Voya Investment Management LLC Increases Stock Position in SkyWest, Inc. $SKYW

Key Points

• Voya Investment Management LLC increased its stake in SkyWest, Inc. by 23.9%, acquiring a total of 26,643 shares valued at approximately $2.3 million.
• Allspring Global Investments Holdings LLC significantly boosted its holdings in SkyWest by an impressive 1,075.6%, now owning 60,181 shares valued at over $5.3 million.
• SkyWest reported a quarterly earnings per share of $2.91, exceeding analyst expectations and reflecting a 19.4% year-over-year revenue increase.

Voya Investment Management LLC increased its position in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 23.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,643 shares of the transportation company's stock after purchasing an additional 5,143 shares during the period. Voya Investment Management LLC owned 0.07% of SkyWest worth $2,328,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its stake in SkyWest by 1,075.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 60,181 shares of the transportation company's stock valued at $5,302,000 after acquiring an additional 55,062 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in SkyWest by 5.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,322 shares of the transportation company's stock valued at $290,000 after purchasing an additional 186 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of SkyWest by 11.5% in the 1st quarter. GAMMA Investing LLC now owns 1,741 shares of the transportation company's stock worth $152,000 after purchasing an additional 180 shares during the period. SG Americas Securities LLC purchased a new stake in shares of SkyWest in the first quarter worth about $1,007,000. Finally, Intech Investment Management LLC boosted its holdings in SkyWest by 47.2% in the 1st quarter. Intech Investment Management LLC now owns 47,497 shares of the transportation company's stock worth $4,150,000 after acquiring an additional 15,239 shares during the period. Hedge funds and other institutional investors own 81.30% of the company's stock.

Wall Street Analyst Weigh In

SKYW has been the topic of several research analyst reports. Raymond James Financial raised their price objective on SkyWest from $128.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Evercore ISI increased their price objective on SkyWest from $120.00 to $130.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat, SkyWest currently has an average rating of "Buy" and an average price target of $126.75.

SkyWest Trading Down 1.1%

Shares of SkyWest stock traded down $1.12 during trading on Monday, reaching $103.12. 246,434 shares of the company were exchanged, compared to its average volume of 402,602. SkyWest, Inc. has a twelve month low of $74.70 and a twelve month high of $135.57. The company has a quick ratio of 0.63, a current ratio of 0.73 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 10.49, a P/E/G ratio of 1.03 and a beta of 1.92. The business has a 50-day moving average price of $113.66 and a 200-day moving average price of $101.59.

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

Insider Activity

In related news, insider Wade J. Steel sold 17,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $118.26, for a total transaction of $2,010,420.00. Following the completion of the sale, the insider owned 102,416 shares in the company, valued at approximately $12,111,716.16. This trade represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Russell A. Childs sold 26,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $116.06, for a total value of $3,017,560.00. Following the sale, the chief executive officer owned 404,883 shares in the company, valued at approximately $46,990,720.98. This represents a 6.03% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 89,186 shares of company stock worth $10,440,398. 1.20% of the stock is owned by corporate insiders.

SkyWest Profile

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.