Bank of New York Mellon Corp Takes $28.18 Million Position in SkyWest, Inc. $SKYW

Key Points

• Bank of New York Mellon purchased 283,669 SkyWest shares valued at approximately $28.18 million, giving it a 0.73% stake. Institutional investors and hedge funds collectively own 81.30% of the company.
• Analyst views remain generally positive but mixed: SkyWest has an overall “Moderate Buy” rating and an average price target of $121, while recent targets range from $105 to $123.
• SkyWest missed quarterly earnings expectations, reporting $2.54 in EPS versus the $2.70 consensus estimate, but revenue rose 6.5% year over year. The board also authorized a $250 million share-repurchase plan, covering up to 6.6% of outstanding shares.

Bank of New York Mellon Corp purchased a new stake in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 283,669 shares of the transportation company's stock, valued at approximately $28,177,000. Bank of New York Mellon Corp owned 0.73% of SkyWest at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SKYW. Caitong International Asset Management Co. Ltd increased its holdings in 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 purchasing an additional 216 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of SkyWest in the first quarter worth about $26,000. Transamerica Financial Advisors LLC grew its stake in shares of SkyWest by 273.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 269 shares of the transportation company's stock valued at $27,000 after buying an additional 197 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of SkyWest during the 3rd quarter valued at about $62,000. Finally, EverSource Wealth Advisors LLC lifted its position in SkyWest by 118.5% during the 2nd 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. 81.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Citigroup raised their price target on shares of SkyWest from $95.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, June 26th. TD Cowen raised their target price on SkyWest from $115.00 to $123.00 and gave the company a "buy" rating in a research note on Monday, August 24th. The Goldman Sachs Group cut SkyWest from a "buy" rating to a "neutral" rating and cut their price target for the stock from $126.00 to $115.00 in a research note on Thursday, July 2nd. Finally, Weiss Ratings raised SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $121.00.

Insider Buying and Selling

In other news, CFO Robert J. Simmons sold 25,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was 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 in the company, valued at $10,375,231.98. This represents a 21.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Greg Wooley sold 17,726 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $108.55, for a total transaction of $1,924,157.30. Following the sale, the vice president owned 53,323 shares of the company's stock, valued at approximately $5,788,211.65. This represents a 24.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 115,226 shares of company stock valued at $12,855,192. 1.50% of the stock is owned by insiders.

SkyWest Stock Performance

Shares of SKYW opened at $98.87 on Friday. The firm has a fifty day moving average of $102.37 and a 200-day moving average of $95.61. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 9.83, a price-to-earnings-growth ratio of 1.43 and a beta of 1.46. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.46 and a current ratio of 0.57. SkyWest, Inc. has a 1 year low of $77.89 and a 1 year high of $123.67.

SkyWest (NASDAQ:SKYW - Get Free Report) last announced its earnings results on Thursday, July 23rd. The transportation company reported $2.54 earnings per share for the quarter, missing the consensus estimate of $2.70 by ($0.16). SkyWest had a net margin of 9.78% and a return on equity of 14.58%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the firm earned $2.91 EPS. The firm's revenue was up 6.5% on a year-over-year basis. As a group, equities analysts anticipate that SkyWest, Inc. will post 10.64 earnings per share for the current year.

SkyWest declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 23rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the transportation company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source