Connor Clark & Lunn Investment Management Ltd. Boosts Stake in JetBlue Airways Corporation (NASDAQ:JBLU)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in JetBlue Airways by 85.0%, acquiring an additional 717,230 shares, bringing their total to 1,560,958 shares valued at approximately $7.5 million.
• Despite the acquisition, JetBlue's stock dropped 1.4%, currently trading at a price of $4.27, with analysts predicting a challenging outlook with multiple 'sell' and 'hold' ratings.
• JetBlue reported earnings of ($0.16) EPS, beating estimates, and generated revenue of $2.36 billion, surpassing analyst expectations, but has a negative net margin and return on equity.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of JetBlue Airways Corporation (NASDAQ:JBLU - Free Report) by 85.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,560,958 shares of the transportation company's stock after acquiring an additional 717,230 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.44% of JetBlue Airways worth $7,524,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its stake in shares of JetBlue Airways by 3.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,964,013 shares of the transportation company's stock valued at $33,567,000 after buying an additional 238,342 shares during the period. Credit Capital Investments LLC bought a new stake in shares of JetBlue Airways in the first quarter valued at $169,000. ING Groep NV bought a new stake in shares of JetBlue Airways in the first quarter valued at $4,820,000. one8zero8 LLC raised its stake in shares of JetBlue Airways by 26.4% in the first quarter. one8zero8 LLC now owns 31,600 shares of the transportation company's stock valued at $152,000 after buying an additional 6,600 shares during the period. Finally, Journey Strategic Wealth LLC bought a new stake in shares of JetBlue Airways in the first quarter valued at $84,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

JetBlue Airways Stock Performance

Shares of NASDAQ JBLU traded up $0.33 during mid-day trading on Wednesday, hitting $5.12. The company had a trading volume of 30,344,719 shares, compared to its average volume of 18,691,334. JetBlue Airways Corporation has a 1 year low of $3.34 and a 1 year high of $8.31. The stock's 50-day moving average price is $4.45 and its 200-day moving average price is $5.01. The company has a current ratio of 0.88, a quick ratio of 0.84 and a debt-to-equity ratio of 3.21. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -4.65 and a beta of 1.80.

JetBlue Airways (NASDAQ:JBLU - Get Free Report) last posted its earnings results on Tuesday, July 29th. The transportation company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.15. JetBlue Airways had a negative return on equity of 15.59% and a negative net margin of 4.22%. The business had revenue of $2.36 billion during the quarter, compared to analysts' expectations of $2.26 billion. On average, sell-side analysts forecast that JetBlue Airways Corporation will post -0.69 earnings per share for the current year.

Wall Street Analyst Weigh In

JBLU has been the topic of several research reports. Raymond James Financial lowered JetBlue Airways from an "outperform" rating to a "market perform" rating in a research note on Thursday, May 15th. Susquehanna restated a "neutral" rating on shares of JetBlue Airways in a research note on Tuesday, July 29th. Citigroup set a $5.00 target price on JetBlue Airways and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Wall Street Zen upgraded JetBlue Airways to a "sell" rating in a research report on Thursday, May 15th. Finally, Barclays reiterated an "underweight" rating on shares of JetBlue Airways in a research report on Tuesday, July 29th. Five research analysts have rated the stock with a sell rating and eight have given a hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $5.16.

About JetBlue Airways

JetBlue Airways Corporation provides air transportation services. The company operates a fleet of Airbus A321, Airbus A220, Airbus A321neo, Airbus A320 Restyled, Airbus A320, Airbus A321 with Mint, Airbus A321neo with Mint, Airbus A321neoLR with Mint, and Embraer E190 aircraft. It also serves 100 destinations across the United States, the Caribbean and Latin America, Canada, and Europe.