Key Points
- SkyWest CEO Russell Childs sold 50,500 shares at an average price of $113.21, generating $5.72 million. The transaction reduced his direct holdings by 12.73%, leaving him with 346,190 shares.
- SkyWest’s latest quarterly results missed expectations, with EPS of $2.54 versus the $2.70 consensus estimate and revenue of $1.10 billion. However, revenue increased 6.5% year over year.
- The company authorized a $250 million stock repurchase program, allowing it to buy back up to 6.6% of outstanding shares. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $119.40.
SkyWest, Inc. (NASDAQ:SKYW - Get Free Report) CEO Russell Childs sold 50,500 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $113.21, for a total value of $5,717,105.00. Following the completion of the sale, the chief executive officer directly owned 346,190 shares in the company, valued at approximately $39,192,169.90. The trade was a 12.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
SkyWest Stock Performance
Shares of SkyWest stock opened at $108.26 on Friday. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 10.76, a price-to-earnings-growth ratio of 1.57 and a beta of 1.45. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.57 and a quick ratio of 0.51. The business has a 50-day moving average of $94.30 and a 200 day moving average of $94.69. SkyWest, Inc. has a 12 month low of $77.89 and a 12 month high of $123.94.
SkyWest (NASDAQ:SKYW - Get Free Report) last issued 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). SkyWest had a return on equity of 14.58% and a net margin of 9.78%.The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the company posted $2.91 EPS. The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, sell-side analysts forecast that SkyWest, Inc. will post 10.69 earnings per share for the current year.
SkyWest declared that its board has approved a stock repurchase program on Thursday, July 23rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the transportation company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.
Hedge Funds Weigh In On SkyWest
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in SkyWest by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,590 shares of the transportation company's stock worth $2,061,000 after purchasing an additional 1,034 shares during the period. United Services Automobile Association purchased a new position in shares of SkyWest during the 1st quarter worth approximately $227,000. M&T Bank Corp lifted its holdings in shares of SkyWest by 7.6% in 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 during the period. 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 buying an additional 339 shares during the period. 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 buying an additional 6,938 shares during the period. Hedge funds and other institutional investors own 81.30% of the company's stock.
Analysts Set New Price Targets
SKYW has been the subject of several analyst reports. TD Cowen upped their price objective on 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 SkyWest from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $126.00 to $115.00 in a research note on Thursday, July 2nd. Citigroup upped their price target on SkyWest from $95.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, Weiss Ratings upgraded shares of SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, SkyWest presently has a consensus rating of "Moderate Buy" and an average price target of $119.40.
View Our Latest Stock Analysis on SKYW
SkyWest Company Profile
(
Get Free Report)
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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