State of New Jersey Common Pension Fund D Lowers Holdings in Southwest Airlines Co. (NYSE:LUV)

State of New Jersey Common Pension Fund D trimmed its position in Southwest Airlines Co. (NYSE:LUV) by 32.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 70,924 shares of the airline’s stock after selling 33,955 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Southwest Airlines were worth $2,029,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. ICA Group Wealth Management LLC purchased a new position in Southwest Airlines during the fourth quarter worth about $29,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Southwest Airlines in the second quarter worth approximately $29,000. CVA Family Office LLC raised its stake in Southwest Airlines by 179.5% in the second quarter. CVA Family Office LLC now owns 1,034 shares of the airline’s stock valued at $30,000 after purchasing an additional 664 shares in the last quarter. Pineridge Advisors LLC bought a new stake in Southwest Airlines during the fourth quarter valued at approximately $32,000. Finally, Innealta Capital LLC purchased a new position in Southwest Airlines in the 2nd quarter worth approximately $33,000. 80.82% of the stock is currently owned by hedge funds and other institutional investors.

Southwest Airlines Stock Up 0.3 %

NYSE LUV opened at $29.04 on Friday. Southwest Airlines Co. has a 1 year low of $21.91 and a 1 year high of $35.18. The stock has a market capitalization of $17.40 billion, a PE ratio of 46.10, a PEG ratio of 26.91 and a beta of 1.16. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.90 and a quick ratio of 0.85. The business’s 50-day moving average is $27.50 and its 200 day moving average is $28.04.

Southwest Airlines (NYSE:LUV) last issued its quarterly earnings data on Thursday, July 25th. The airline reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.07. The firm had revenue of $7.40 billion for the quarter, compared to analyst estimates of $7.32 billion. Southwest Airlines had a return on equity of 5.92% and a net margin of 0.41%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $1.09 EPS. Sell-side analysts forecast that Southwest Airlines Co. will post 0.23 earnings per share for the current year.

Southwest Airlines Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 4th will be issued a $0.18 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $0.72 annualized dividend and a yield of 2.48%. Southwest Airlines’s dividend payout ratio (DPR) is presently 114.29%.

Analyst Ratings Changes

A number of analysts have recently issued reports on LUV shares. Evercore ISI raised shares of Southwest Airlines from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $30.00 to $35.00 in a report on Tuesday, September 3rd. Argus reiterated a “hold” rating on shares of Southwest Airlines in a report on Tuesday, May 28th. Barclays raised their price objective on Southwest Airlines from $26.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Sanford C. Bernstein cut their target price on Southwest Airlines from $26.00 to $24.00 and set a “market perform” rating for the company in a research note on Monday, August 5th. Finally, TD Cowen decreased their price target on shares of Southwest Airlines from $26.00 to $19.00 and set a “hold” rating on the stock in a research note on Wednesday, July 17th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Southwest Airlines currently has a consensus rating of “Hold” and an average price target of $28.38.

Southwest Airlines Company Profile

Southwest Airlines Co operates as a passenger airline company that provides scheduled air transportation services in the United States and near-international markets. As of December 31, 2023, the company operated a total fleet of 817 Boeing 737 aircraft; and served 121 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as ten near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos.