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Erin Rose Neale, Senior Vice President, General Counsel, and Secretary at Sun Country Airlines Holdings, Inc. (NASDAQ:SNCY), recently sold shares of the company. The airline, currently valued at $762 million, has shown strong momentum with a 45% price surge over the past six months according to InvestingPro data. On December 16, Neale sold 1,738 shares of common stock at a price of $14.88 per share, amounting to a total transaction value of $25,861. Following this sale, Neale retains ownership of 30,142 shares. The transaction was conducted under a Rule 10b5-1 trading plan, which was adopted on September 12, 2024. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which covers this and 1,400+ other US equities.
In other recent news, Sun Country Airlines has reported mixed results for Q3 2024. The airline disclosed total revenue for the quarter at $249.5 million, mirroring the previous year's figures. Despite a 3% decrease in passenger segment revenue and a 5.9% reduction in scheduled service revenue, the cargo segment saw a record revenue of $29.2 million, up 11.9%, with further growth expected.
Goldman Sachs has resumed coverage on Sun Country Airlines, assigning a Neutral rating to the carrier's shares. The firm highlighted the airline's robust margins, attributed to its distinctive approach of seasonal capacity management and the stability provided by long-term contracts in its cargo and charter operations. The airline's financial health is expected to strengthen as it capitalizes on its existing assets and new contract opportunities.
Looking ahead, Sun Country projects Q4 revenue between $250 million and $260 million, with an operating margin of 7% to 9%. The company plans to add five leased Oman aircraft by the end of 2024. While share buybacks are not in the immediate pipeline, the possibility will be reviewed in 2025. These recent developments are part of the airline's strategic plans.
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