California State Teachers Retirement System Sells 268,394 Shares of Southwest Airlines Company (LUV)
California State Teachers Retirement System lowered its holdings in shares of Southwest Airlines Company (NYSE:LUV) by 21.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,003,261 shares of the airline’s stock after selling 268,394 shares during the period. California State Teachers Retirement System owned 0.17% of Southwest Airlines worth $62,343,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Southwest Airlines by 2.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 466,121 shares of the airline’s stock worth $28,965,000 after purchasing an additional 10,851 shares during the period. Columbus Circle Investors boosted its stake in Southwest Airlines by 28.2% during the 2nd quarter. Columbus Circle Investors now owns 220,903 shares of the airline’s stock worth $13,727,000 after purchasing an additional 48,632 shares during the period. MARSHALL WACE ASIA Ltd acquired a new stake in Southwest Airlines during the 1st quarter worth $22,797,000. Marshall Wace North America L.P. boosted its stake in Southwest Airlines by 912.7% during the 2nd quarter. Marshall Wace North America L.P. now owns 49,855 shares of the airline’s stock worth $3,091,000 after purchasing an additional 44,932 shares during the period. Finally, Neuberger Berman Group LLC boosted its stake in Southwest Airlines by 5.5% during the 2nd quarter. Neuberger Berman Group LLC now owns 100,019 shares of the airline’s stock worth $6,215,000 after purchasing an additional 5,188 shares during the period. Hedge funds and other institutional investors own 79.42% of the company’s stock.
Shares of Southwest Airlines Company (NYSE:LUV) traded up 0.957% during trading on Wednesday, hitting $58.565. 1,426,773 shares of the stock were exchanged. The stock has a market cap of $35.05 billion, a P/E ratio of 17.855 and a beta of 1.32. Southwest Airlines Company has a 12-month low of $36.91 and a 12-month high of $64.39. The stock has a 50-day moving average of $54.35 and a 200 day moving average of $57.06.
Southwest Airlines (NYSE:LUV) last issued its quarterly earnings results on Thursday, July 27th. The airline reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Southwest Airlines had a net margin of 9.63% and a return on equity of 26.07%. The firm had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the business earned $1.19 earnings per share. Southwest Airlines’s revenue for the quarter was up 6.7% compared to the same quarter last year. Equities analysts predict that Southwest Airlines Company will post $3.64 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 14th. Shareholders of record on Thursday, August 24th were given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.86%. The ex-dividend date was Tuesday, August 22nd. Southwest Airlines’s dividend payout ratio (DPR) is presently 15.34%.
In other Southwest Airlines news, Director William H. Dr Cunningham purchased 4,500 shares of the company’s stock in a transaction on Friday, August 11th. The shares were purchased at an average cost of $54.00 per share, for a total transaction of $243,000.00. Following the completion of the transaction, the director now owns 66,969 shares in the company, valued at $3,616,326. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.21% of the stock is currently owned by insiders.
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A number of brokerages recently weighed in on LUV. J P Morgan Chase & Co upgraded shares of Southwest Airlines from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $60.00 to $66.00 in a research note on Friday, September 15th. Cowen and Company reiterated a “buy” rating and set a $67.00 price target on shares of Southwest Airlines in a research note on Friday, September 1st. Citigroup Inc. reiterated a “buy” rating and set a $64.00 price target (down previously from $65.00) on shares of Southwest Airlines in a research note on Thursday, September 7th. Argus upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and increased their price target for the stock from $61.76 to $68.00 in a research note on Thursday, June 22nd. Finally, Zacks Investment Research upgraded shares of Southwest Airlines from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Tuesday, July 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. Southwest Airlines currently has an average rating of “Buy” and a consensus price target of $66.95.
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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