SkyWest, Inc. (NASDAQ:SKYW) Shares Acquired by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC significantly increased its holdings in SkyWest, Inc. by 647%, owning 2,876 shares valued at $251,000 after purchasing an additional 2,491 shares.
• SkyWest reported earnings of $2.91 per share for the last quarter, exceeding estimates by $0.57, with revenue increasing by 19.4% year-over-year to $1.04 billion.
• The company announced a stock buyback plan authorizing repurchases up to $250 million, indicating management believes the stock is undervalued.

New Age Alpha Advisors LLC raised its position in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 647.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,876 shares of the transportation company's stock after buying an additional 2,491 shares during the quarter. New Age Alpha Advisors LLC's holdings in SkyWest were worth $251,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Hohimer Wealth Management LLC boosted its holdings in shares of SkyWest by 4.7% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,829 shares of the transportation company's stock worth $247,000 after purchasing an additional 126 shares during the period. Summit Investment Advisors Inc. boosted its holdings in SkyWest by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,145 shares of the transportation company's stock valued at $415,000 after acquiring an additional 131 shares during the period. Comerica Bank boosted its holdings in SkyWest by 1.1% during the 4th quarter. Comerica Bank now owns 14,786 shares of the transportation company's stock valued at $1,481,000 after acquiring an additional 161 shares during the period. Xponance Inc. boosted its holdings in SkyWest by 5.9% during the 1st quarter. Xponance Inc. now owns 2,974 shares of the transportation company's stock valued at $260,000 after acquiring an additional 166 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in SkyWest by 11.5% during the 1st quarter. GAMMA Investing LLC now owns 1,741 shares of the transportation company's stock valued at $152,000 after acquiring an additional 180 shares during the period. Hedge funds and other institutional investors own 81.30% of the company's stock.

SkyWest Stock Up 1.1%

Shares of SKYW traded up $1.33 during trading hours on Wednesday, hitting $118.61. The company had a trading volume of 306,641 shares, compared to its average volume of 405,277. The company has a market capitalization of $4.79 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 1.08 and a beta of 1.98. The company has a current ratio of 0.73, a quick ratio of 0.63 and a debt-to-equity ratio of 0.78. SkyWest, Inc. has a one year low of $72.06 and a one year high of $135.57. The company's fifty day moving average price is $106.92 and its two-hundred day moving average price is $99.99.

SkyWest (NASDAQ:SKYW - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The transportation company reported $2.91 EPS for the quarter, topping the consensus estimate of $2.34 by $0.57. SkyWest had a return on equity of 16.69% and a net margin of 10.62%. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $979.95 million. During the same period in the previous year, the company posted $1.82 EPS. The business's revenue for the quarter was up 19.4% compared to the same quarter last year. As a group, equities analysts forecast that SkyWest, Inc. will post 9.01 earnings per share for the current fiscal year.

SkyWest declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 7th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the transportation company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

SKYW has been the subject of a number of recent analyst reports. Wall Street Zen upgraded SkyWest from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Evercore ISI upped their target price on SkyWest from $120.00 to $130.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, Raymond James Financial upped their target price on SkyWest from $128.00 to $140.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $126.75.

Insider Activity at SkyWest

In related news, insider Wade J. Steel sold 17,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $118.26, for a total transaction of $2,010,420.00. Following the transaction, the insider directly owned 102,416 shares of the company's stock, valued at $12,111,716.16. This represents a 14.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Robert J. Simmons sold 17,186 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $117.46, for a total value of $2,018,667.56. Following the transaction, the chief financial officer directly owned 114,017 shares in the company, valued at $13,392,436.82. This represents a 13.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,186 shares of company stock worth $11,022,798 over the last ninety days. Corporate insiders own 1.20% of the company's stock.

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.