Primecap Management Co. CA Makes New $13.55 Million Investment in JetBlue Airways Corporation $JBLU

Primecap Management Co. CA bought a new stake in shares of JetBlue Airways Corporation (NASDAQ:JBLU) during the 2nd quarter, Holdings Channel.com reports. The fund bought 2,364,600 shares of the transportation company’s stock, valued at approximately $13,549,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stifel Financial Corp raised its position in shares of JetBlue Airways by 0.6% in the 4th quarter. Stifel Financial Corp now owns 326,990 shares of the transportation company’s stock worth $1,488,000 after acquiring an additional 1,928 shares in the last quarter. Vident Advisory LLC grew its position in shares of JetBlue Airways by 20.2% in the 4th quarter. Vident Advisory LLC now owns 13,232 shares of the transportation company’s stock worth $60,000 after buying an additional 2,226 shares during the last quarter. Essex Financial Services Inc. raised its stake in shares of JetBlue Airways by 12.4% during 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 raised its stake in shares of JetBlue Airways by 10.7% during 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 lifted its position in JetBlue Airways by 8.9% during the first quarter. Amundi now owns 39,447 shares of the transportation company’s stock valued at $174,000 after acquiring an additional 3,238 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at JetBlue Airways

In other news, CFO Ursula L. Hurley sold 77,253 shares of the business’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 sale, the chief financial officer directly owned 211,099 shares of the company’s stock, valued at $1,215,930.24. The trade was a 26.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 2.41% of the company’s stock.

JetBlue Airways Stock Performance

Shares of JetBlue Airways stock opened at $4.99 on Thursday. The company has a 50 day moving average price of $5.63 and a 200 day moving average price of $5.23. The firm has a market capitalization of $1.88 billion, a P/E ratio of -2.09 and a beta of 1.74. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 5.04. JetBlue Airways Corporation has a 52 week low of $3.87 and a 52 week high of $6.62.

JetBlue Airways (NASDAQ:JBLU) last released its earnings results on Tuesday, July 28th. The transportation company reported ($0.66) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.03. JetBlue Airways had a negative net margin of 9.32% and a negative return on equity of 45.92%. The company had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the previous year, the firm earned ($0.21) EPS. JetBlue Airways’s revenue was up 14.5% compared to the same quarter last year. Sell-side analysts expect that JetBlue Airways Corporation will post -2.31 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on JBLU shares. Citigroup downgraded shares of JetBlue Airways from a “neutral” rating to a “sell” rating and lowered their target price for the company from $6.60 to $5.30 in a research note on Friday, August 7th. The Goldman Sachs Group upped their price target on JetBlue Airways from $3.50 to $4.50 and gave the stock a “sell” rating in a research report on Thursday, July 2nd. Susquehanna increased their price objective on JetBlue Airways from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Bank of America raised their price objective on JetBlue Airways from $3.50 to $4.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 1st. Finally, Raymond James Financial restated an “underperform” rating on shares of JetBlue Airways in a research note on Monday, July 6th. Six equities research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $5.50.

JetBlue Airways 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.