Primecap Management Co. CA Has $1.47 Billion Holdings in Southwest Airlines Co. (NYSE:LUV)

Primecap Management Co. CA decreased its position in Southwest Airlines Co. (NYSE:LUV - Free Report) by 0.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 49,669,524 shares of the airline's stock after selling 239,321 shares during the period. Southwest Airlines comprises about 1.1% of Primecap Management Co. CA's investment portfolio, making the stock its 24th biggest holding. Primecap Management Co. CA owned 8.28% of Southwest Airlines worth $1,471,708,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC purchased a new position in Southwest Airlines during the 2nd quarter valued at about $29,000. CVA Family Office LLC grew its position in Southwest Airlines by 179.5% during 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. Innealta Capital LLC acquired a new position in Southwest Airlines in the 2nd quarter valued at approximately $33,000. Ashton Thomas Securities LLC purchased a new stake in Southwest Airlines in the 3rd quarter worth approximately $33,000. Finally, AM Squared Ltd acquired a new stake in shares of Southwest Airlines during the 2nd quarter valued at $37,000. 80.82% of the stock is owned by institutional investors and hedge funds.

Southwest Airlines Price Performance

LUV opened at $31.77 on Thursday. Southwest Airlines Co. has a 1-year low of $23.58 and a 1-year high of $35.18. The business has a 50 day moving average of $30.46 and a 200-day moving average of $28.58. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.88 and a quick ratio of 0.83.

Southwest Airlines (NYSE:LUV - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The airline reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.10. Southwest Airlines had a negative net margin of 0.06% and a positive return on equity of 4.56%. The company had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.77 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The business's revenue was up 5.3% compared to the same quarter last year. On average, equities analysts expect that Southwest Airlines Co. will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling at Southwest Airlines

In other Southwest Airlines news, major shareholder Elliott Investment Management sold 1,203,920 shares of the business's stock in a transaction on Monday, October 28th. The shares were sold at an average price of $29.83, for a total value of $35,912,933.60. Following the sale, the insider now owns 59,912,580 shares of the company's stock, valued at $1,787,192,261.40. The trade was a 1.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rakesh Gangwal acquired 643,788 shares of Southwest Airlines stock in a transaction dated Tuesday, October 1st. The shares were acquired at an average cost of $29.98 per share, with a total value of $19,300,764.24. Following the completion of the acquisition, the director now directly owns 3,606,311 shares in the company, valued at $108,117,203.78. This trade represents a 21.73 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.33% of the company's stock.

Analyst Ratings Changes

LUV has been the subject of several recent research reports. Jefferies Financial Group upgraded Southwest Airlines from an "underperform" rating to a "hold" rating and increased their price objective for the stock from $24.00 to $32.00 in a report on Wednesday, October 9th. The Goldman Sachs Group reiterated a "sell" rating and set a $28.00 price target on shares of Southwest Airlines in a report on Friday, November 15th. TD Cowen increased their price objective on Southwest Airlines from $19.00 to $25.00 and gave the stock a "hold" rating in a report on Monday, September 30th. Barclays boosted their target price on shares of Southwest Airlines from $27.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 15th. Finally, Citigroup raised their price target on shares of Southwest Airlines from $28.25 to $31.50 and gave the company a "neutral" rating in a report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $30.78.

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.

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