Sei Investments Co. Increases Position in SkyWest, Inc. $SKYW

Key Points

• Sei Investments increased its SkyWest position by 32.2% in the first quarter, acquiring 18,926 additional shares for a total holding of 77,706 shares worth approximately $7.1 million. Institutional investors collectively own 81.3% of the company.
• Analysts maintain a “Moderate Buy” consensus on SkyWest, with an average price target of $119.40. Recent targets range from $105 to $115, although Goldman Sachs downgraded the stock to “neutral.”
• SkyWest missed quarterly earnings expectations, reporting $2.54 in EPS versus the $2.70 estimate, but revenue rose 6.5% year over year. The company also authorized a $250 million share-repurchase plan, while insiders sold more than $10.4 million in shares over the past 90 days.

Sei Investments Co. increased its holdings in SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 32.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 77,706 shares of the transportation company's stock after acquiring an additional 18,926 shares during the quarter. Sei Investments Co. owned approximately 0.20% of SkyWest worth $7,136,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

SKYW has been the subject of a number of research analyst reports. Citigroup lifted their price target on shares of SkyWest from $95.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. TD Cowen increased their price objective on shares of SkyWest from $98.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. The Goldman Sachs Group lowered shares of SkyWest from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $126.00 to $115.00 in a report on Thursday, July 2nd. Finally, Weiss Ratings raised shares of SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, July 16th. One 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 data from MarketBeat, SkyWest currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.40.

Insider Buying and Selling

In other SkyWest news, VP Greg Wooley sold 17,726 shares of SkyWest stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $108.55, for a total value of $1,924,157.30. Following the completion of the transaction, the vice president owned 53,323 shares of the company's stock, valued at $5,788,211.65. The trade was a 24.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Russell A. Childs sold 50,500 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $113.21, for a total transaction of $5,717,105.00. Following the sale, the chief executive officer owned 346,190 shares of the company's stock, valued at approximately $39,192,169.90. The trade was a 12.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 93,226 shares of company stock worth $10,403,512 over the last ninety days. 1.50% of the stock is owned by insiders.

SkyWest Stock Performance

NASDAQ:SKYW opened at $106.97 on Monday. The company has a market cap of $4.15 billion, a PE ratio of 10.63, a P/E/G ratio of 1.53 and a beta of 1.45. The business's 50 day moving average is $94.74 and its two-hundred day moving average is $94.75. The company has a quick ratio of 0.46, a current ratio of 0.57 and a debt-to-equity ratio of 0.59. SkyWest, Inc. has a 52 week low of $77.89 and a 52 week high of $123.94.

SkyWest (NASDAQ:SKYW - Get Free Report) last issued 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). The firm 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%. SkyWest's revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.91 earnings per share. On average, analysts predict that SkyWest, Inc. will post 10.69 EPS for the current year.

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

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.

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