SkyWest (NASDAQ:SKYW) Price Target Cut to $106.00 by Analysts at TD Cowen

Key Points

• TD Cowen cut its price target on SkyWest from $122 to $106.00 while maintaining a "buy" rating, implying roughly a 9.7% upside from the current share price.
• SkyWest's latest quarter showed EPS of $2.21 (missing estimates by $0.04) while revenue came in at $1.02 billion, beating expectations and rising 8.5% year-over-year.
• Insider Wade J. Steel sold 20,629 shares at an average of $106.53 (reducing his stake by about 21%), and institutional investors now own approximately 81.3% of the company.

SkyWest (NASDAQ:SKYW - Get Free Report) had its price target lowered by equities researchers at TD Cowen from $122.00 to $106.00 in a research report issued on Friday. The firm presently has a "buy" rating on the transportation company's stock. TD Cowen's price objective suggests a potential upside of 9.70% from the stock's current price.

A number of other equities analysts also recently weighed in on SKYW. Cantor Fitzgerald set a $122.00 target price on SkyWest in a research note on Monday, January 26th. Weiss Ratings reissued a "buy (b-)" rating on shares of SkyWest in a research report on Thursday, January 22nd. Finally, Citigroup reduced their price objective on SkyWest from $112.00 to $101.00 and set a "neutral" rating for the company in a research note on Friday, March 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, SkyWest currently has a consensus rating of "Moderate Buy" and an average target price of $119.80.

SkyWest Stock Performance

NASDAQ:SKYW opened at $96.63 on Friday. SkyWest has a twelve month low of $82.14 and a twelve month high of $123.94. The company has a quick ratio of 0.55, a current ratio of 0.65 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $3.88 billion, a P/E ratio of 9.16, a P/E/G ratio of 1.32 and a beta of 1.63. The company has a fifty day moving average of $96.96 and a 200-day moving average of $99.05.

SkyWest (NASDAQ:SKYW - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The transportation company reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $2.25 by ($0.04). SkyWest had a net margin of 10.56% and a return on equity of 16.35%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $993.12 million. During the same period in the previous year, the business earned $2.34 earnings per share. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. As a group, sell-side analysts anticipate that SkyWest will post 9.01 EPS for the current year.

Insiders Place Their Bets

In other news, insider Wade J. Steel sold 20,629 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $106.53, for a total transaction of $2,197,607.37. Following the completion of the transaction, the insider directly owned 77,438 shares of the company's stock, valued at $8,249,470.14. This represents a 21.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SkyWest

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC grew its stake in shares of SkyWest by 80.3% during the 1st quarter. SG Americas Securities LLC now owns 37,145 shares of the transportation company's stock worth $3,411,000 after acquiring an additional 16,546 shares during the period. Diversified Trust Co boosted its position in SkyWest by 12.2% during the first quarter. Diversified Trust Co now owns 11,796 shares of the transportation company's stock worth $1,083,000 after purchasing an additional 1,283 shares during the period. Hsbc Holdings PLC increased its stake in shares of SkyWest by 5.8% in the fourth quarter. Hsbc Holdings PLC now owns 16,419 shares of the transportation company's stock worth $1,656,000 after purchasing an additional 901 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of SkyWest by 480.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 261 shares of the transportation company's stock worth $26,000 after purchasing an additional 216 shares in the last quarter. Finally, DGS Capital Management LLC lifted its stake in shares of SkyWest by 48.4% during the 4th quarter. DGS Capital Management LLC now owns 3,351 shares of the transportation company's stock valued at $336,000 after buying an additional 1,093 shares in the last quarter. 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.

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