Magellan Asset Management Ltd boosted its position in Southwest Gas Corporation (NYSE:SWX) by 7.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,050 shares of the utilities provider’s stock after buying an additional 2,174 shares during the period. Magellan Asset Management Ltd owned approximately 0.07% of Southwest Gas Corporation worth $2,342,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oxford Asset Management purchased a new stake in Southwest Gas Corporation in the first quarter valued at approximately $1,164,000. Bank of America Corp DE boosted its position in Southwest Gas Corporation by 74.8% in the first quarter. Bank of America Corp DE now owns 635,225 shares of the utilities provider’s stock valued at $52,667,000 after buying an additional 271,826 shares during the last quarter. M&T Bank Corp boosted its position in Southwest Gas Corporation by 5.5% in the 1st quarter. M&T Bank Corp now owns 3,310 shares of the utilities provider’s stock worth $275,000 after purchasing an additional 173 shares in the last quarter. Prudential Financial Inc. boosted its position in Southwest Gas Corporation by 25.6% in the 2nd quarter. Prudential Financial Inc. now owns 469,650 shares of the utilities provider’s stock worth $34,313,000 after purchasing an additional 95,800 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Southwest Gas Corporation by 34.0% in the 1st quarter. AQR Capital Management LLC now owns 725,020 shares of the utilities provider’s stock worth $60,111,000 after purchasing an additional 184,040 shares in the last quarter. Hedge funds and other institutional investors own 76.85% of the company’s stock.
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In other news, VP Kenneth J. Kenny sold 600 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $80.90, for a total value of $48,540.00. Following the transaction, the vice president now owns 17,137 shares of the company’s stock, valued at $1,386,383.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Karen S. Haller sold 1,300 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $80.95, for a total value of $105,235.00. Following the completion of the transaction, the senior vice president now directly owns 26,639 shares in the company, valued at approximately $2,156,427.05. The disclosure for this sale can be found here. Insiders own 1.34% of the company’s stock.
Southwest Gas Corporation (NYSE SWX) traded up 0.22% during midday trading on Friday, reaching $80.48. The company’s stock had a trading volume of 356,014 shares. The stock has a market cap of $3.83 billion, a P/E ratio of 24.92 and a beta of 0.62. The stock’s 50 day moving average is $80.06 and its 200 day moving average is $80.31. Southwest Gas Corporation has a 12-month low of $64.26 and a 12-month high of $86.65.
Southwest Gas Corporation (NYSE:SWX) last released its earnings results on Monday, August 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.09. The business had revenue of $560.50 million for the quarter, compared to analyst estimates of $564.84 million. Southwest Gas Corporation had a return on equity of 9.09% and a net margin of 6.46%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 earnings per share. Analysts anticipate that Southwest Gas Corporation will post $3.43 earnings per share for the current year.
SWX has been the topic of several recent research reports. BidaskClub lowered Southwest Gas Corporation from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 27th. Jefferies Group LLC upgraded Southwest Gas Corporation from an “underperform” rating to a “hold” rating and upped their price objective for the stock from $68.00 to $70.00 in a research report on Wednesday, July 12th. Zacks Investment Research upgraded Southwest Gas Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Finally, KeyCorp restated a “hold” rating on shares of Southwest Gas Corporation in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $80.50.
Southwest Gas Corporation Company Profile
Southwest Gas Holdings, Inc, formerly Southwest Gas Corporation, is engaged in the business of purchasing, distributing and transporting natural gas. The Company operates through two segments: natural gas operations and construction services, which includes the operations of the Company’s subsidiary, Centuri Construction Group, Inc (Centuri).
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