Russell Investments Group Ltd. Grows Stock Holdings in SkyWest, Inc. $SKYW

Key Points

• Russell Investments Group Ltd. has increased its stake in SkyWest, Inc. by 57.8%, owning approximately 42,886 shares valued at about $3.75 million as of the latest SEC filing.
• Other institutional investors also increased their holdings, with 81.30% of SkyWest's stock now owned by institutional investors and hedge funds.
• SkyWest reported earnings of $2.91 per share for the last quarter, exceeding estimates, and announced a $250 million stock buyback program signaling potential undervaluation of its shares.

Russell Investments Group Ltd. boosted its position in SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 57.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 42,886 shares of the transportation company's stock after acquiring an additional 15,701 shares during the period. Russell Investments Group Ltd. owned 0.11% of SkyWest worth $3,747,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of SkyWest by 1,075.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 60,181 shares of the transportation company's stock worth $5,302,000 after purchasing an additional 55,062 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of SkyWest by 5.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,322 shares of the transportation company's stock valued at $290,000 after buying an additional 186 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of 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 in the last quarter. SG Americas Securities LLC acquired a new position in shares of SkyWest during the first quarter valued at about $1,007,000. Finally, Vontobel Holding Ltd. acquired a new stake in shares of SkyWest in the 1st quarter worth about $209,000. Institutional investors own 81.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Raymond James Financial lifted their price target on SkyWest from $128.00 to $140.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Wall Street Zen upgraded SkyWest from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Finally, Evercore ISI raised their price objective on SkyWest from $120.00 to $130.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $126.75.

Insiders Place Their Bets

In related news, 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 transaction, the chief executive officer owned 404,883 shares of the company's stock, valued at $46,990,720.98. This represents 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 through the SEC website. Also, Director James L. Welch sold 10,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $116.09, for a total value of $1,160,900.00. Following the sale, the director owned 27,717 shares in the company, valued at $3,217,666.53. The trade was a 26.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 138,186 shares of company stock worth $15,434,918 over the last quarter. Insiders own 1.20% of the company's stock.

SkyWest Stock Performance

SKYW stock traded up $2.30 during midday trading on Monday, hitting $121.38. The company's stock had a trading volume of 651,485 shares, compared to its average volume of 322,090. The stock's 50-day moving average price is $109.93 and its 200 day moving average price is $99.88. The company has a quick ratio of 0.63, a current ratio of 0.73 and a debt-to-equity ratio of 0.78. SkyWest, Inc. has a 1 year low of $72.70 and a 1 year high of $135.57. The stock has a market cap of $4.90 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.18 and a beta of 1.98.

SkyWest (NASDAQ:SKYW - Get Free Report) last announced its quarterly earnings data 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 net margin of 10.62% and a return on equity of 16.69%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $979.95 million. The company's revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.82 earnings per share. On average, equities analysts forecast that SkyWest, Inc. will post 9.01 EPS for the current year.

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

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.