Northern Trust Corp Sells 14,136 Shares of SkyWest, Inc. $SKYW

Key Points

• Northern Trust Corp reduced its stake in SkyWest, Inc. by 3.0% in the first quarter, now owning 458,627 shares valued at $40.07 million.
• SkyWest reported $2.91 earnings per share for its latest quarter, surpassing analysts' estimates of $2.34 and showing a revenue increase of 19.4% year-over-year.
• The company has authorized a $250 million stock repurchase plan, indicating confidence in the company's stock value.

Northern Trust Corp lowered its stake in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 3.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 458,627 shares of the transportation company's stock after selling 14,136 shares during the period. Northern Trust Corp owned about 1.13% of SkyWest worth $40,070,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SKYW. Nuveen LLC acquired a new stake in shares of SkyWest during the 1st quarter valued at $37,474,000. Cubist Systematic Strategies LLC raised its holdings in shares of SkyWest by 1,999.6% during the 4th quarter. Cubist Systematic Strategies LLC now owns 158,248 shares of the transportation company's stock valued at $15,845,000 after purchasing an additional 150,711 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of SkyWest by 9,644.5% during the 1st quarter. GAMMA Investing LLC now owns 152,111 shares of the transportation company's stock valued at $13,290,000 after purchasing an additional 150,550 shares in the last quarter. Brandywine Global Investment Management LLC bought a new position in shares of SkyWest during the 1st quarter valued at $12,839,000. Finally, Bandera Partners LLC raised its holdings in shares of SkyWest by 138.1% during the 1st quarter. Bandera Partners LLC now owns 209,000 shares of the transportation company's stock valued at $18,260,000 after purchasing an additional 121,240 shares in the last quarter. Institutional investors and hedge funds own 81.30% of the company's stock.

Insider Activity at SkyWest

In other news, insider Wade J. Steel sold 17,000 shares of the company's stock in a transaction that occurred on 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 transaction, the insider directly owned 102,416 shares in the company, valued at approximately $12,111,716.16. This represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Russell A. Childs sold 26,000 shares of the company's stock in a transaction that occurred on 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 owned 404,883 shares in the company, valued at $46,990,720.98. The trade was a 6.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 89,186 shares of company stock valued at $10,440,398 in the last three months. 1.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

SkyWest Stock Performance

NASDAQ SKYW traded down $2.20 during midday trading on Tuesday, hitting $119.20. The company had a trading volume of 191,024 shares, compared to its average volume of 398,066. 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 stock has a market cap of $4.81 billion, a price-to-earnings ratio of 12.12, a P/E/G ratio of 1.20 and a beta of 1.92. The firm has a fifty day simple moving average of $112.50 and a two-hundred day simple moving average of $100.28. SkyWest, Inc. has a fifty-two week low of $72.70 and a fifty-two week high of $135.57.

SkyWest (NASDAQ:SKYW - Get Free Report) last issued its earnings results on Thursday, July 24th. The transportation company reported $2.91 earnings per share for the quarter, beating 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. During the same period in the previous year, the business earned $1.82 EPS. The firm's revenue was up 19.4% on a year-over-year basis. 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 initiated a share buyback program on Wednesday, May 7th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the transportation company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its shares are undervalued.

SkyWest Company 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.