a research report on Sunday. Cowen and Company restated a “buy” rating and issued a $67.00 target price on shares of Southwest Airlines in a research report on Friday, July 28th. Vetr upgraded Southwest Airlines from a “buy” rating to a “strong-buy” rating and set a $64.53 target price on the stock in a research report on Thursday, July 27th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $70.00 target price on shares of Southwest Airlines in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $65.78.
In related news, CFO Tammy Romo sold 8,322 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $59.15, for a total value of $492,246.30. Following the completion of the transaction, the chief financial officer now owns 87,387 shares of the company’s stock, valued at $5,168,941.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeff Lamb sold 19,800 shares of the stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $61.00, for a total transaction of $1,207,800.00. Following the completion of the transaction, the executive vice president now directly owns 92,468 shares of the company’s stock, valued at approximately $5,640,548. 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 ninety days. 0.18% of the stock is owned by company 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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