United Airlines Holdings, Inc. (NASDAQ: UAL) is one of the world’s largest airlines, operating a broad domestic and international network across major global hubs. Shares recently traded around $113 per share, giving United Airlines a market value of roughly $35.7 billion.
After a volatile period for the airline industry, United Airlines’ stock has rebounded meaningfully, supported by improving profitability and steadier travel demand. Looking at who owns United Airlines and how insiders have been trading helps show how large investors and company leadership appear to be positioned today.
Who Are United Airlines’ Top Shareholders?
United Airlines’ shareholder base is led by major institutional investors. These firms tend to hold through market cycles, which can help keep long term ownership relatively stable. Active managers have adjusted positions in both directions, showing a blend of confidence and caution.
- The Vanguard Group: 37,277,617 shares (11.51%), ~$4.11B value. Cut 5,658 shares (0.02%).
- Capital International Investors: 22,015,466 shares (6.80%), ~$2.43B value. Added 19,857 shares (+0.09%).
- PRIMECAP Management Company: 18,002,960 shares (5.56%), ~$1.99B value. Cut 831,750 shares (4.42%).
- BlackRock Institutional Trust Company: 15,423,855 shares (4.76%), ~$1.70B value. Cut 213,930 shares (1.37%).
- Sanders Capital, LLC: 14,773,585 shares (4.56%), ~$1.63B value. Added 258,670 shares (+1.78%).
- Fidelity Management & Research Company: 13,929,601 shares (4.30%), ~$1.54B value. Added 5,367,889 shares (+62.70%).
- State Street Investment Management: 11,457,238 shares (3.54%), ~$1.26B value. Cut 113,855 shares (0.98%).
- Geode Capital Management: 8,944,166 shares (2.76%), ~$986M value. Added 124,290 shares (+1.41%).
- Capital World Investors: 7,243,066 shares (2.24%), ~$799M value. Added 783,551 shares (+12.13%).
- Dimensional Fund Advisors: 5,460,894 shares (1.69%), ~$602M value. Cut 532,403 shares (8.88%).
Taken together, United Airlines’ ownership remains anchored by long term institutions like Vanguard, BlackRock, and Fidelity, while mixed positioning among active managers suggests differing views on valuation after the stock’s rebound, which for investors points to stable support but more selective positioning at current price levels.
Hedge Fund Highlights
Citadel Advisors, led by Ken Griffin, made one of the most notable moves last quarter, sharply increasing its United Airlines position by over 1,200% to roughly $419M value. The scale of the increase suggests the firm may be leaning more positively on United Airlines’ operating leverage and earnings momentum, though the exact thesis is not disclosed.
Point72 Asset Management, founded by Steven Cohen, also expanded its exposure, increasing its stake by about 118% to roughly $62M value. This move appears to reflect a more constructive view on margins and cost discipline as profitability improves.
Winton Group, run by David Harding, more than doubled its United Airlines position, raising its stake by approximately 103% to around $3M value. While smaller in size, the increase stands out as a meaningful shift in positioning.
Gotham Asset Management, led by Joel Greenblatt, nearly doubled its holdings as well, lifting its position by about 99% to roughly $14M value, which may suggest the fund sees United Airlines as reasonably valued relative to longer term earnings power.
Overall, hedge fund activity appears active but mixed, and for investors this suggests growing interest in United Airlines’ recovery alongside differing views on how much upside remains.
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United Airlines’ Recent Insider Trades
Insider trades can offer additional context on how executives and directors may be managing personal exposure to the stock. Recent filings for United Airlines show mostly selling activity.
- John Scott Kirby (Officer and Director): Sold 120,000 shares at ~$108 on 12/2/25; separate 20,000 share transaction reported at $0.
- John Scott Kirby (Officer and Director): Sold 30,157 shares at ~$101 on 9/23/25.
- Kate Gebo (Officer): Sold 36,296 shares at prices near $98 on 8/11/25.
- Barney Harford (Director): Sold 9,000 shares at ~$98 on 8/11/25.
- Other directors: Small transactions of 399 to 412 shares recorded on 9/29/25.
It appears insider activity is tilted toward selling, and while these transactions do not materially shift ownership, for investors they suggest leadership may be managing exposure following the stock’s recovery rather than signaling strong conviction at current levels.
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What the Ownership & Insider Trade Data Tell Us
United Airlines’ shareholder base remains firmly institutional, providing stability as the company continues to improve earnings and margins. Hedge fund positioning shows selective accumulation, while insider trades appear measured rather than directional.
Taken together, it appears investors continue to view United Airlines as a recovering airline with improving fundamentals, though positioning across funds and insiders suggests a cautious approach at current valuation levels.
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