United Airlines Holdings Inc. (UAL) is a holding company that, primarily through its subsidiary United Airlines Inc., transports both passengers and cargo. The company makes use of a hub and spoke system to transport passengers between destinations in the U.S. as well as in Asia, Europe, Africa, the Middle East, Latin America, and the Pacific. United contracts with regional carriers under the brand United Express, and with global airlines as a member of Star Alliance. In response to a significant decline in passenger demand related to the COVID-19 pandemic, United cut its scheduled capacity for 2020 by more than half relative to 2019.
The pandemic has heavily impacted United's financials. The company has 12-month trailing net income of -$7.1 billion and 12-month trailing revenue of $15.4 billion. The market capitalization of United is $18.1 billion. These figures are as of April 12, 2021.
The top individual shareholders of United Airlines are Oscar Munoz, J. Scott Kirby, and Brett J. Hart, and the top institutional shareholders are Vanguard Group Inc., PRIMECAP Management Co., and BlackRock Inc. (BLK).
"Insider" refers to people in senior management positions and members of the board of directors, as well as people or entities that own more than 10% of the company's stock. In this context, it has nothing to do with insider trading.
Top 3 Individual Insider Shareholders
Oscar Munoz holds 176,046 shares of United Airlines, representing 0.05% of outstanding shares. Munoz has been executive chairman of the board of the company since May 2020. Prior to that, he served as CEO from 2015 to 2020 and was president from 2015 to 2016. Before joining United, Munoz held executive leadership positions at CSX Corp. (CSX), a railroad and intermodal transportation services company. Munoz also serves on the boards of CBRE Group Inc. (CBRE) and Univision Holdings Inc. (UVN).
J. Scott Kirby
J. Scott Kirby holds 130,898 shares of United Airlines, representing 0.04% of outstanding shares. Kirby was president of the company from 2016 to 2020 and became CEO in May 2020. Prior to United, Kirby was president of American Airlines from 2013 to 2016 and president of U.S. Airways from 2006 to 2013. He also serves as chairman of the Star Alliance Chief Executive Board.
Brett J. Hart
Brett J. Hart holds 108,090 shares of United Airlines, representing 0.03% of outstanding shares. Hart is president of United Airlines Holdings Inc., a position he has held since May 2020. Hart joined United in 2010 and was most recently executive vice president and chief administrative officer. He served as interim CEO for 6 months in 2015. Hart oversees United's public advocacy strategy including the Government Affairs, Corporate Communications, Legal and Community Engagement teams, as well as the Corporate Real Estate team and other efforts. Hart is a board member of AbbVie Inc. (ABBV).
Top 3 Institutional Shareholders
According to Whale Wisdom, more than 500 13F filers held United Airlines stock as of the end of Q4 2020. 5 of them included United Airlines in their top 10 holdings. 67.6% of United Airlines stock is held by institutional shareholders.
Vanguard Group Inc.
Vanguard Group Inc. owns roughly 30 million shares of United Airlines, or 9.4% of all outstanding shares based on its 13F filed for the period ending Dec. 31, 2020. Vanguard is primarily a mutual fund and ETF management company with about $6.2 trillion in global assets under management (AUM) as of Jan. 31, 2020. Vanguard clients can invest in United Airlines stock through the company's Vanguard Mid-Cap Value ETF (VOE). United Airlines accounts for 0.5% of the fund's portfolio.
PRIMECAP Management Co.
PRIMECAP Management owns 28.4 million shares of United Airlines, representing 8.9% of total shares outstanding, according to the company's 13F filing for the period ending Dec. 31, 2020. PRIMECAP is an investment management company that manages U.S.-focused equity portfolios for institutions and mutual funds. The company has discretionary AUM of about $147 billion. The PRIMECAP Odyssey Growth Fund holds shares of United Airlines. The company accounts for about 1.1% of the fund's portfolio.
BlackRock Inc. holds 15.5 million shares of United Airlines based on its 13F filing for the period ending Dec. 31, 2020, accounting for 4.9% of all outstanding United shares. BlackRock, one of the world's biggest asset managers, is primarily a mutual fund and ETF management company with approximately $8.7 trillion in AUM as of the end of 2020. The iShares Transportation Average ETF (IYT) holds United Airlines stock. United stock represents about 2.4% of the fund's portfolio.