Insider Selling: SkyWest (NASDAQ:SKYW) VP Sells 17,726 Shares of Stock

Key Points

• SkyWest VP Greg Wooley sold 17,726 shares at an average price of $108.55, generating approximately $1.92 million and reducing his position by 24.95%.
• SkyWest’s latest quarterly results fell short of expectations, with EPS of $2.54 versus the $2.70 consensus and revenue of $1.10 billion versus $1.11 billion expected; revenue still increased 6.5% year over year.
• The company authorized a $250 million share-repurchase program covering up to 6.6% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with an average price target of $119.40, compared with a recent share price of $106.97.

SkyWest, Inc. (NASDAQ:SKYW - Get Free Report) VP Greg Wooley sold 17,726 shares of SkyWest stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $108.55, for a total transaction of $1,924,157.30. Following the transaction, the vice president owned 53,323 shares in the company, valued at approximately $5,788,211.65. This trade represents a 24.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

SkyWest Price Performance

SKYW stock traded down $1.29 during trading on Friday, reaching $106.97. The company's stock had a trading volume of 335,913 shares, compared to its average volume of 382,995. The company has a quick ratio of 0.51, a current ratio of 0.57 and a debt-to-equity ratio of 0.59. The company's fifty day moving average is $94.30 and its 200-day moving average is $94.69. The company has a market capitalization of $4.15 billion, a P/E ratio of 10.63, a price-to-earnings-growth ratio of 1.57 and a beta of 1.45. SkyWest, Inc. has a 1 year low of $77.89 and a 1 year high of $123.94.

SkyWest (NASDAQ:SKYW - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The transportation company reported $2.54 EPS for the quarter, missing the consensus estimate of $2.70 by ($0.16). The business had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.11 billion. SkyWest had a net margin of 9.78% and a return on equity of 14.58%. SkyWest's revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.91 earnings per share. On average, research analysts expect that SkyWest, Inc. will post 10.69 earnings per share for the current fiscal year.

SkyWest announced that its Board of Directors has initiated a stock repurchase plan on Thursday, July 23rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the transportation company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On SkyWest

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.