Bank of New York Mellon Corp Takes Position in JetBlue Airways Corporation $JBLU

Key Points

• Bank of New York Mellon acquired 1.98 million JetBlue shares during the second quarter, valued at approximately $11.3 million and representing about 0.52% of the company.
• JetBlue remains heavily institutionally owned, with institutions and hedge funds holding 83.71% of shares. CFO Ursula L. Hurley sold 77,253 shares under a pre-arranged Rule 10b5-1 plan.
• Analysts maintain a cautious outlook, with a consensus rating of “Reduce” and an average price target of $5.50. JetBlue recently reported a quarterly loss of $0.66 per share, though revenue rose 14.5% year over year to $2.70 billion.

Bank of New York Mellon Corp acquired a new stake in shares of JetBlue Airways Corporation (NASDAQ:JBLU - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,978,332 shares of the transportation company's stock, valued at approximately $11,336,000. Bank of New York Mellon Corp owned approximately 0.52% of JetBlue Airways at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Stifel Financial Corp boosted its position in shares of JetBlue Airways by 0.6% in the fourth quarter. Stifel Financial Corp now owns 326,990 shares of the transportation company's stock worth $1,488,000 after buying an additional 1,928 shares during the period. Vident Advisory LLC raised its position in JetBlue Airways by 20.2% during the fourth quarter. Vident Advisory LLC now owns 13,232 shares of the transportation company's stock valued at $60,000 after buying an additional 2,226 shares during the period. Essex Financial Services Inc. lifted its stake in JetBlue Airways by 12.4% in the 4th quarter. Essex Financial Services Inc. now owns 23,504 shares of the transportation company's stock worth $107,000 after acquiring an additional 2,599 shares in the last quarter. Cetera Investment Advisers lifted its stake in JetBlue Airways by 10.7% in the 2nd quarter. Cetera Investment Advisers now owns 30,678 shares of the transportation company's stock worth $130,000 after acquiring an additional 2,954 shares in the last quarter. Finally, Amundi boosted its position in JetBlue Airways by 8.9% during the 1st quarter. Amundi now owns 39,447 shares of the transportation company's stock worth $174,000 after acquiring an additional 3,238 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at JetBlue Airways

In other news, CFO Ursula L. Hurley sold 77,253 shares of the firm's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $5.76, for a total transaction of $444,977.28. Following the transaction, the chief financial officer owned 211,099 shares in the company, valued at approximately $1,215,930.24. This trade represents a 26.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group upped their target price on JetBlue Airways from $4.00 to $4.50 and gave the company a "sell" rating in a report on Tuesday, June 23rd. Susquehanna raised their price target on shares of JetBlue Airways from $5.00 to $6.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Raymond James Financial reaffirmed an "underperform" rating on shares of JetBlue Airways in a research report on Monday, July 6th. TD Cowen dropped their price objective on shares of JetBlue Airways from $6.00 to $5.00 and set a "hold" rating on the stock in a research note on Monday, August 24th. Finally, The Goldman Sachs Group increased their target price on shares of JetBlue Airways from $3.50 to $4.50 and gave the stock a "sell" rating in a research report on Thursday, July 2nd. Six equities research analysts have rated the stock with a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $5.50.

JetBlue Airways Stock Down 2.8%

Shares of JetBlue Airways stock opened at $4.47 on Wednesday. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -1.87 and a beta of 1.71. The stock has a 50-day simple moving average of $5.55 and a 200-day simple moving average of $5.19. JetBlue Airways Corporation has a 52-week low of $3.87 and a 52-week high of $6.62. The company has a debt-to-equity ratio of 5.04, a current ratio of 0.70 and a quick ratio of 0.63.

JetBlue Airways (NASDAQ:JBLU - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The transportation company reported ($0.66) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.03. The firm had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.69 billion. JetBlue Airways had a negative return on equity of 45.92% and a negative net margin of 9.32%.The firm's revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.21) earnings per share. On average, equities research analysts expect that JetBlue Airways Corporation will post -2.33 earnings per share for the current fiscal year.

About JetBlue Airways

JetBlue Airways Corporation is a low-cost scheduled passenger airline headquartered in Long Island City, New York. Since commencing service in 2000, the carrier has built a reputation for combining competitive fares with enhanced onboard amenities, including free in-flight entertainment, complimentary snacks and beverages, and onboard Wi-Fi. JetBlue operates a single fleet type of Airbus A320 family and Embraer 190 aircraft, which supports its focus on efficiency and operational consistency.

The airline's core offerings include economy-class travel and a premium business-class product known as Mint, which features lie-flat seats, curated culinary options and elevated service on select transcontinental and international routes.

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