SkyWest (NASDAQ:SKYW) Shares Down 6.1% - Here's Why

Key Points

• SkyWest shares fell 6.1% on Monday, closing at $111.97 after reaching a low of $112.10.
• Despite the drop, analysts from Raymond James and Evercore ISI have raised their price targets on the stock, with a consensus target of $126.75.
• SkyWest reported a 19.4% increase in quarterly revenue year-over-year, with $2.91 EPS, exceeding expectations.

SkyWest, Inc. (NASDAQ:SKYW - Get Free Report) shares dropped 6.1% on Monday . The company traded as low as $112.10 and last traded at $111.97. Approximately 289,059 shares traded hands during trading, a decline of 27% from the average daily volume of 398,085 shares. The stock had previously closed at $119.22.

Analyst Ratings Changes

SKYW has been the topic of several recent research reports. Raymond James Financial boosted their price target on shares of SkyWest from $128.00 to $140.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Evercore ISI increased their price target on shares of SkyWest from $120.00 to $130.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, Wall Street Zen upgraded shares of SkyWest from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, SkyWest currently has an average rating of "Buy" and a consensus price target of $126.75.

SkyWest Stock Performance

The firm's fifty day moving average price is $114.08 and its 200 day moving average price is $100.74. The company has a current ratio of 0.73, a quick ratio of 0.63 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 1.18 and a beta of 1.92.

SkyWest (NASDAQ:SKYW - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.91 EPS for the quarter, topping the consensus estimate of $2.34 by $0.57. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $979.95 million. SkyWest had a net margin of 10.62% and a return on equity of 16.69%. The business's revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.82 EPS. Analysts forecast that SkyWest, Inc. will post 9.01 EPS for the current fiscal year.

Insider Activity at SkyWest

In other SkyWest news, CFO Robert J. Simmons sold 17,186 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $117.46, for a total transaction of $2,018,667.56. Following the sale, the chief financial officer directly owned 114,017 shares in the company, valued at $13,392,436.82. This represents a 13.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Greg Wooley sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $116.83, for a total transaction of $233,660.00. Following the sale, the vice president owned 66,737 shares in the company, valued at approximately $7,796,883.71. This trade represents a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 89,186 shares of company stock worth $10,440,398 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SkyWest

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. raised its holdings in shares of SkyWest by 35.3% in the 2nd quarter. Osaic Holdings Inc. now owns 15,131 shares of the transportation company's stock valued at $1,548,000 after purchasing an additional 3,950 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in SkyWest by 0.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 30,694 shares of the transportation company's stock worth $3,161,000 after acquiring an additional 133 shares in the last quarter. Neuberger Berman Group LLC raised its stake in SkyWest by 50.9% during the 2nd quarter. Neuberger Berman Group LLC now owns 7,029 shares of the transportation company's stock worth $724,000 after acquiring an additional 2,370 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in SkyWest during the 2nd quarter worth $5,156,000. Finally, Public Sector Pension Investment Board raised its stake in SkyWest by 6.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 156,631 shares of the transportation company's stock worth $16,128,000 after acquiring an additional 9,862 shares in the last quarter. 81.30% of the stock is currently owned by institutional investors and hedge funds.

About SkyWest

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.

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