Allspring Global Investments Holdings LLC Increases Stock Holdings in SkyWest, Inc. $SKYW

Key Points

• Allspring Global Investments increased its SkyWest stake by 21.6% in the first quarter, buying 38,135 more shares and bringing its holding to 215,017 shares worth about $20.1 million.
• SkyWest reported better-than-expected quarterly results, with EPS of $2.50 versus estimates of $2.15 and revenue of $1.01 billion, up 6.8% year over year.
• Analysts remain mostly constructive on the stock, with a Moderate Buy consensus and an average price target of $121.17, while shares recently traded up 2.2% to $99.34.

Allspring Global Investments Holdings LLC raised its position in SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,017 shares of the transportation company's stock after acquiring an additional 38,135 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.54% of SkyWest worth $20,147,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in SkyWest by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,590 shares of the transportation company's stock worth $2,061,000 after buying an additional 1,034 shares during the period. United Services Automobile Association purchased a new position in SkyWest in the 1st quarter valued at approximately $227,000. M&T Bank Corp grew its stake in shares of SkyWest by 7.6% in the second quarter. M&T Bank Corp now owns 2,825 shares of the transportation company's stock worth $290,000 after acquiring an additional 199 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of SkyWest by 118.5% in the second quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company's stock worth $64,000 after acquiring an additional 339 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of SkyWest by 8.8% during the second quarter. First Trust Advisors LP now owns 85,577 shares of the transportation company's stock worth $8,812,000 after acquiring an additional 6,938 shares during the period. 81.30% of the stock is currently owned by hedge funds and other institutional investors.

SkyWest Trading Up 2.2%

Shares of SkyWest stock opened at $99.34 on Tuesday. The company has a current ratio of 0.62, a quick ratio of 0.51 and a debt-to-equity ratio of 0.66. The company has a fifty day simple moving average of $90.91 and a 200-day simple moving average of $94.49. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 1.41 and a beta of 1.45. SkyWest, Inc. has a 12-month low of $77.89 and a 12-month high of $123.94.

SkyWest (NASDAQ:SKYW - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The transportation company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.35. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $993.06 million. SkyWest had a net margin of 10.42% and a return on equity of 15.55%. SkyWest's revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.42 earnings per share. On average, equities analysts forecast that SkyWest, Inc. will post 10.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on SKYW shares. TD Cowen increased their price objective on SkyWest from $98.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Citigroup boosted their target price on SkyWest from $95.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Weiss Ratings upgraded SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday. Finally, The Goldman Sachs Group lowered SkyWest from a "buy" rating to a "neutral" rating and reduced their price target for the company 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, two have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $121.17.

SkyWest Profile

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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