Summit Global Investments Buys New Position in SkyWest, Inc. $SKYW

Key Points

• Summit Global Investments purchased 11,802 SkyWest shares worth approximately $1.17 million in the second quarter. Institutional investors collectively own 81.3% of the company.
• SkyWest reported quarterly EPS of $2.54, below the $2.70 analyst consensus, while revenue rose 6.5% year over year to $1.10 billion. The board also authorized a $250 million share repurchase plan, covering up to 6.6% of outstanding shares.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $119.40 versus the stock’s $107.58 opening price. However, company insiders sold 115,226 shares worth $12.9 million over the past 90 days.

Summit Global Investments purchased a new position in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,802 shares of the transportation company's stock, valued at approximately $1,172,000.

Several other institutional investors have also bought and sold shares of SKYW. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in SkyWest by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,590 shares of the transportation company's stock valued at $2,061,000 after acquiring an additional 1,034 shares in the last quarter. United Services Automobile Association bought a new stake in shares of SkyWest in the 1st quarter worth $227,000. M&T Bank Corp raised its holdings in shares of SkyWest by 7.6% in the second quarter. M&T Bank Corp now owns 2,825 shares of the transportation company's stock valued at $290,000 after purchasing an additional 199 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of SkyWest by 118.5% in the second quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company's stock valued at $64,000 after purchasing an additional 339 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of SkyWest by 8.8% during the second quarter. First Trust Advisors LP now owns 85,577 shares of the transportation company's stock valued at $8,812,000 after purchasing an additional 6,938 shares in the last quarter. Institutional investors own 81.30% of the company's stock.

Insider Activity at SkyWest

In other SkyWest news, VP Greg Wooley sold 17,726 shares of the business's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $108.55, for a total value of $1,924,157.30. Following the transaction, the vice president directly owned 53,323 shares in the company, valued at $5,788,211.65. The trade was a 24.95% 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, CEO Russell A. Childs sold 50,500 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $113.21, for a total transaction of $5,717,105.00. Following the completion of the transaction, the chief executive officer owned 346,190 shares in the company, valued at approximately $39,192,169.90. The trade was a 12.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 115,226 shares of company stock worth $12,855,192. Insiders own 1.50% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SKYW shares. TD Cowen boosted their price target on shares of SkyWest from $98.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. The Goldman Sachs Group lowered shares of SkyWest from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $126.00 to $115.00 in a research note on Thursday, July 2nd. Citigroup lifted their target price on shares of SkyWest from $95.00 to $105.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Finally, Weiss Ratings upgraded SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $119.40.

SkyWest Trading Down 0.7%

NASDAQ SKYW opened at $107.58 on Friday. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 1.56 and a beta of 1.46. SkyWest, Inc. has a one year low of $77.89 and a one year high of $123.94. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.57 and a quick ratio of 0.46. The business's fifty day moving average is $100.01 and its 200-day moving average is $95.54.

SkyWest (NASDAQ:SKYW - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The transportation company reported $2.54 earnings per share for the quarter, missing analysts' consensus estimates of $2.70 by ($0.16). The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.11 billion. SkyWest had a return on equity of 14.58% and a net margin of 9.78%.SkyWest's quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the firm posted $2.91 earnings per share. Equities research analysts predict that SkyWest, Inc. will post 10.69 EPS for the current year.

SkyWest declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 23rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the transportation company to purchase up to 6.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

SkyWest Company Profile

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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