Aigen Investment Management LP Buys Shares of 6,441 SkyWest, Inc. (NASDAQ:SKYW)

Key Points

• Aigen Investment Management LP has acquired a new position in SkyWest, Inc., purchasing 6,441 shares valued at approximately $563,000 during the first quarter of 2023.
• SkyWest reported a quarterly earnings per share (EPS) of $2.91, surpassing analysts' estimates of $2.34, and revealed a year-over-year revenue increase of 19.4% to $1.04 billion.
• The company announced a stock repurchase plan that allows it to buy back $250 million worth of its shares, indicating management's belief that the stock is currently undervalued.

Aigen Investment Management LP purchased a new position in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,441 shares of the transportation company's stock, valued at approximately $563,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Financial Management Professionals Inc. acquired a new stake in shares of SkyWest in the 1st quarter valued at about $27,000. NBC Securities Inc. purchased a new stake in SkyWest in the 1st quarter worth approximately $32,000. Bridge Generations Wealth Management LLC acquired a new position in SkyWest in the 4th quarter valued at $100,000. Quarry LP grew its position in SkyWest by 94.1% in the 4th quarter. Quarry LP now owns 1,023 shares of the transportation company's stock worth $102,000 after purchasing an additional 496 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its position in shares of SkyWest by 43.6% during the 4th quarter. CoreCap Advisors LLC now owns 1,083 shares of the transportation company's stock valued at $108,000 after acquiring an additional 329 shares in the last quarter. 81.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other SkyWest news, insider Wade J. Steel sold 17,000 shares of SkyWest stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $118.26, for a total value of $2,010,420.00. Following the sale, the insider directly owned 102,416 shares in the company, valued at approximately $12,111,716.16. The trade was a 14.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Eric Woodward sold 7,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $116.67, for a total transaction of $816,690.00. Following the completion of the transaction, the chief accounting officer directly owned 47,810 shares of the company's stock, valued at approximately $5,577,992.70. The trade was a 12.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 136,186 shares of company stock valued at $15,201,258 in the last quarter. 2.00% of the stock is currently owned by insiders.

SkyWest Trading Down 0.3%

Shares of NASDAQ SKYW traded down $0.30 during trading on Friday, reaching $116.38. The stock had a trading volume of 132,875 shares, compared to its average volume of 402,857. The business's 50-day moving average price is $107.60 and its 200-day moving average price is $100.14. The company has a market cap of $4.70 billion, a P/E ratio of 11.85, a PEG ratio of 1.17 and a beta of 1.98. SkyWest, Inc. has a fifty-two week low of $72.09 and a fifty-two week high of $135.57. 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 (NASDAQ:SKYW - Get Free Report) last issued its earnings results on Thursday, July 24th. The transportation company reported $2.91 earnings per share for the quarter, beating analysts' consensus estimates of $2.34 by $0.57. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $979.95 million. SkyWest had a return on equity of 16.69% and a net margin of 10.62%. The firm's revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.82 earnings per share. On average, equities research analysts predict that SkyWest, Inc. will post 9.01 EPS for the current fiscal year.

SkyWest declared that its board has initiated a share repurchase program on Wednesday, May 7th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the transportation company to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Raymond James Financial boosted their price objective on shares of SkyWest from $128.00 to $140.00 and gave the company an "outperform" rating in a report on Friday, July 25th. 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 note on Monday, July 28th. Finally, Wall Street Zen upgraded shares of SkyWest from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $126.75.

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.