Exploring Sun Country Airlines Holdings, Inc. (SNCY) Investor Profile: Who’s Buying and Why?

You're looking at Sun Country Airlines Holdings, Inc. (SNCY) and wondering why the smart money is still circling a stock trading near a $12.38 share price as of November 2025, especially after a mixed year of airline performance. Honestly, the investor profile tells a story of conviction in the company's diversified model-cargo, charter, and scheduled service-which delivered Year-to-Date (YTD) 2025 revenue of roughly $846.5 million and a YTD diluted EPS of $0.81 through September. Big players like BlackRock, Inc. and Vanguard Group Inc. hold millions of shares, with the total institutional value of holdings sitting at a robust $788 million; that's a lot of capital betting on the long-term strategy. Are you comfortable with the risk profile when institutions like Frontier Capital Management Co Llc are decreasing their positions, even as the company completed $10 million in stock repurchases to boost shareholder value? We'll break down exactly which of the 488 institutional owners are buying, who's selling, and whether SNCY's unique focus on high-margin ancillary revenue makes it a defintely buy or a cautious hold in the near-term.

Who Invests in Sun Country Airlines Holdings, Inc. (SNCY) and Why?

The investor base for Sun Country Airlines Holdings, Inc. (SNCY) is a clear reflection of its unique, diversified business model, which blends scheduled service with high-margin cargo and charter operations. You see a mix of large institutional players focused on long-term stability and hedge funds chasing the growth story, particularly in the cargo segment.

As of the third quarter of 2025, institutional owners-the mutual funds, pension funds, and investment advisors-hold the majority stake, with a total of 488 institutional owners holding 79,819,011 shares of Sun Country Airlines Holdings, Inc.. This massive institutional presence shows a belief in the company's structural advantages over traditional low-cost carriers.

Key Investor Types and Their Footprint

The institutional landscape for Sun Country Airlines Holdings, Inc. is dominated by a few giants, which points to a strong passive and index-following component. These large asset managers often take a long-term view, essentially holding the stock because it's part of a broader index or sector-specific fund.

• Passive Institutional Investors: Firms like BlackRock, Inc. and Vanguard Group Inc. are the top holders. As of September 30, 2025, BlackRock, Inc. held 7,654,368 shares, and Vanguard Group Inc. held 4,817,742 shares. They are typically long-term holders, valuing the stock for its inclusion in various exchange-traded funds (ETFs) and index funds.
• Hedge Funds and Active Managers: These players, like Citadel Advisors Llc, are more active. While they represent a smaller portion of the total shares, their trading activity is significant. Hedge funds collectively increased their holdings by 50.3K shares in the most recently reported quarter. They are often focused on the near-term catalysts and valuation gaps.
• Retail Investors: While harder to track precisely, the retail segment is attracted to the stock's relatively low price-to-earnings (P/E) ratio of 10.83 (trailing) and the strong growth forecast, which suggests the stock is undervalued at current levels.

Investment Motivations: Predictable Profitability and Cargo Growth

The primary attraction for investors is Sun Country Airlines Holdings, Inc.'s unique, de-risked business model, which insulates it from the volatility that plagues the broader airline sector. This is a crucial distinction from its peers.

The cargo segment, specifically the contract with Amazon, is the linchpin. This partnership, which was extended through 2030, provides predictable, guaranteed revenue and passes fuel costs directly through to the customer. The company completed its cargo fleet expansion to 20 freighter aircraft by Q3 2025, which drove cargo revenue up a massive 50.9% year-over-year in that quarter. Honestly, that kind of guaranteed growth is rare in the airline business.

For the full year of 2025, the company expects to spend between $80 million and $90 million on capital expenditures (CapEx), a manageable number that supports the growth without over-leveraging. This financial discipline, coupled with the predictable revenue, is the core of the investment thesis. If you want to dive deeper into the company's long-term vision, you can review the Mission Statement, Vision, & Core Values of Sun Country Airlines Holdings, Inc. (SNCY).

Investment Strategies: Value, Growth, and Shareholder Returns

Investors employ a few key strategies here, all centered on the idea that the market has not fully priced in the value of the cargo business and the overall profitability.

The value case is strong because the trailing twelve-month revenue is approximately $1.09 billion, and the stock trades at a low multiple compared to its expected earnings. The growth investors are focused on the rapid expansion of the cargo segment, which is a clear, defintely measurable catalyst. The company's consistent profitability-reporting its thirteenth consecutive profitable quarter in Q3 2025-appeals to both conservative and growth-oriented funds.

Institutional Ownership and Major Shareholders of Sun Country Airlines Holdings, Inc. (SNCY)

You're looking at Sun Country Airlines Holdings, Inc. (SNCY) and wondering who's truly driving the bus. The direct takeaway is this: institutional investors-the big money-own the vast majority of the company, and their recent activity shows a clear accumulation trend, particularly from passive giants, signaling confidence in the company's hybrid model and its aggressive cargo expansion.

As of the third quarter 2025 (Q3 2025) filings, institutional holders own over 63.64 million shares of SNCY, valued at approximately $788 million, based on the stock price of approximately $12.38 per share in November 2025. This high level of institutional ownership, which is over 100% of the public float due to reporting mechanics, means the stock's price action is heavily influenced by their collective decisions. It's defintely a stock where you need to watch the big players.

Top Institutional Investors and Their Shareholdings

The largest shareholders are the indexing and passive investing behemoths, which is typical for a publicly-traded company. Blackrock, Inc. and Vanguard Group Inc. hold the top two spots, providing a foundational stability to the stock's ownership structure. These funds buy shares to track indices, so their holdings reflect SNCY's inclusion in various small-cap and total market benchmarks.

Here's a snapshot of the top institutional holders and their positions as of September 30, 2025:

Here's the quick math: The top two institutions alone-Blackrock, Inc. and Vanguard Group Inc.-hold a combined total of over 12.47 million shares.

Changes in Ownership: Who's Buying and Selling?

The recent ownership data shows a net accumulation trend from institutions. In the third quarter of 2025, there were 97 institutions that increased their positions, acquiring a total of 7,788,732 shares. This accumulation outpaced the selling activity, where 113 institutions decreased their stakes, selling a total of 5,144,462 shares.

• Blackrock, Inc. boosted its position by 14.417%, adding 964,502 shares.
• Vanguard Group Inc increased its holdings by 13.937%, adding 589,323 shares.
• Ameriprise Financial Inc was a notable seller, reducing its position by 17.042%, or 541,734 shares.

This suggests that while passive funds are steadily adding shares, active managers are having a mixed view, with some reducing their exposure perhaps to lock in gains or reallocate capital, but with net institutional buying overall.

Impact of Institutional Investors on Stock Price and Strategy

The large institutional footprint plays a crucial role in Sun Country Airlines Holdings, Inc.'s stock price and strategy. First, the high ownership percentage provides a significant floor of stability. Passive funds like Vanguard and Blackrock are long-term holders, so they don't panic-sell on minor news, which reduces daily volatility. Second, the Q3 2025 accumulation aligns with the company's strategic pivot toward high-margin cargo operations. Management highlighted its focus on cargo expansion, growing its fleet to 20 aircraft and seeing a 60% year-on-year cargo revenue increase in September.

The institutional accumulation is a vote of confidence in this strategy, which is designed to diversify revenue away from purely scheduled passenger service. This strategic focus is critical for the airline's long-term value proposition, which you can read more about here: Mission Statement, Vision, & Core Values of Sun Country Airlines Holdings, Inc. (SNCY). Also, the analyst community is broadly positive, with a consensus rating of "Moderate Buy" and an average price target of $19.43, which is a significant premium to the current price. This consensus helps underpin institutional buying. The strategy is working: Q3 2025 revenue hit a record $256 million, and charter revenue grew 15.6%. These are the numbers that keep the big funds interested.

Next Step: You should monitor the Q4 2025 13F filings (due in early 2026) to see if active funds like Citadel Advisors Llc continue their accumulation, which would signal stronger conviction in the stock's near-term trajectory.

Key Investors and Their Impact on Sun Country Airlines Holdings, Inc. (SNCY)

You want to know who is buying Sun Country Airlines Holdings, Inc. (SNCY) and what that means for your investment. The short answer is that the investor base is dominated by massive, passive institutional funds, but the recent action shows a split between those trimming their bets and active managers who see a deep-value opportunity in the airline's hybrid model.

As of the third quarter of 2025, institutional investors hold the vast majority of Sun Country Airlines' stock. These are not activist investors looking to force a sale, but the behemoths of the financial world-firms like BlackRock, Inc. and Vanguard Group Inc. Their sheer size means they have a quiet, but powerful, influence on governance and long-term strategy, mostly through proxy voting.

• BlackRock, Inc.: Held the largest stake at 7,654,368 shares as of September 30, 2025.
• Vanguard Group Inc.: Held the second-largest position with 4,817,742 shares.
• Dimensional Fund Advisors LP: A notable active buyer, increasing its position by 9.8% to hold 2,523,691 shares.

These top holders are essentially index-tracking funds. They buy and hold because Sun Country Airlines is part of the small-cap indices they track, not because an analyst is pounding the table on a short-term trade. This passive ownership provides a stable floor for the stock, but it also means the stock can be slow to react to operational improvements. You can learn more about the underlying business strategy that attracts these investors by reviewing the Mission Statement, Vision, & Core Values of Sun Country Airlines Holdings, Inc. (SNCY).

Recent Investor Moves: The Cargo-Driven Split

The recent moves in 2025 show a clear divergence in strategy, reflecting the market's mixed view on the airline's pivot toward its highly profitable cargo business with Amazon. This is where the money is moving.

While BlackRock, Inc. ultimately increased its position in the third quarter, it did execute a notable sale earlier in the year, reducing its stake by 1,064,370 shares on March 31, 2025, at a price of $12.32 per share. This kind of rebalancing by a giant fund can create short-term selling pressure. Conversely, other institutional players have been adding. Campbell & CO Investment Adviser LLC, for example, bought a new stake of 44,038 shares, valued at approximately $517,000 in the second quarter. The active managers are clearly seeing a bargain.

Here's the quick math on the strategic shift: Sun Country Airlines' focus on cargo expansion, which saw its fleet grow to 20 freighter aircraft by Q3 2025, is driving revenue. Cargo revenue for September 2025 was up a massive 60% year-on-year. This growth, however, required shifting resources, which is why scheduled service capacity (ASMs) was down 10.2% in Q3 2025. Investors are weighing the long-term stability of the cargo contract against the near-term passenger capacity cuts.

What this estimate hides is the insider sentiment. Insiders, including CEO Jude Bricker, have been net sellers, offloading a total of 8,853 shares over a recent quarter. While insiders still own about 5% of the company, this selling suggests that those closest to the operations may feel the stock is defintely fully valued at its current price of around $11.37 (as of November 2025) despite the analyst target of $19.43. It's a classic tension between the market's long-term optimism and management taking some chips off the table.

Investor Influence: Passive Power vs. Active Pressure

The influence of the largest investors is mostly passive. BlackRock, Inc. and Vanguard Group Inc. are not pushing for board seats or major operational changes; they are primarily capital allocators. Their influence is structural, ensuring the company adheres to good governance practices and long-term value creation. The real pressure for operational efficiency comes from the smaller, more active hedge funds and investment managers who see the stock as deeply undervalued, especially given the strong cargo revenue growth.

The management team, however, is clearly in the driver's seat, using the balance sheet to execute their hybrid strategy. They spent $10 million on share repurchases in Q3 2025, signaling confidence that the stock is cheap. This action, buying back stock when the price is low, is the most direct way management can influence the stock's movement and signal value to the market. It's a strong, concrete move.

Next Step: Review the latest 13F filings from Citadel Advisors Llc and Par Capital Management Inc. to see if their Q4 2025 moves indicate a shift toward more activist engagement or continued passive accumulation.

Market Impact and Investor Sentiment

The investor profile for Sun Country Airlines Holdings, Inc. (SNCY) is defintely dominated by institutional money, which signals a strong, albeit volatile, conviction in the company's hybrid business model. Institutions hold a staggering 94.3% of the shares outstanding, representing over 65.8 million shares as of late 2025. This high ownership percentage is a crucial vote of confidence, but it also means the stock price is highly susceptible to the trading decisions of a few large funds.

The sentiment is best described as cautiously positive, leaning on the company's unique blend of scheduled passenger service, charter, and a rapidly expanding cargo business. For instance, BlackRock, Inc. is one of the largest shareholders, holding 7,414,694 shares, which amounts to 14.1% of the company. When you see a firm of that size commit that much capital, they are betting on the long-term strategic direction, specifically the cargo and charter contracts that provide stability against the highly competitive leisure airline market.

• Institutions own 94.3% of shares, a huge conviction signal.
• BlackRock, Inc. holds 14.1% of the company.
• Hedge funds account for about 4.03% of ownership.

Stock Reactions to Ownership and Earnings

The market's reaction to Sun Country Airlines Holdings, Inc.'s performance in 2025 has been a bit of a mixed bag, showing the tension between strong fundamentals and broader sector concerns. For example, following the Q2 2025 earnings release on August 1, 2025, the stock price actually fell by 10.09% to $11.59, even though the company beat analyst expectations with an earnings per share (EPS) of $0.14 on revenue of $263.6 million. That's the market punishing the stock on sector-wide fears, not the company's performance.

But then, the Q3 2025 results in October showed a more positive investor response. When the company reported Q3 revenue of $256 million and an adjusted EPS of $0.07, which met expectations, the stock price rose by 3.77% to close at $10.61. This suggests that while near-term volatility is high-a beta of 1.62 confirms this-investors are rewarding consistency and the cargo segment's strength, which saw revenue surge by 50.9% to $44 million in Q3 2025.

Here's the quick math: the stock can drop hard on macro news, but it snaps back on execution. Recent institutional buying activity further underscores this selective optimism. Dimensional Fund Advisors LP, for instance, increased its position by 9.8% to hold 2,523,691 shares as of November 2025. Plus, American Century Companies Inc. boosted its holding by 8.2% to nearly 2 million shares.

Analyst Consensus and Key Investor Influence

The analyst community views Sun Country Airlines Holdings, Inc. with a consensus rating of Moderate Buy, which is a clear signal to acquire shares. The average 12-month price target is set at $19.43, implying an upside potential of about 71.5% from the recent price of $11.33. This bullish outlook is largely driven by the company's strong valuation metrics and growth forecasts.

The stock is trading at a forward P/E ratio of 10.37 and an EV/EBITDA of 5.12, which makes it look cheap compared to the broader market. Analysts expect earnings to grow by a significant 40.63% in the coming year, from $1.92 to $2.70 per share. This growth is tied directly to the cargo expansion, where the fleet reached 20 aircraft by Q3 2025, a key milestone.

The influence of major investors like BlackRock, Inc. and The Vanguard Group, Inc. (holding 9.14% of shares) is less about day-to-day trading and more about validating the long-term strategy. Their massive holdings stabilize the stock and signal that the dual focus on leisure travel and the Amazon cargo contract is a sustainable, cash-flow-rich model. You can read more about the company's strategic direction in the Mission Statement, Vision, & Core Values of Sun Country Airlines Holdings, Inc. (SNCY).

Here is a snapshot of key institutional holdings and their recent activity:

What this estimate hides is the small but consistent selling by insiders, which totaled approximately 5,706 shares in the three months leading up to September 2025. While a minor amount in the grand scheme, it's a data point to watch, as insider selling can sometimes suggest that those closest to the business see less upside than the public market. Still, the overwhelming institutional buying power and the analyst consensus suggest the smart money remains bullish on the company's ability to execute on its diversified strategy.