SkyWest, Inc. $SKYW Shares Sold by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management slashed its SkyWest stake by 81.9% in the first quarter, leaving it with 7,071 shares valued at about $649,000 after selling more than 32,000 shares.
• SkyWest’s latest quarterly results topped expectations, with EPS of $2.50 versus $2.15 expected and revenue of $1.01 billion, up 6.8% year over year.
• Analyst sentiment is mixed but generally positive: the stock has a Moderate Buy consensus, with an average price target of $121.17, though Goldman Sachs recently downgraded it to neutral while TD Cowen raised its target to $115.

Meeder Asset Management Inc. cut its holdings in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 81.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,071 shares of the transportation company's stock after selling 32,038 shares during the period. Meeder Asset Management Inc.'s holdings in SkyWest were worth $649,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its stake in shares of SkyWest by 9.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 148,225 shares of the transportation company's stock valued at $14,883,000 after acquiring an additional 12,635 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in SkyWest by 39.0% in the third quarter. JPMorgan Chase & Co. now owns 298,255 shares of the transportation company's stock valued at $30,011,000 after purchasing an additional 83,705 shares during the period. Ruffer LLP acquired a new position in SkyWest during the 4th quarter worth $3,021,000. Allspring Global Investments Holdings LLC grew its stake in SkyWest by 22.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 176,882 shares of the transportation company's stock worth $17,900,000 after purchasing an additional 31,904 shares in the last quarter. Finally, Assetmark Inc. increased its holdings in SkyWest by 261.8% during the 4th quarter. Assetmark Inc. now owns 76,229 shares of the transportation company's stock worth $7,654,000 after purchasing an additional 55,162 shares during the period. Institutional investors and hedge funds own 81.30% of the company's stock.

SkyWest Stock Performance

Shares of SKYW opened at $99.34 on Tuesday. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of 9.52, a price-to-earnings-growth ratio of 1.41 and a beta of 1.45. SkyWest, Inc. has a 52-week low of $77.89 and a 52-week high of $123.94. The company has a quick ratio of 0.51, a current ratio of 0.62 and a debt-to-equity ratio of 0.66. The stock has a 50 day moving average price of $90.91 and a 200 day moving average price of $94.49.

SkyWest (NASDAQ:SKYW - Get Free Report) last issued its earnings results on Thursday, April 23rd. The transportation company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.35. SkyWest had a net margin of 10.42% and a return on equity of 15.55%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $993.06 million. During the same quarter in the prior year, the business posted $2.42 EPS. The company's revenue for the quarter was up 6.8% on a year-over-year basis. Research analysts predict that SkyWest, Inc. will post 10.58 EPS for the current fiscal year.

Analyst Ratings Changes

SKYW has been the topic of a number of analyst reports. Citigroup increased their price target on SkyWest from $95.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. The Goldman Sachs Group lowered shares of SkyWest from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $126.00 to $115.00 in a report on Thursday, July 2nd. Weiss Ratings raised shares of SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday. Finally, TD Cowen boosted their target price on shares of SkyWest from $98.00 to $115.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $121.17.

About SkyWest

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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