Allspring Global Investments Holdings LLC Boosts Stake in SkyWest, Inc. (NASDAQ:SKYW)

Allspring Global Investments Holdings LLC boosted its holdings in SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 1,075.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,181 shares of the transportation company's stock after purchasing an additional 55,062 shares during the period. Allspring Global Investments Holdings LLC owned about 0.15% of SkyWest worth $5,302,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Financial Management Professionals Inc. bought a new stake in shares of SkyWest in the 1st quarter worth approximately $27,000. NBC Securities Inc. bought a new position in shares of SkyWest during the 1st quarter worth $32,000. New Age Alpha Advisors LLC purchased a new stake in SkyWest in the 4th quarter worth about $39,000. Headlands Technologies LLC bought a new stake in SkyWest in the 4th quarter valued at about $45,000. Finally, Jones Financial Companies Lllp lifted its holdings in SkyWest by 117.2% during the fourth quarter. Jones Financial Companies Lllp now owns 832 shares of the transportation company's stock valued at $83,000 after purchasing an additional 449 shares during the last quarter. Institutional investors own 81.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SKYW. Evercore ISI raised shares of SkyWest from an "in-line" rating to an "outperform" rating and set a $120.00 price objective for the company in a report on Tuesday, July 1st. The Goldman Sachs Group upgraded shares of SkyWest from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $119.00 to $117.00 in a research report on Tuesday, April 8th. Wall Street Zen upgraded SkyWest from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, Raymond James Financial decreased their target price on shares of SkyWest from $130.00 to $125.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $120.50.

SkyWest Trading Down 0.3%

SKYW stock traded down $0.32 during midday trading on Monday, hitting $107.46. The company had a trading volume of 354,445 shares, compared to its average volume of 381,678. The stock has a market cap of $4.35 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.32 and a beta of 1.88. SkyWest, Inc. has a 52 week low of $64.61 and a 52 week high of $135.57. The company has a current ratio of 0.76, a quick ratio of 0.66 and a debt-to-equity ratio of 0.84. The stock's 50 day moving average price is $99.89 and its 200 day moving average price is $99.01.

SkyWest (NASDAQ:SKYW - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The transportation company reported $2.42 EPS for the quarter, beating analysts' consensus estimates of $2.04 by $0.38. The company had revenue of $948.46 million during the quarter, compared to analyst estimates of $946.13 million. SkyWest had a net margin of 9.89% and a return on equity of 15.41%. The firm's revenue was up 18.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.45 EPS. As a group, equities research analysts expect that SkyWest, Inc. will post 9.01 earnings per share for the current fiscal year.

SkyWest announced that its board has approved a stock buyback program 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 shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insider Transactions at SkyWest

In other news, CEO Russell A. Childs sold 17,000 shares of SkyWest stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $100.91, for a total value of $1,715,470.00. Following the sale, the chief executive officer directly owned 449,242 shares in the company, valued at approximately $45,333,010.22. This trade represents a 3.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wade J. Steel sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $101.02, for a total value of $1,515,300.00. Following the transaction, the insider owned 119,416 shares of the company's stock, valued at approximately $12,063,404.32. This represents a 11.16% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,000 shares of company stock worth $4,994,520. Company insiders own 1.20% of the company's stock.

SkyWest 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.