Acadian Asset Management LLC Buys 11,700 Shares of Southwest Gas Corporation $SWX

Key Points

• Acadian Asset Management LLC increased its stake in Southwest Gas Corporation by 105.9% during the first quarter, owning 22,748 shares valued at approximately $1.63 million.
• Other institutional investors also significantly boosted their holdings in Southwest Gas, with some increasing their positions by as much as 1,055.0%.
• Southwest Gas recently reported earnings of $0.53 EPS, exceeding estimates, although its quarterly revenue was down 5.2% year-over-year.

Acadian Asset Management LLC grew its stake in shares of Southwest Gas Corporation (NYSE:SWX - Free Report) by 105.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,748 shares of the utilities provider's stock after purchasing an additional 11,700 shares during the period. Acadian Asset Management LLC's holdings in Southwest Gas were worth $1,631,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its stake in shares of Southwest Gas by 1,055.0% during the 1st quarter. Farther Finance Advisors LLC now owns 462 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 422 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Southwest Gas by 144.0% in the first quarter. Headlands Technologies LLC now owns 510 shares of the utilities provider's stock worth $37,000 after buying an additional 301 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Southwest Gas by 1,001.8% in the first quarter. Golden State Wealth Management LLC now owns 606 shares of the utilities provider's stock worth $44,000 after buying an additional 551 shares in the last quarter. Quarry LP lifted its holdings in shares of Southwest Gas by 118.3% in the first quarter. Quarry LP now owns 751 shares of the utilities provider's stock worth $54,000 after buying an additional 407 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in Southwest Gas by 41.2% during the first quarter. UMB Bank n.a. now owns 833 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 243 shares during the last quarter. Institutional investors and hedge funds own 92.77% of the company's stock.

Southwest Gas Stock Performance

SWX traded down $0.54 during trading on Friday, reaching $78.46. 1,148,070 shares of the company were exchanged, compared to its average volume of 355,365. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.07. Southwest Gas Corporation has a 52 week low of $64.69 and a 52 week high of $80.54. The firm has a 50 day moving average of $78.33 and a 200 day moving average of $74.60. The stock has a market cap of $5.65 billion, a P/E ratio of 29.28, a PEG ratio of 2.04 and a beta of 0.55.

Southwest Gas (NYSE:SWX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.11. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.17 billion. Southwest Gas had a return on equity of 6.98% and a net margin of 4.06%.The company's revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.25 earnings per share. On average, sell-side analysts forecast that Southwest Gas Corporation will post 3.03 EPS for the current fiscal year.

Southwest Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.2%. Southwest Gas's dividend payout ratio is currently 92.54%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Bank of America raised shares of Southwest Gas from a "neutral" rating to a "buy" rating and raised their price target for the stock from $76.00 to $84.00 in a research note on Friday, August 29th. Wall Street Zen upgraded shares of Southwest Gas from a "hold" rating to a "buy" rating in a research note on Friday, June 27th. Jefferies Financial Group lifted their target price on shares of Southwest Gas from $82.00 to $88.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Finally, JPMorgan Chase & Co. cut their target price on shares of Southwest Gas from $79.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.25.

About Southwest Gas

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.