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2,936 Shares in SkyWest, Inc. (NASDAQ:SKYW) Purchased by Blueshift Asset Management LLC

SkyWest logo with Transportation background

Key Points

  • Blueshift Asset Management LLC has acquired 2,936 shares of SkyWest, Inc., valued at approximately $257,000, during the first quarter.
  • Insider transactions included CFO Robert J. Simmons selling 17,186 shares for over $2 million, indicating a 13.10% reduction in his position, while other company insiders have sold a total of 100,186 shares recently.
  • SkyWest reported a 19.4% increase in year-over-year revenue and an earnings per share of $2.91 for the last quarter, exceeding analyst expectations of $2.34.
  • MarketBeat previews top five stocks to own in September.

Blueshift Asset Management LLC purchased a new position in SkyWest, Inc. (NASDAQ:SKYW - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,936 shares of the transportation company's stock, valued at approximately $257,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. grew its position in SkyWest by 97.5% in the first quarter. Jefferies Financial Group Inc. now owns 6,264 shares of the transportation company's stock worth $547,000 after acquiring an additional 3,092 shares in the last quarter. XTX Topco Ltd grew its position in SkyWest by 403.9% in the first quarter. XTX Topco Ltd now owns 17,399 shares of the transportation company's stock worth $1,520,000 after acquiring an additional 13,946 shares in the last quarter. Meeder Asset Management Inc. grew its position in SkyWest by 25.7% in the first quarter. Meeder Asset Management Inc. now owns 5,234 shares of the transportation company's stock worth $457,000 after acquiring an additional 1,070 shares in the last quarter. Picton Mahoney Asset Management grew its position in SkyWest by 201.1% in the first quarter. Picton Mahoney Asset Management now owns 15,729 shares of the transportation company's stock worth $1,374,000 after acquiring an additional 10,505 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in SkyWest by 57.6% in the first quarter. Mackenzie Financial Corp now owns 29,680 shares of the transportation company's stock worth $2,593,000 after acquiring an additional 10,849 shares in the last quarter. Hedge funds and other institutional investors own 81.30% of the company's stock.

Insider Buying and Selling at SkyWest

In other news, CEO Russell A. Childs sold 17,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $100.91, for a total transaction of $1,715,470.00. Following the sale, the chief executive officer directly owned 449,242 shares of the company's stock, valued at $45,333,010.22. This represents a 3.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Wade J. Steel sold 17,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $118.26, for a total transaction of $2,010,420.00. Following the transaction, the insider owned 102,416 shares of the company's stock, valued at approximately $12,111,716.16. This trade represents a 14.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,186 shares of company stock worth $11,022,798. 1.20% of the stock is currently owned by company insiders.

SkyWest Stock Performance

Shares of NASDAQ SKYW traded up $0.58 during mid-day trading on Monday, hitting $109.69. The stock had a trading volume of 298,412 shares, compared to its average volume of 412,495. 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 50 day moving average of $105.55 and a two-hundred day moving average of $99.97. SkyWest, Inc. has a twelve month low of $64.61 and a twelve month high of $135.57. The firm has a market cap of $4.43 billion, a PE ratio of 11.16, a PEG ratio of 1.09 and a beta of 1.98.

SkyWest (NASDAQ:SKYW - Get Free Report) last released its earnings results on Thursday, July 24th. The transportation company reported $2.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.57. SkyWest had a return on equity of 16.69% and a net margin of 10.62%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $979.95 million. During the same period in the prior year, the firm earned $1.82 EPS. The firm's revenue was up 19.4% on a year-over-year basis. Research analysts predict that SkyWest, Inc. will post 9.01 EPS for the current fiscal year.

SkyWest declared that its board has authorized a stock repurchase program on Wednesday, May 7th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the transportation company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

SKYW has been the subject of several analyst reports. Raymond James Financial raised their price objective on shares of SkyWest from $128.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. The Goldman Sachs Group raised shares of SkyWest from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $119.00 to $117.00 in a research note on Tuesday, April 8th. Wall Street Zen raised shares of SkyWest from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, Evercore ISI raised their price objective on shares of SkyWest from $120.00 to $130.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, SkyWest presently has an average rating of "Buy" and a consensus target price of $126.75.

Check Out Our Latest Stock Analysis on SKYW

SkyWest Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for SkyWest (NASDAQ:SKYW)

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