Allspring Global Investments Holdings LLC Acquires 56,128 Shares of SkyWest, Inc. $SKYW

Allspring Global Investments Holdings LLC raised its holdings in SkyWest, Inc. (NASDAQ:SKYW) by 93.3% during the second quarter, Holdings Channel reports. The institutional investor owned 116,309 shares of the transportation company’s stock after buying an additional 56,128 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SkyWest were worth $12,108,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of SkyWest by 5.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,322 shares of the transportation company’s stock valued at $290,000 after buying an additional 186 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of SkyWest by 11.5% in the first quarter. GAMMA Investing LLC now owns 1,741 shares of the transportation company’s stock valued at $152,000 after buying an additional 180 shares in the last quarter. Intech Investment Management LLC lifted its stake in shares of SkyWest by 47.2% in the first quarter. Intech Investment Management LLC now owns 47,497 shares of the transportation company’s stock valued at $4,150,000 after buying an additional 15,239 shares in the last quarter. Vontobel Holding Ltd. bought a new position in shares of SkyWest in the first quarter valued at $209,000. Finally, Meeder Asset Management Inc. lifted its stake in shares of SkyWest by 25.7% in the first quarter. Meeder Asset Management Inc. now owns 5,234 shares of the transportation company’s stock valued at $457,000 after buying an additional 1,070 shares in the last quarter. 81.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on SKYW shares. Zacks Research lowered shares of SkyWest from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Raymond James Financial raised shares of SkyWest from a “moderate buy” rating to a “strong-buy” rating in a research report on Wednesday, October 1st. Weiss Ratings reissued a “buy (b-)” rating on shares of SkyWest in a research report on Wednesday, October 8th. Finally, Evercore ISI raised their price target on shares of SkyWest from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $126.75.

SkyWest Stock Performance

Shares of SKYW stock opened at $99.07 on Friday. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 10.08, a P/E/G ratio of 0.98 and a beta of 1.86. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.63 and a current ratio of 0.73. SkyWest, Inc. has a 52 week low of $74.70 and a 52 week high of $135.57. The firm’s 50-day simple moving average is $109.01 and its two-hundred day simple moving average is $103.06.

SkyWest (NASDAQ:SKYW) last announced its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.91 EPS for the quarter, topping the consensus estimate of $2.34 by $0.57. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $979.95 million. SkyWest had a net margin of 10.62% and a return on equity of 16.69%. The company’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.82 earnings per share. As a group, equities analysts forecast that SkyWest, Inc. will post 9.01 earnings per share for the current year.

Insiders Place Their Bets

In other SkyWest news, CFO Robert J. Simmons sold 17,186 shares of SkyWest stock in a transaction dated 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 sale, the chief financial officer owned 114,017 shares of the company’s stock, valued at approximately $13,392,436.82. The trade was a 13.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Russell A. Childs sold 26,000 shares of SkyWest stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $116.06, for a total transaction of $3,017,560.00. Following the completion of the sale, the chief executive officer directly owned 404,883 shares in the company, valued at approximately $46,990,720.98. This represents a 6.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,186 shares of company stock valued at $10,440,398. Company insiders own 2.00% of the company’s stock.

About SkyWest

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.