Southwest Gas Holdings, Inc. (NYSE:SWX) Major Shareholder Sells $156,660,000.00 in Stock

Southwest Gas Holdings, Inc. (NYSE:SWX) major shareholder Carl C. Icahn sold 2,100,000 shares of Southwest Gas stock in a transaction dated Monday, March 24th. The shares were 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 in the company, valued at $561,932,258.40. The trade was a 21.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Southwest Gas Stock Performance

SWX traded down $2.21 during trading on Tuesday, hitting $73.00. 671,356 shares of the company traded hands, compared to its average volume of 332,375. The firm has a market cap of $5.24 billion, a P/E ratio of 29.44, a price-to-earnings-growth 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 one year low of $64.31 and a one year high of $80.29. The stock’s fifty day moving average is $74.78 and its 200 day moving average is $74.00.

Southwest Gas (NYSE:SWX) last issued its quarterly earnings results on Wednesday, February 26th. The utilities provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. Southwest Gas had a net margin of 3.44% and a return on equity of 5.99%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.35 billion. As a group, equities analysts predict that Southwest Gas Holdings, Inc. will post 3.03 EPS for the current fiscal year.

Southwest Gas Dividend Announcement

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

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Southwest Gas

Several large investors have recently added to or reduced their stakes in SWX. Arizona State Retirement System boosted its position in Southwest Gas by 0.8% during the fourth quarter. Arizona State Retirement System now owns 16,650 shares of the utilities provider’s stock worth $1,177,000 after purchasing an additional 140 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Southwest Gas by 1.7% during the 4th quarter. Pacer Advisors Inc. now owns 8,979 shares of the utilities provider’s stock valued at $635,000 after buying an additional 147 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Southwest Gas by 18.8% during the 4th quarter. Blue Trust Inc. now owns 937 shares of the utilities provider’s stock valued at $69,000 after buying an additional 148 shares in the last quarter. Pathstone Holdings LLC grew its stake in Southwest Gas by 0.6% in the 3rd quarter. Pathstone Holdings LLC now owns 27,125 shares of the utilities provider’s stock valued at $2,001,000 after buying an additional 165 shares in the last quarter. Finally, D.A. Davidson & CO. raised its holdings in Southwest Gas by 1.1% during the 4th quarter. D.A. Davidson & CO. now owns 15,766 shares of the utilities provider’s stock valued at $1,115,000 after acquiring an additional 175 shares during the period. Hedge funds and other institutional investors own 92.77% of the company’s stock.

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.