Southwest Gas Holdings, Inc. (NYSE:SWX) Major Shareholder Carl C. Icahn Sells 2,100,000 Shares

Southwest Gas Holdings, Inc. (NYSE:SWX - Get Free Report) major shareholder Carl C. Icahn sold 2,100,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.60, for a total value of $156,660,000.00. Following the sale, the insider now directly owns 7,532,604 shares of the company's stock, valued at approximately $561,932,258.40. This trade represents a 21.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Southwest Gas Stock Up 1.1 %

Southwest Gas stock traded up $0.80 during mid-day trading on Friday, reaching $72.87. 424,019 shares of the company's stock were exchanged, compared to its average volume of 351,731. The company has a fifty day moving average of $74.91 and a 200-day moving average of $74.06. The company has a market cap of $5.24 billion, a P/E ratio of 29.38, a P/E/G ratio of 3.16 and a beta of 0.37. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.21. Southwest Gas Holdings, Inc. has a twelve month low of $64.31 and a twelve month high of $80.29.

Southwest Gas (NYSE:SWX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The utilities provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.18. Southwest Gas had a return on equity of 5.99% and a net margin of 3.44%. The business had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.35 billion. Sell-side analysts expect that Southwest Gas Holdings, Inc. will post 3.03 EPS for the current year.

Remove Ads

Southwest Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Thursday, May 15th. Southwest Gas's dividend payout ratio (DPR) is presently 90.18%.

Analysts Set New Price Targets

SWX has been the topic of several research analyst reports. Bank of America restated an "underperform" rating and issued a $73.00 price objective on shares of Southwest Gas in a report on Friday, December 13th. LADENBURG THALM/SH SH upgraded shares of Southwest Gas to a "strong-buy" rating in a report on Monday, March 17th. Jefferies Financial Group assumed coverage on shares of Southwest Gas in a report on Tuesday, January 14th. They issued a "hold" rating and a $73.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their price target on Southwest Gas from $76.00 to $72.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $74.00.

Institutional Investors Weigh In On Southwest Gas

A number of hedge funds and other institutional investors have recently modified their holdings of SWX. Zimmer Partners LP lifted its holdings in Southwest Gas by 884.4% during the 4th quarter. Zimmer Partners LP now owns 910,615 shares of the utilities provider's stock worth $64,390,000 after buying an additional 818,115 shares during the last quarter. Norges Bank acquired a new position in Southwest Gas in the fourth quarter valued at approximately $51,011,000. Adage Capital Partners GP L.L.C. increased its stake in Southwest Gas by 111.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the utilities provider's stock valued at $63,639,000 after purchasing an additional 475,000 shares during the last quarter. Maverick Capital Ltd. grew its position in shares of Southwest Gas by 18.5% in the 3rd quarter. Maverick Capital Ltd. now owns 1,765,148 shares of the utilities provider's stock valued at $130,197,000 after buying an additional 275,992 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Southwest Gas by 83.3% during the fourth quarter. JPMorgan Chase & Co. now owns 505,555 shares of the utilities provider's stock worth $35,748,000 after purchasing an additional 229,739 shares in the last quarter. 92.77% of the stock is currently owned by institutional investors and hedge funds.

Southwest Gas Company Profile

Southwest Gas Holdings, Inc, through its subsidiaries, distributes and transports natural gas in Arizona, Nevada, and California. The company operates through Natural Gas Distribution, Utility Infrastructure Services, and Pipeline and Storage segments. It also provides trenching, installation, and replacement of underground pipes, as well as maintenance services for energy distribution systems.