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Corebridge Financial Inc. decreased its stake in SkyWest, Inc. (NASDAQ:SKYW – Free Report) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,712 shares of the transportation company’s stock after selling 408 shares during the quarter. Corebridge Financial Inc. owned 0.05% of SkyWest worth $1,810,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in SkyWest by 1,075.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 60,181 shares of the transportation company’s stock valued at $5,302,000 after buying an additional 55,062 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of SkyWest by 5.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,322 shares of the transportation company’s stock worth $290,000 after purchasing an additional 186 shares during the period. GAMMA Investing LLC raised its position in shares of SkyWest by 11.5% during the first quarter. GAMMA Investing LLC now owns 1,741 shares of the transportation company’s stock worth $152,000 after purchasing an additional 180 shares during the period. SG Americas Securities LLC acquired a new stake in shares of SkyWest during the first quarter worth about $1,007,000. Finally, Vontobel Holding Ltd. acquired a new stake in shares of SkyWest during the first quarter worth about $209,000. Institutional investors and hedge funds own 81.30% of the company’s stock.
SkyWest Stock Down 1.0%
NASDAQ:SKYW opened at $120.18 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.63 and a current ratio of 0.73. The company has a market cap of $4.85 billion, a PE ratio of 12.23, a PEG ratio of 1.20 and a beta of 1.92. SkyWest, Inc. has a 52-week low of $72.70 and a 52-week high of $135.57. The stock has a 50-day simple moving average of $112.90 and a 200 day simple moving average of $100.42.
SkyWest (NASDAQ:SKYW – Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.57. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $979.95 million. SkyWest had a return on equity of 16.69% and a net margin of 10.62%.SkyWest’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period last year, the company earned $1.82 earnings per share. On average, sell-side analysts expect that SkyWest, Inc. will post 9.01 EPS for the current fiscal year.
SkyWest declared that its board has authorized a share buyback plan on Wednesday, May 7th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the transportation company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on SKYW shares. Raymond James Financial raised their price target on SkyWest from $128.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, July 25th. Wall Street Zen raised SkyWest from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Finally, Evercore ISI raised their price target on SkyWest from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, July 28th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, SkyWest presently has a consensus rating of “Buy” and an average target price of $126.75.
Get Our Latest Stock Analysis on SKYW
Insider Buying and Selling at SkyWest
In other SkyWest news, CEO Russell A. Childs sold 26,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $116.06, for a total value of $3,017,560.00. Following the completion of the transaction, the chief executive officer directly owned 404,883 shares in the company, valued at $46,990,720.98. This trade represents a 6.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert J. Simmons sold 17,186 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $117.46, for a total value of $2,018,667.56. Following the completion of the transaction, the chief financial officer owned 114,017 shares of the company’s stock, valued at approximately $13,392,436.82. This represents a 13.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 89,186 shares of company stock valued at $10,440,398 in the last 90 days. 1.20% of the stock is currently owned by corporate insiders.
SkyWest Company Profile
SkyWest, Inc is the holding company for two scheduled passenger airline operations and an aircraft leasing company. SkyWest’s airline companies provide commercial air service in cities throughout North America with nearly 3,000 daily flights carrying more than 53 million passengers annually. SkyWest Airlines operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines.
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