Robert Simmons Sells 25,000 Shares of SkyWest (NASDAQ:SKYW) Stock

Key Points

• SkyWest CFO Robert Simmons sold 25,000 shares at an average price of $110.49, generating approximately $2.76 million. His remaining ownership fell 21.03% to 93,902 shares.
• SkyWest’s latest quarterly results missed estimates, with EPS of $2.54 versus the $2.70 consensus and revenue of $1.10 billion versus $1.11 billion expected, though revenue increased 6.5% year over year.
• The company authorized a $250 million share buyback, allowing repurchases of 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) CFO Robert Simmons sold 25,000 shares of the business's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $110.49, for a total transaction of $2,762,250.00. Following the transaction, the chief financial officer owned 93,902 shares in the company, valued at $10,375,231.98. This represents a 21.03% 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.

SkyWest Stock Performance

NASDAQ:SKYW traded down $1.29 on Friday, hitting $106.97. The company's stock had a trading volume of 335,913 shares, compared to its average volume of 382,995. SkyWest, Inc. has a one year low of $77.89 and a one year high of $123.94. The stock has a fifty day moving average of $94.30 and a two-hundred day moving average of $94.69. The company has a current ratio of 0.57, a quick ratio of 0.51 and a debt-to-equity ratio of 0.59. The firm 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 (NASDAQ:SKYW - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The transportation company reported $2.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.70 by ($0.16). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. SkyWest had a net margin of 9.78% and a return on equity of 14.58%. The company's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.91 EPS. Research analysts predict that SkyWest, Inc. will post 10.69 earnings per share for the current year.

SkyWest declared that its Board of Directors has authorized a share buyback program on Thursday, July 23rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the transportation company to buy up to 6.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On SkyWest

Institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd lifted its position in shares of SkyWest by 480.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 261 shares of the transportation company's stock valued at $26,000 after purchasing an additional 216 shares in the last quarter. Transamerica Financial Advisors LLC increased its stake in shares of SkyWest by 273.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 269 shares of the transportation company's stock worth $27,000 after purchasing an additional 197 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in SkyWest during the 1st quarter valued at $26,000. Johnson Financial Group Inc. bought a new stake in shares of SkyWest during the 3rd quarter valued at $62,000. Finally, EverSource Wealth Advisors LLC lifted 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 worth $64,000 after buying an additional 339 shares in the last quarter. Institutional investors own 81.30% of the company's stock.

Analyst Ratings Changes

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

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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