Meeder Asset Management Inc. Invests $3.06 Million in SkyWest, Inc. $SKYW

Key Points

• Meeder Asset Management purchased 30,822 SkyWest shares worth approximately $3.06 million in the second quarter. Institutional investors and hedge funds collectively own 81.3% of the company.
• SkyWest’s latest quarterly results fell short of expectations, with EPS of $2.54 versus the $2.70 consensus and revenue of $1.10 billion. Despite the miss, revenue increased 6.5% year over year, and the company authorized a $250 million share repurchase plan.
• SkyWest shares opened at $103.11, while analysts maintain a “Moderate Buy” consensus and an average price target of $119.40. Meanwhile, company insiders have sold 115,226 shares worth about $12.9 million over the past 90 days.

Meeder Asset Management Inc. purchased a new stake in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 30,822 shares of the transportation company's stock, valued at approximately $3,062,000. Meeder Asset Management Inc. owned 0.08% of SkyWest at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SKYW. BlackRock Inc. acquired a new stake in SkyWest during the 2nd quarter worth about $682,530,000. Bank of New York Mellon Corp purchased a new stake in shares of SkyWest in the second quarter worth approximately $28,177,000. Fuller & Thaler Asset Management Inc. lifted its position in shares of SkyWest by 27.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,184,956 shares of the transportation company's stock worth $118,981,000 after purchasing an additional 255,408 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of SkyWest by 90.6% during the third quarter. Millennium Management LLC now owns 351,149 shares of the transportation company's stock worth $35,333,000 after purchasing an additional 166,926 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of SkyWest by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 4,966,485 shares of the transportation company's stock worth $498,685,000 after purchasing an additional 152,863 shares during the period. 81.30% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Russell A. Childs sold 50,500 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $113.21, for a total value of $5,717,105.00. Following the transaction, the chief executive officer directly owned 346,190 shares in the company, valued at approximately $39,192,169.90. This trade represents a 12.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 completion of the transaction, the vice president owned 53,323 shares in the company, valued at $5,788,211.65. This trade represents a 24.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 115,226 shares of company stock valued at $12,855,192. 1.50% of the stock is owned by corporate insiders.

SkyWest Stock Down 2.4%

Shares of SkyWest stock opened at $103.11 on Wednesday. The stock has a market capitalization of $4.00 billion, a P/E ratio of 10.25, a PEG ratio of 1.55 and a beta of 1.45. The company has a quick ratio of 0.46, a current ratio of 0.57 and a debt-to-equity ratio of 0.59. The stock has a 50 day moving average price of $100.76 and a two-hundred day moving average price of $95.60. SkyWest, Inc. has a 12-month low of $77.89 and a 12-month high of $123.94.

SkyWest (NASDAQ:SKYW - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The transportation company reported $2.54 EPS 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 company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business earned $2.91 EPS. The company's revenue for the quarter was up 6.5% on a year-over-year basis. Equities analysts expect that SkyWest, Inc. will post 10.69 earnings per share for the current year.

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

Analysts Set New Price Targets

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

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