SkyWest, Inc. $SKYW Shares Bought by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in SkyWest by 185.6%, acquiring additional shares to reach a total of 8,117 shares valued at $836,000.
• SkyWest reported quarterly earnings of $2.91 per share, exceeding analyst expectations and demonstrating a 19.4% increase in revenue compared to the previous year.
• Insider trading activity included CEO Russell A. Childs selling 26,000 shares for over $3 million, resulting in a 6.03% decrease in his ownership stake.

Envestnet Portfolio Solutions Inc. grew its stake in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 185.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,117 shares of the transportation company's stock after purchasing an additional 5,275 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in SkyWest were worth $836,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Fifth Third Bancorp boosted its position in SkyWest by 38.4% during the 2nd quarter. Fifth Third Bancorp now owns 551 shares of the transportation company's stock valued at $57,000 after purchasing an additional 153 shares during the period. Blue Trust Inc. increased its position in SkyWest by 478.6% in the second quarter. Blue Trust Inc. now owns 567 shares of the transportation company's stock worth $58,000 after buying an additional 469 shares during the period. TD Private Client Wealth LLC bought a new stake in SkyWest in the second quarter valued at $71,000. GAMMA Investing LLC lifted its stake in SkyWest by 11.5% in the first quarter. GAMMA Investing LLC now owns 1,741 shares of the transportation company's stock valued at $152,000 after buying an additional 180 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of SkyWest by 32.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,935 shares of the transportation company's stock valued at $169,000 after acquiring an additional 473 shares during the period. Institutional investors own 81.30% of the company's stock.

SkyWest Stock Down 1.3%

SkyWest stock opened at $99.07 on Monday. SkyWest, Inc. has a 52 week low of $74.70 and a 52 week high of $135.57. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 0.98 and a beta of 1.86. The company's 50-day moving average price is $109.01 and its two-hundred day moving average price is $103.19. 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 (NASDAQ:SKYW - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The transportation company reported $2.91 earnings per share for the quarter, topping analysts' consensus estimates of $2.34 by $0.57. SkyWest had a net margin of 10.62% and a return on equity of 16.69%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $979.95 million. During the same period in the prior year, the business posted $1.82 EPS. The business's revenue for the quarter was up 19.4% compared to the same quarter last year. On average, analysts expect that SkyWest, Inc. will post 9.01 EPS for the current fiscal year.

Insider Activity at SkyWest

In related news, CEO Russell A. Childs sold 26,000 shares of SkyWest stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $116.06, for a total transaction of $3,017,560.00. Following the transaction, the chief executive officer directly owned 404,883 shares of the company's stock, valued at $46,990,720.98. The trade was a 6.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James L. Welch sold 10,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $116.09, for a total transaction of $1,160,900.00. Following the completion of the sale, the director owned 27,717 shares in the company, valued at approximately $3,217,666.53. This trade represents a 26.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 89,186 shares of company stock worth $10,440,398 in the last quarter. Company insiders own 1.20% of the company's stock.

Analysts Set New Price Targets

SKYW has been the topic of a number of analyst reports. Evercore ISI increased their price objective on shares of SkyWest from $120.00 to $130.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Raymond James Financial upgraded shares of SkyWest from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, October 1st. Zacks Research cut SkyWest from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of SkyWest in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $126.75.

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.

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