SkyWest, Inc. (NASDAQ:SKYW) Stock Rated “Hold” by Wall Street Brokerages

Shares of SkyWest, Inc. (NASDAQ:SKYW) have received an average rating of “Hold” from the five brokerages that are covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $113.00.

Several equities analysts have recently issued reports on SKYW shares. The Goldman Sachs Group downgraded shares of SkyWest from a “buy” rating to a “neutral” rating and cut their price objective for the company from $126.00 to $115.00 in a report on Thursday, July 2nd. Cantor Fitzgerald set a $116.00 price objective on shares of SkyWest in a research report on Friday, October 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 note on Friday, June 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of SkyWest in a research note on Wednesday, October 14th. Finally, TD Cowen dropped their target price on shares of SkyWest from $123.00 to $116.00 and set a “buy” rating on the stock in a research report on Friday, October 2nd.

SkyWest Trading Down 1.2%

Shares of NASDAQ:SKYW opened at $90.45 on Tuesday. The business’s 50-day moving average is $98.51 and its 200 day moving average is $95.35. SkyWest has a 1 year low of $77.89 and a 1 year high of $117.72. The firm has a market capitalization of $3.51 billion, a P/E ratio of 8.99, a P/E/G ratio of 1.33 and a beta of 1.47. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.57 and a quick ratio of 0.46.

SkyWest (NASDAQ:SKYW) last released its quarterly earnings results on Thursday, July 23rd. The transportation company reported $2.54 EPS for the quarter, missing analysts’ consensus estimates 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%. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.91 earnings per share. On average, research analysts predict that SkyWest will post 10.58 earnings per share for the current fiscal year.

SkyWest declared that its board has initiated a share buyback program on Thursday, July 23rd that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the transportation company to buy up to 6.6% of its shares through open market purchases. Share repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at SkyWest

In other news, insider Wade Steel sold 22,000 shares of SkyWest stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $111.44, for a total transaction of $2,451,680.00. Following the completion of the sale, the insider directly owned 55,438 shares in the company, valued at approximately $6,178,010.72. The trade was a 28.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Robert Simmons sold 25,000 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $110.49, for a total transaction of $2,762,250.00. Following the sale, the chief financial officer directly owned 93,902 shares in the company, valued at $10,375,231.98. This trade represents a 21.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 115,226 shares of company stock valued at $12,855,192. 1.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in SkyWest by 11.0% during the third quarter. GAMMA Investing LLC now owns 3,259 shares of the transportation company’s stock valued at $316,000 after purchasing an additional 323 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of SkyWest by 78.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 468 shares of the transportation company’s stock valued at $45,000 after buying an additional 206 shares during the period. QRG Capital Management Inc. boosted its stake in shares of SkyWest by 6.5% in the second quarter. QRG Capital Management Inc. now owns 11,710 shares of the transportation company’s stock worth $1,163,000 after buying an additional 717 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in SkyWest by 10.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 8,089 shares of the transportation company’s stock valued at $803,000 after acquiring an additional 784 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in SkyWest during the second quarter valued at approximately $57,000. 81.30% of the stock is owned by institutional investors and hedge funds.

SkyWest Company Profile

SkyWest, Inc (NASDAQ: SKYW) is an airline holding company that operates regional passenger air service in the United States. Its primary subsidiary, SkyWest Airlines, connects smaller and midsized communities with larger airline hubs and provides scheduled flights under capacity-purchase agreements with major airline partners.

SkyWest Airlines operates flights under the United Express, Delta Connection and Alaska Airlines brands, serving destinations throughout the United States and select locations in Canada, Mexico and the Bahamas.