Edgestream Partners L.P. Buys 42,884 Shares of SkyWest, Inc. (NASDAQ:SKYW)

Edgestream Partners L.P. boosted its stake in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 618.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,822 shares of the transportation company's stock after acquiring an additional 42,884 shares during the period. Edgestream Partners L.P. owned 0.12% of SkyWest worth $4,353,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SKYW. Financial Management Professionals Inc. acquired a new position in shares of SkyWest during the 1st quarter worth $27,000. NBC Securities Inc. bought a new position in SkyWest in the first quarter valued at about $32,000. New Age Alpha Advisors LLC bought a new position in SkyWest in the fourth quarter valued at about $39,000. Headlands Technologies LLC acquired a new position in SkyWest during the fourth quarter worth about $45,000. Finally, Bridge Generations Wealth Management LLC acquired a new position in SkyWest during the fourth quarter worth about $100,000. Institutional investors own 81.30% of the company's stock.

Insider Activity

In other news, CEO Russell A. Childs sold 17,000 shares of the company's 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 completion of the transaction, the chief executive officer owned 449,242 shares of the company's stock, valued at $45,333,010.22. This represents a 3.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 completion of the transaction, the insider directly owned 119,416 shares of the company's stock, valued at $12,063,404.32. This represents a 11.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,000 shares of company stock valued at $4,994,520 over the last quarter. 1.20% of the stock is owned by company insiders.

SkyWest Stock Down 1.3%

Shares of NASDAQ SKYW opened at $111.26 on Wednesday. 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 company has a market cap of $4.50 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 1.38 and a beta of 1.88. SkyWest, Inc. has a 12 month low of $64.61 and a 12 month high of $135.57. The stock has a 50-day moving average price of $102.15 and a two-hundred day moving average price of $99.36.

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

SkyWest declared that its board has initiated a stock buyback plan on Wednesday, May 7th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the transportation company to buy up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

About SkyWest

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.

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