Primecap Management Co. CA Purchases New Holdings in JetBlue Airways Corporation $JBLU

Key Points

• Primecap Management acquired 2.36 million JetBlue shares worth approximately $13.5 million in the second quarter, giving it a 0.63% stake. Institutional investors collectively own 83.71% of the company.
• Analyst sentiment remains cautious: JetBlue has a consensus rating of “Reduce”, with six Hold and six Sell ratings and an average price target of $5.50.
• JetBlue reported a quarterly loss of $0.66 per share, slightly better than estimates, while revenue rose 14.5% year over year to $2.70 billion. The company continues to face weak profitability, including a negative 9.32% net margin and negative 45.92% return on equity.

Primecap Management Co. CA acquired a new position in JetBlue Airways Corporation (NASDAQ:JBLU - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,364,600 shares of the transportation company's stock, valued at approximately $13,549,000. Primecap Management Co. CA owned 0.63% of JetBlue Airways at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in JBLU. Goldman Sachs Group Inc. grew its stake in shares of JetBlue Airways by 85.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 12,124,292 shares of the transportation company's stock valued at $55,166,000 after buying an additional 5,591,470 shares during the last quarter. Deutsche Bank AG boosted its holdings in JetBlue Airways by 1,157.9% during the 4th quarter. Deutsche Bank AG now owns 3,356,021 shares of the transportation company's stock valued at $15,270,000 after acquiring an additional 3,089,226 shares during the period. Par Capital Management Inc. grew its position in JetBlue Airways by 105.3% in the 2nd quarter. Par Capital Management Inc. now owns 5,487,425 shares of the transportation company's stock valued at $23,212,000 after acquiring an additional 2,814,870 shares during the last quarter. Bank of New York Mellon Corp bought a new position in JetBlue Airways in the 2nd quarter valued at $11,336,000. Finally, Tudor Investment Corp ET AL purchased a new stake in JetBlue Airways in the fourth quarter worth $8,795,000. Institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other JetBlue Airways news, CFO Ursula L. Hurley sold 77,253 shares of the stock in a transaction dated 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 directly owned 211,099 shares in the company, valued at $1,215,930.24. This represents a 26.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 analysts have recently issued reports on the stock. TD Cowen lowered their target price on shares of JetBlue Airways from $6.00 to $5.00 and set a "hold" rating for the company in a research note on Monday. Seaport Research Partners downgraded shares of JetBlue Airways from a "buy" rating to a "neutral" rating in a research note on Monday, August 17th. Susquehanna lifted their price objective on shares of JetBlue Airways from $5.00 to $6.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. The Goldman Sachs Group boosted their price objective on shares of JetBlue Airways from $3.50 to $4.50 and gave the company a "sell" rating in a research report on Thursday, July 2nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of JetBlue Airways in a research note on Friday, July 17th. Six analysts have rated the stock with a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, JetBlue Airways currently has a consensus rating of "Reduce" and an average target price of $5.50.

JetBlue Airways Price Performance

Shares of JBLU stock opened at $4.99 on Thursday. JetBlue Airways Corporation has a twelve month low of $3.87 and a twelve month high of $6.62. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -2.09 and a beta of 1.74. The stock has a fifty day simple moving average of $5.63 and a two-hundred day simple moving average of $5.23. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of 5.04.

JetBlue Airways (NASDAQ:JBLU - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The transportation company reported ($0.66) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.03. The business 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 business's revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.21) EPS. On average, analysts predict that JetBlue Airways Corporation will post -2.31 EPS for the current fiscal year.

JetBlue Airways Company Profile

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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