SWX Southwest Gas Holdings, Inc. Insider Trading

Icahn sells 1,500,000 SWX shares at $77.91 (9/25/25), reducing stake from 7.53M to 6.03M shares

Carl Icahn sold 1,500,000 shares of Southwest Gas Holdings at $77.91, reducing his position by 19.9% from 7,532,604 to 6,032,604 shares. The sale occurred near the 52-week high of $79.93, with the stock trading at $78.13 currently (-2.2% from that peak). The company is unprofitable in the latest quarter with net income of $-12,883,000, though annual revenue grew 9.6% to $1,079,184,000. Icahn's cross-ticker track record shows 20 prior buys with a 90-day win rate of 100.00% and average 90-day returns of +6.6%, but this is his first quantified sale in the open-market history provided, offering limited historical context for sell-side pattern recognition at this specific holding.

Director Brian E Sandoval bought 24 SWX shares at $78.57; post-transaction holdings: 1,561 shares

Brian E Sandoval, a director at Southwest Gas Holdings, purchased 24 shares at $78.57 on 2025-09-10, bringing his total holdings to 1,561 shares—a 1.6% increase from pre-transaction levels. The purchase occurred near the upper end of the 52-week range ($66.91–$79.93), with the stock currently trading at $79.10, just 1.0% below its 52-week high. The transaction's modest size ($1,885.68) and magnitude relative to his existing position suggest a routine position adjustment rather than a concentrated conviction signal. Company fundamentals show elevated valuation (P/E: 29.41) alongside recent net income loss of $-12.9M, despite annual revenue growth of 9.6%.

SWX CFO Stefani sells 7,000 shares at $75.00 (−22.1% of holdings); stock currently $74.39, near 52-week high.

Stefani Robert J, SVP/CFO/Controller, sold 7,000 shares (22.1% of his then-holdings) at $75.00 on 2025-06-27, reducing his position to 24.7K shares. The sale occurred when SWX was trading near its 52-week high of $79.16 (current price $74.39 is 6.0% below that peak). His prior two sales at this ticker on 2024-08-27 and 2024-08-26 were followed by positive 90-day returns of +9.1% and +6.0% respectively, indicating the stock rose after those sales rather than declined—neither was well-timed. This sale represents a material reduction in a CFO's personal stake, though the context (timing near 52-week highs) and the insider's prior mixed timing record provide limited clarity on forward signal.

Icahn sells 2.10M SWX shares ($156.7M) at $74.60, reducing stake 21.8% to 7.53M shares

Carl Icahn sold 2,100,000 shares of Southwest Gas Holdings at $74.60 on 2025-03-24, a single large disposal reducing his stake from 9,632,604 shares to 7,532,604 shares and cutting his ownership position by 21.8%. The sale occurred when SWX traded above recent session prices (current price $72.95 is -7.8% from the 52-week high of $79.16), placing the transaction near year-to-date momentum zones. Icahn's cross-ticker track record shows 20 prior open-market buys with no listed sell outcomes, meaning this sale lacks comparable historical framing within his measurable activity across all holdings. The stock trades at a P/E of 23.09 against $1.1B quarterly revenue and +9.6% annual revenue growth, neither signaling distress; the disposal represents a significant reduction in what was a controlling 10% owner position rather than a complete exit.

Carl Icahn sells 1,390,000 SWX shares ($106.7M) at $76.74; retains 9.63M (13.4% of float)

Icahn executed a $106,668,600.00 block sale of Southwest Gas, reducing his stake by 1,390,000 shares (12.6% reduction from 11.02M to 9.63M) while maintaining a substantial 9.63M-share position. His prior five trades at SWX were all buys (September 2023) with a 100% well-timed rate at 90 days, suggesting conviction in the name; this sale at $76.74 occurs after the stock has moved +3.5% in 30 days and +6.8% in 90 days from transaction date, near the 52-week high of $79.11. Across his broader portfolio, Icahn's sell history shows a 50.00% well-timed rate with an average 90-day return of -8.1% post-sale, compared to his buy track record of 71.43% well-timed at 90 days. The magnitude and timing of this partial liquidation warrant monitoring given his historically reliable entry patterns at this ticker, though the sale does not eliminate his substantial 9.63M remaining position.

CFO Robert J Stefani sells 11,000 shares of SWX for $798,640.99; post-transaction holdings decline 24.9% to 33,205 shares.

Stefani Robert J, SVP/Chief Financial Officer, executed 2 separate sales totaling 11,000 shares for $798,640.99 (blended average price $72.60) on 2024-08-26 and 2024-08-27. The transaction reduced his post-transaction holdings from 44,205 shares to 33,205 shares, representing a 24.9% reduction in his equity stake. The sale occurred at prices ($73.14 and $72.56) near the current price of $71.68 and within the 52-week range; the stock is -8.5% from its 52-week high, -1.1% over 30 days, and -4.7% over 90 days. As CFO, Stefani's equity decisions carry signaling weight; a substantial reduction in his holdings warrants monitoring by investors who track insider alignment with shareholder interests.