Southwest Gas Holdings, Inc. (NYSE:SWX) Major Shareholder Acquires $14,300,833.65 in Stock

Southwest Gas Holdings, Inc. (NYSE:SWXGet Rating) major shareholder Carl C. Icahn bought 238,785 shares of the business’s stock in a transaction dated Monday, March 13th. The stock was acquired at an average cost of $59.89 per share, for a total transaction of $14,300,833.65. Following the purchase, the insider now owns 9,483,250 shares in the company, valued at approximately $567,951,842.50. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Southwest Gas Price Performance

Shares of SWX stock opened at $61.15 on Wednesday. The firm has a market cap of $4.11 billion, a P/E ratio of -21.47, a P/E/G ratio of 2.41 and a beta of 0.27. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.08 and a quick ratio of 1.08. Southwest Gas Holdings, Inc. has a 1-year low of $57.75 and a 1-year high of $95.62. The firm has a fifty day moving average of $64.51 and a two-hundred day moving average of $68.70.

Southwest Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 15th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Friday, May 12th. Southwest Gas’s dividend payout ratio is currently -86.11%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Southwest Gas by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 6,770,373 shares of the utilities provider’s stock valued at $472,233,000 after buying an additional 114,397 shares during the period. Icahn Carl C boosted its holdings in shares of Southwest Gas by 76.1% in the 2nd quarter. Icahn Carl C now owns 5,103,121 shares of the utilities provider’s stock valued at $444,380,000 after buying an additional 2,204,445 shares during the period. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Southwest Gas by 10.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,362,333 shares of the utilities provider’s stock valued at $146,181,000 after buying an additional 215,807 shares during the period. State Street Corp boosted its holdings in shares of Southwest Gas by 6.4% in the 2nd quarter. State Street Corp now owns 2,139,232 shares of the utilities provider’s stock valued at $186,284,000 after buying an additional 129,214 shares during the period. Finally, Nomura Holdings Inc. boosted its holdings in shares of Southwest Gas by 7.0% in the 2nd quarter. Nomura Holdings Inc. now owns 1,977,780 shares of the utilities provider’s stock valued at $173,766,000 after buying an additional 129,453 shares during the period. 87.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SWX. JPMorgan Chase & Co. cut their target price on shares of Southwest Gas from $78.00 to $75.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 7th. Royal Bank of Canada reaffirmed an “underweight” rating and set a $95.00 price target (down from $100.00) on shares of Southwest Gas in a report on Monday, March 6th. TheStreet lowered shares of Southwest Gas from a “b-” rating to a “c+” rating in a report on Thursday, December 15th. Bank of America lowered shares of Southwest Gas from a “buy” rating to a “neutral” rating and lowered their price target for the company from $87.00 to $65.00 in a report on Wednesday, November 30th. Finally, StockNews.com lowered shares of Southwest Gas from a “hold” rating to a “sell” rating in a report on Wednesday, March 1st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $79.60.

About Southwest Gas

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Southwest Gas Holdings, Inc engages in the energy business. It operates through the following business segments: Natural Gas Operations and Utility Infrastructure Services. The Natural Gas Operations segment focuses on purchasing, distribution, and transportation of natural gas in Arizona, California, and Nevada.

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