PRIMECAP Amends Southwest Airlines Stake, Holds 48.1M Shares
Ticker: LUV · Form: SC 13G/A · Filed: Feb 12, 2024 · CIK: 92380
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, airline-industry
TL;DR
**PRIMECAP still a major holder of Southwest Airlines, owning 48.1M shares as of year-end 2023.**
AI Summary
PRIMECAP Management Company, an investment advisor, filed an amended SC 13G/A on February 12, 2024, disclosing its ownership of 48,122,326 shares of Southwest Airlines Co. (LUV) as of December 31, 2023. This filing indicates PRIMECAP holds significant voting power in Southwest Airlines, making them a key institutional investor. This matters to investors because large institutional holdings can influence stock stability and corporate governance decisions, potentially impacting future stock performance.
Why It Matters
This filing shows a major institutional investor's updated stake in Southwest Airlines, which can signal confidence or changes in their investment strategy. Large institutional ownership can provide stability but also means significant selling could impact the stock price.
Risk Assessment
Risk Level: low — This is a routine amendment by an institutional investor, indicating a stable, long-term holding rather than a sudden, impactful change.
Analyst Insight
Investors should note PRIMECAP's continued significant stake, indicating a stable institutional presence, but this filing alone doesn't suggest an immediate buy or sell action. It's a routine update of a long-term holding.
Key Numbers
- 48,122,326 — Sole Voting Power Shares (Number of Southwest Airlines shares PRIMECAP can vote.)
- 49,444,947 — Sole Dispositive Power Shares (Number of Southwest Airlines shares PRIMECAP can sell.)
- December 31, 2023 — Reporting Date (The date for which the ownership figures are reported.)
Key Players & Entities
- PRIMECAP Management Company (company) — the reporting person and institutional investor
- Southwest Airlines Co. (company) — the issuer of the securities
- December 31, 2023 (date) — the date of the event requiring the filing
- February 12, 2024 (date) — the filing date of the SC 13G/A amendment
- 48,122,326 (dollar_amount) — shares with sole voting power held by PRIMECAP
- 49,444,947 (dollar_amount) — shares with sole dispositive power held by PRIMECAP
Forward-Looking Statements
- PRIMECAP Management Company will maintain a significant, long-term stake in Southwest Airlines Co. (PRIMECAP Management Company) — high confidence, target: December 31, 2024
FAQ
Who is the reporting person in this SC 13G/A filing?
The reporting person is PRIMECAP Management Company, located at 177 East Colorado Blvd., 11th Floor, Pasadena, CA 91105, with IRS Identification No. 95-3868081.
What is the name of the issuer whose securities are being reported?
The issuer is Southwest Airlines Co., with CUSIP Number 844741108 and SEC File Number 005-33255.
As of what date are the ownership figures in this filing reported?
The ownership figures are reported as of December 31, 2023, which is the 'Date of Event which Requires Filing of this Statement'.
How many shares of Southwest Airlines Co. does PRIMECAP Management Company have sole voting power over?
PRIMECAP Management Company has sole voting power over 48,122,326 shares of Southwest Airlines Co.
What rule under the Securities Exchange Act of 1934 is this Schedule 13G filed under?
This Schedule 13G is filed under Rule 13d-1(b), as indicated by the 'X' in the appropriate box.
Filing Stats: 920 words · 4 min read · ~3 pages · Grade level 8.1 · Accepted 2024-02-12 16:01:33
Filing Documents
- luva19_21224.htm (SC 13G/A) — 25KB
- 0001085146-24-001096.txt ( ) — 27KB
(a)
ITEM 1(a). NAME OF ISSUER: Southwest Airlines Co.
(b)
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: P.O. Box 36611, Dallas, TX 75235
(a)
ITEM 2(a). NAME OF PERSON FILING: PRIMECAP Management Company
(b)
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 177 E. Colorado Blvd., 11th Floor, Pasadena, CA 91105
(c)
ITEM 2(c). CITIZENSHIP: U.S.A.
(d)
ITEM 2(d). TITLE OF CLASS OF SECURITIES: COM
(e)
ITEM 2(e). CUSIP NUMBER: 844741108 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [X] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: ITEM 4. (a) Amount beneficially owned: 49,444,947 (b) Percent of class: 8.29% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 48,122,326 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or direct the disposition of: 49,444,947 (iv) shared power to dispose or to direct the disposition of: 0 ITEM 5. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securi