Lazard Asset Management LLC Has $3.76 Million Position in SkyWest, Inc. $SKYW

Key Points

• Lazard Asset Management increased its SkyWest stake by 50% in the first quarter, bringing its holdings to 40,952 shares valued at approximately $3.76 million. Institutional investors collectively own 81.3% of SkyWest.
• SkyWest reported quarterly earnings of $2.54 per share, missing analyst expectations of $2.70, while revenue rose 6.5% year over year to $1.10 billion. The company also authorized a $250 million share-repurchase program, covering up to 6.6% of outstanding shares.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $119.40 target price, although Goldman Sachs downgraded the stock to neutral. Meanwhile, SkyWest insiders sold 93,226 shares worth about $10.4 million over the past quarter.

Lazard Asset Management LLC grew its position in SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 50.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,952 shares of the transportation company's stock after acquiring an additional 13,649 shares during the period. Lazard Asset Management LLC owned about 0.10% of SkyWest worth $3,761,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its stake in SkyWest by 9.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 148,225 shares of the transportation company's stock valued at $14,883,000 after purchasing an additional 12,635 shares during the last quarter. Ruffer LLP acquired a new position in SkyWest during the fourth quarter worth approximately $3,021,000. Allspring Global Investments Holdings LLC increased its position in SkyWest by 22.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 176,882 shares of the transportation company's stock worth $17,900,000 after buying an additional 31,904 shares during the last quarter. U S Global Investors Inc. raised 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 buying an additional 8,594 shares during the period. Finally, Assetmark Inc. raised 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 buying an additional 55,162 shares during the period. 81.30% of the stock is currently owned by institutional investors and hedge funds.

SkyWest Stock Down 1.2%

Shares of SKYW opened at $106.97 on Friday. SkyWest, Inc. has a 52 week low of $77.89 and a 52 week high of $123.94. The firm has a market cap of $4.15 billion, a P/E ratio of 10.63, a price-to-earnings-growth ratio of 1.55 and a beta of 1.45. The firm's 50-day simple moving average is $94.74 and its 200 day simple moving average is $94.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.51 and a current ratio of 0.57.

SkyWest (NASDAQ:SKYW - Get Free Report) last released its quarterly 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). The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. SkyWest had a net margin of 9.78% and a return on equity of 14.58%. The firm's revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.91 earnings per share. On average, analysts forecast that SkyWest, Inc. will post 10.69 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. The Goldman Sachs Group cut SkyWest from a "buy" rating to a "neutral" rating and cut their price objective for the company from $126.00 to $115.00 in a research report on Thursday, July 2nd. TD Cowen boosted their target price on SkyWest from $98.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Weiss Ratings upgraded SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 16th. Finally, Citigroup raised their price target on SkyWest from $95.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, SkyWest presently has an average rating of "Moderate Buy" and a consensus target price of $119.40.

Insider Activity

In other news, CEO Russell A. Childs sold 50,500 shares of the company'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 transaction, the chief executive officer owned 346,190 shares of the company's stock, valued at approximately $39,192,169.90. This represents a 12.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Greg Wooley sold 17,726 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $108.55, for a total value of $1,924,157.30. Following the transaction, the vice president owned 53,323 shares in the company, valued at approximately $5,788,211.65. This trade represents a 24.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 93,226 shares of company stock valued at $10,403,512. 1.50% of the stock is owned by insiders.

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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