First Trust Advisors LP Buys 93,317 Shares of SkyWest, Inc. $SKYW

Key Points

• First Trust Advisors LP increased its SkyWest stake by 125.8% in the first quarter, adding 93,317 shares for a total of 167,518 shares valued at approximately $15.4 million. Institutional investors collectively own 81.3% of SkyWest.
• SkyWest’s latest quarterly results fell short of expectations, with adjusted EPS of $2.54 versus the $2.70 consensus and revenue of $1.10 billion versus $1.11 billion expected. Revenue still rose 6.5% year over year.
• The company authorized a $250 million share-repurchase program, covering up to 6.6% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with an average price target of $119.40, while CEO Russell Childs sold 50,500 shares.

First Trust Advisors LP lifted its stake in SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 125.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 167,518 shares of the transportation company's stock after buying an additional 93,317 shares during the quarter. First Trust Advisors LP owned approximately 0.42% of SkyWest worth $15,383,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SKYW. Massachusetts Financial Services Co. MA grew its position in shares of SkyWest by 9.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 148,225 shares of the transportation company's stock worth $14,883,000 after buying an additional 12,635 shares during the period. Ruffer LLP acquired a new position in SkyWest in the fourth quarter valued at approximately $3,021,000. Allspring Global Investments Holdings LLC lifted its holdings in SkyWest by 22.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 176,882 shares of the transportation company's stock valued at $17,900,000 after buying an additional 31,904 shares during the period. Assetmark Inc. boosted its stake in SkyWest by 261.8% in the fourth quarter. Assetmark Inc. now owns 76,229 shares of the transportation company's stock valued at $7,654,000 after acquiring an additional 55,162 shares during the last quarter. Finally, U S Global Investors Inc. boosted its stake in SkyWest by 4.0% in the fourth quarter. U S Global Investors Inc. now owns 223,006 shares of the transportation company's stock valued at $22,392,000 after acquiring an additional 8,594 shares during the last quarter. Institutional investors own 81.30% of the company's stock.

SkyWest Trading Down 1.3%

Shares of NASDAQ SKYW opened at $108.26 on Friday. SkyWest, Inc. has a twelve month low of $77.89 and a twelve month high of $123.94. The stock has a market cap of $4.20 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 1.57 and a beta of 1.45. The company has a quick ratio of 0.51, a current ratio of 0.57 and a debt-to-equity ratio of 0.59. The company's fifty day moving average is $94.30 and its 200-day moving average is $94.69.

SkyWest (NASDAQ:SKYW - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The transportation company reported $2.54 EPS 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 the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company earned $2.91 EPS. SkyWest's quarterly revenue was up 6.5% on a year-over-year basis. Equities research analysts predict that SkyWest, Inc. will post 10.69 EPS for the current year.

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

Insider Buying and Selling at SkyWest

In related news, CEO Russell A. Childs sold 50,500 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $113.21, for a total value of $5,717,105.00. Following the completion of the transaction, the chief executive officer directly owned 346,190 shares in the company, valued at approximately $39,192,169.90. The trade was a 12.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on SKYW shares. The Goldman Sachs Group cut shares of SkyWest from a "buy" rating to a "neutral" rating and dropped their target price for the company from $126.00 to $115.00 in a research report on Thursday, July 2nd. TD Cowen raised their price target on SkyWest from $98.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Citigroup lifted their price objective on SkyWest from $95.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Finally, Weiss Ratings raised SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 16th. One 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 company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $119.40.

About SkyWest

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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