Baker Ellis Asset Management LLC decreased its stake in shares of Southwest Airlines Co. (NYSE:LUV) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,100 shares of the airline’s stock after selling 100 shares during the period. Baker Ellis Asset Management LLC’s holdings in Southwest Airlines were worth $161,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Shell Asset Management Co. increased its position in Southwest Airlines by 0.4% in the second quarter. Shell Asset Management Co. now owns 7,745 shares of the airline’s stock worth $304,000 after buying an additional 32 shares during the period. Quadrant Capital Group LLC increased its position in Southwest Airlines by 2.0% in the second quarter. Quadrant Capital Group LLC now owns 3,540 shares of the airline’s stock worth $134,000 after buying an additional 70 shares during the period. Advisory Services Network LLC increased its position in Southwest Airlines by 0.4% in the second quarter. Advisory Services Network LLC now owns 16,261 shares of the airline’s stock worth $638,000 after buying an additional 71 shares during the period. NEXT Financial Group Inc increased its position in Southwest Airlines by 1.6% in the second quarter. NEXT Financial Group Inc now owns 6,600 shares of the airline’s stock worth $258,000 after buying an additional 105 shares during the period. Finally, Pitcairn Co. increased its position in Southwest Airlines by 2.8% in the second quarter. Pitcairn Co. now owns 6,071 shares of the airline’s stock worth $238,000 after buying an additional 165 shares during the period. Institutional investors and hedge funds own 78.34% of the company’s stock.
Shares of Southwest Airlines Co. (NYSE:LUV) traded down 1.79% during midday trading on Friday, hitting $38.47. The stock had a trading volume of 6,932,903 shares. The stock has a market cap of $23.86 billion, a PE ratio of 10.20 and a beta of 0.80. The firm has a 50 day moving average price of $37.46 and a 200-day moving average price of $40.56. Southwest Airlines Co. has a 52-week low of $33.96 and a 52-week high of $51.34.
Southwest Airlines (NYSE:LUV) last posted its quarterly earnings results on Thursday, July 21st. The airline reported $1.19 EPS for the quarter, missing the consensus estimate of $1.21 by $0.02. Southwest Airlines had a net margin of 11.95% and a return on equity of 34.25%. The business earned $5.38 billion during the quarter, compared to analysts’ expectations of $5.41 billion. During the same period in the previous year, the company posted $1.03 earnings per share. Southwest Airlines’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts predict that Southwest Airlines Co. will post $3.78 EPS for the current fiscal year.
LUV has been the topic of a number of research reports. Evercore ISI upgraded Southwest Airlines from a “hold” rating to a “buy” rating and dropped their price target for the stock from $47.00 to $37.36 in a research note on Tuesday, July 26th. Cowen and Company restated a “buy” rating on shares of Southwest Airlines in a research note on Sunday, June 26th. Deutsche Bank AG restated a “buy” rating and issued a $57.00 price target on shares of Southwest Airlines in a research note on Saturday, June 25th. Vetr upgraded Southwest Airlines from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Tuesday, August 2nd. Finally, Credit Suisse Group AG set a $48.00 price target on Southwest Airlines and gave the stock a “buy” rating in a research note on Monday, September 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $48.18.
In other news, Director William H. Dr Cunningham bought 5,700 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were acquired at an average cost of $35.80 per share, with a total value of $204,060.00. Following the purchase, the director now directly owns 56,283 shares in the company, valued at approximately $2,014,931.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Gary C. Kelly bought 28,106 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were purchased at an average cost of $35.58 per share, for a total transaction of $1,000,011.48. Following the completion of the purchase, the insider now owns 505,119 shares in the company, valued at $17,972,134.02. The disclosure for this purchase can be found here. 0.18% of the stock is currently owned by company insiders.
About Southwest Airlines
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.