Canada Pension Plan Investment Board Takes Position in SkyWest, Inc. $SKYW

Key Points

• Canada Pension Plan Investment Board acquired 11,000 SkyWest shares in the second quarter, valued at approximately $1.09 million. Institutional investors collectively own 81.3% of the company.
• SkyWest’s latest quarterly results fell short of expectations, with earnings of $2.54 per share versus the $2.70 consensus estimate, although revenue rose 6.5% year over year to $1.10 billion.
• The company authorized a $250 million share-repurchase program, while analysts maintain a “Moderate Buy” consensus and an average price target of $121. However, insiders sold roughly 115,226 shares worth $12.9 million over the past three months.

Canada Pension Plan Investment Board acquired a new position in SkyWest, Inc. (NASDAQ:SKYW - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 11,000 shares of the transportation company's stock, valued at approximately $1,093,000.

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

Insider Activity

In other SkyWest news, insider Wade J. Steel sold 22,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $111.44, for a total value of $2,451,680.00. Following the sale, the insider directly owned 55,438 shares in the company, valued at approximately $6,178,010.72. This trade represents a 28.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Greg Wooley sold 17,726 shares of SkyWest stock in a transaction 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 transaction, the vice president directly owned 53,323 shares in the company, 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. Insiders sold a total of 115,226 shares of company stock worth $12,855,192 over the last three months. Company insiders own 1.50% of the company's stock.

SkyWest Price Performance

SkyWest stock opened at $94.66 on Tuesday. The firm has a market capitalization of $3.68 billion, a P/E ratio of 9.41, a PEG ratio of 1.43 and a beta of 1.45. SkyWest, Inc. has a 1 year low of $77.89 and a 1 year high of $123.67. The business has a 50-day moving average of $102.40 and a 200-day moving average of $95.46. The company has a current ratio of 0.57, a quick ratio of 0.46 and a debt-to-equity ratio of 0.59.

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

SkyWest declared that its board has initiated a share repurchase plan on Thursday, July 23rd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the transportation company to purchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

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

SkyWest Company 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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