Concert Wealth Management Inc. lowered its stake in Southwest Airlines Co. (NYSE:LUV) by 4.3% during the second quarter, Holdings Channel reports. The fund owned 15,507 shares of the airline’s stock after selling 689 shares during the period. Concert Wealth Management Inc.’s holdings in Southwest Airlines were worth $614,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the company. Franklin Resources Inc. raised its position in Southwest Airlines by 38.9% in the first quarter. Franklin Resources Inc. now owns 72,037 shares of the airline’s stock valued at $3,227,000 after buying an additional 20,161 shares during the last quarter. JPMorgan Chase & Co. raised its position in Southwest Airlines by 45.6% in the first quarter. JPMorgan Chase & Co. now owns 3,400,713 shares of the airline’s stock valued at $152,353,000 after buying an additional 1,065,198 shares during the last quarter. Bessemer Group Inc. raised its position in Southwest Airlines by 1.7% in the first quarter. Bessemer Group Inc. now owns 91,663 shares of the airline’s stock valued at $4,107,000 after buying an additional 1,541 shares during the last quarter. Investec Asset Management North America Inc. raised its position in Southwest Airlines by 40.1% in the first quarter. Investec Asset Management North America Inc. now owns 23,474 shares of the airline’s stock valued at $1,052,000 after buying an additional 6,722 shares during the last quarter. Finally, Aviva PLC raised its position in Southwest Airlines by 0.5% in the first quarter. Aviva PLC now owns 114,707 shares of the airline’s stock valued at $5,139,000 after buying an additional 549 shares during the last quarter. Institutional investors and hedge funds own 78.34% of the company’s stock.
Southwest Airlines Co. (NYSE:LUV) traded up 0.85% during mid-day trading on Wednesday, hitting $40.13. The company’s stock had a trading volume of 3,676,136 shares. The company has a market cap of $24.89 billion, a P/E ratio of 10.64 and a beta of 0.80. Southwest Airlines Co. has a 12-month low of $33.96 and a 12-month high of $51.34. The firm’s 50-day moving average is $37.66 and its 200-day moving average is $40.47.
Southwest Airlines (NYSE:LUV) last announced its quarterly earnings data on Thursday, July 21st. The airline reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by $0.02. Southwest Airlines had a return on equity of 34.25% and a net margin of 11.95%. The firm earned $5.38 billion during the quarter, compared to the consensus estimate of $5.41 billion. During the same period last year, the company earned $1.03 EPS. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. Analysts predict that Southwest Airlines Co. will post $3.78 EPS for the current fiscal year.
Several equities analysts recently issued reports on LUV shares. Vetr upgraded Southwest Airlines from a “buy” rating to a “strong-buy” rating and set a $48.33 price target on the stock in a research report on Tuesday, June 14th. Cowen and Company dropped their price objective on Southwest Airlines from $51.00 to $49.00 and set an “outperform” rating for the company in a report on Friday, June 24th. Deutsche Bank AG reiterated a “buy” rating and issued a $57.00 price objective on shares of Southwest Airlines in a report on Saturday, June 25th. Credit Suisse Group AG reiterated an “outperform” rating on shares of Southwest Airlines in a report on Wednesday, July 6th. Finally, Zacks Investment Research cut Southwest Airlines from a “hold” rating to a “sell” rating in a report on Thursday, July 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Southwest Airlines currently has a consensus rating of “Buy” and a consensus price target of $48.36.
In other Southwest Airlines news, SVP Mark R. Shaw sold 1,776 shares of the company’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $37.62, for a total transaction of $66,813.12. Following the completion of the sale, the senior vice president now owns 5,226 shares in the company, valued at $196,602.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO De Ven Michael G. Van bought 4,200 shares of the stock in a transaction on Wednesday, August 3rd. The shares were bought at an average price of $35.77 per share, with a total value of $150,234.00. Following the acquisition, the chief operating officer now owns 183,245 shares of the company’s stock, valued at $6,554,673.65. The disclosure for this purchase can be found here. 0.18% of the stock is owned by corporate insiders.
Southwest Airlines Company Profile
Southwest Airlines Co (Southwest) operates Southwest Airlines. Southwest is a passenger airline that provides scheduled air transportation in the United States and near-international markets. The Company serves approximately 100 destinations in over 40 states, such as the District of Columbia, the Commonwealth of Puerto Rico, and approximately seven near-international countries, including Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa Rica, and Belize.