State of Alaska Department of Revenue Buys 4,720 Shares of Southwest Airlines Co. (NYSE:LUV)

State of Alaska Department of Revenue grew its stake in shares of Southwest Airlines Co. (NYSE:LUV) by 7.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 69,463 shares of the airline’s stock after purchasing an additional 4,720 shares during the quarter. State of Alaska Department of Revenue’s holdings in Southwest Airlines were worth $2,058,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC bought a new stake in Southwest Airlines during the second quarter worth $29,000. CVA Family Office LLC lifted its stake in Southwest Airlines by 179.5% in the 2nd 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 during the last quarter. Innealta Capital LLC bought a new position in Southwest Airlines during the second quarter worth about $33,000. AM Squared Ltd acquired a new position in Southwest Airlines during the second quarter worth approximately $37,000. Finally, Bank & Trust Co bought a new stake in Southwest Airlines in the second quarter valued at approximately $40,000. Institutional investors own 80.82% of the company’s stock.

Southwest Airlines Stock Up 0.1 %

Shares of NYSE LUV opened at $30.60 on Friday. Southwest Airlines Co. has a 52 week low of $22.44 and a 52 week high of $35.18. The stock’s fifty day moving average is $29.77 and its 200 day moving average is $28.21. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.83 and a current ratio of 0.88. The stock has a market capitalization of $18.35 billion, a P/E ratio of -437.14, a PEG ratio of 9.76 and a beta of 1.17.

Southwest Airlines (NYSE:LUV) last issued its earnings results on Thursday, October 24th. The airline reported $0.15 EPS for the quarter, beating the consensus estimate of $0.05 by $0.10. The company had revenue of $6.87 billion during the quarter, compared to analysts’ expectations of $6.77 billion. Southwest Airlines had a negative net margin of 0.06% and a positive return on equity of 4.56%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 EPS. Sell-side analysts forecast that Southwest Airlines Co. will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Elliott Investment Management sold 1,203,920 shares of Southwest Airlines stock in a transaction on Monday, October 28th. The stock was sold at an average price of $29.83, for a total value of $35,912,933.60. Following the transaction, the insider now owns 59,912,580 shares in the company, valued at approximately $1,787,192,261.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Rakesh Gangwal acquired 643,788 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was acquired at an average price of $29.98 per share, with a total value of $19,300,764.24. Following the purchase, the director now directly owns 3,606,311 shares in the company, valued at approximately $108,117,203.78. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Elliott Investment Management sold 1,203,920 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $29.83, for a total transaction of $35,912,933.60. Following the sale, the insider now directly owns 59,912,580 shares in the company, valued at approximately $1,787,192,261.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LUV. StockNews.com upgraded Southwest Airlines from a “sell” rating to a “hold” rating in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $29.00 price objective (down from $32.00) on shares of Southwest Airlines in a report on Friday, July 26th. BNP Paribas upgraded shares of Southwest Airlines to a “strong sell” rating in a research note on Thursday, September 19th. Evercore ISI upgraded shares of Southwest Airlines from an “in-line” rating to an “outperform” rating and upped their price target for the company from $30.00 to $35.00 in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Southwest Airlines from $20.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $30.14.

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.