SkyWest, Inc. (NASDAQ:SKYW – Get Free Report)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $103.51, but opened at $99.71. SkyWest shares last traded at $100.3080, with a volume of 4,646 shares changing hands.
Analysts Set New Price Targets
SKYW has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of SkyWest from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 16th. TD Cowen boosted their price objective on shares of SkyWest from $115.00 to $123.00 and gave the company a “buy” rating in a research note on Monday. Citigroup upped their price objective on SkyWest from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, The Goldman Sachs Group lowered SkyWest from a “buy” rating to a “neutral” rating and cut their target price for the stock from $126.00 to $115.00 in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $121.00.
Read Our Latest Stock Report on SkyWest
SkyWest Stock Performance
SkyWest (NASDAQ:SKYW – Get Free Report) last announced its earnings results on Thursday, July 23rd. The transportation company reported $2.54 EPS for the quarter, missing the consensus estimate of $2.70 by ($0.16). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. SkyWest had a net margin of 9.78% and a return on equity of 14.58%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.91 earnings per share. On average, analysts predict that SkyWest, Inc. will post 10.64 earnings per share for the current year.
SkyWest declared that its board has approved a stock buyback plan on Thursday, July 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the transportation company to repurchase up to 6.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Insider Activity at SkyWest
In other news, CFO Robert J. Simmons sold 25,000 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $110.49, for a total value of $2,762,250.00. Following the completion of the sale, the chief financial officer owned 93,902 shares of the company’s stock, valued at approximately $10,375,231.98. The trade was a 21.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Russell A. Childs sold 50,500 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $113.21, for a total transaction of $5,717,105.00. Following the completion of the sale, the chief executive officer owned 346,190 shares in the company, valued at approximately $39,192,169.90. This trade represents a 12.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 115,226 shares of company stock worth $12,855,192 over the last quarter. Company insiders own 1.50% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its holdings in shares of SkyWest by 480.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 261 shares of the transportation company’s stock valued at $26,000 after acquiring an additional 216 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in SkyWest in the first quarter worth $26,000. Transamerica Financial Advisors LLC boosted its holdings in SkyWest by 273.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 269 shares of the transportation company’s stock worth $27,000 after purchasing an additional 197 shares during the period. Johnson Financial Group Inc. bought a new stake in SkyWest during the third quarter valued at $62,000. Finally, EverSource Wealth Advisors LLC increased its stake in SkyWest by 118.5% during the second quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company’s stock valued at $64,000 after purchasing an additional 339 shares during the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.
About SkyWest
SkyWest, Inc (NASDAQ: SKYW) is a regional airline holding company that provides air transportation services through its primary subsidiary, SkyWest Airlines. The company operates flights under capacity purchase agreements with major carriers such as United Airlines, Delta Air Lines, American Airlines and Alaska Airlines. By specializing in regional connectivity, SkyWest links smaller communities to larger hubs using a fleet of regional jets and turboprop aircraft.
Headquartered in St. George, Utah, SkyWest oversees all aspects of its airline operations, including flight scheduling, crew training and aircraft maintenance.
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