Key Points
- SkyWest VP Greg Wooley sold 17,726 shares at an average price of $108.55, generating $1.92 million and reducing his position by 24.95% to 53,323 shares.
- SkyWest’s second-quarter EPS of $2.54 missed analyst expectations of $2.70, although revenue rose 6.5% year over year to $1.10 billion.
- The board authorized a $250 million share-repurchase program, covering up to 6.6% of outstanding shares; analysts maintain a “Moderate Buy” consensus with an average price target of $119.40.
SkyWest, Inc. (NASDAQ:SKYW - Get Free Report) VP Greg Wooley sold 17,726 shares of the company's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $108.55, for a total transaction of $1,924,157.30. Following the completion of the transaction, the vice president owned 53,323 shares of the company's stock, valued at approximately $5,788,211.65. This trade represents a 24.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
SkyWest Trading Down 1.2%
Shares of SKYW stock opened at $106.97 on Friday. SkyWest, Inc. has a 1-year low of $77.89 and a 1-year high of $123.94. The company has a market cap of $4.15 billion, a price-to-earnings ratio of 10.63, a PEG ratio of 1.55 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 stock has a 50 day simple moving average of $94.74 and a 200-day simple moving average of $94.78.
SkyWest (NASDAQ:SKYW - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The transportation company reported $2.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.70 by ($0.16). The company had revenue of $1.10 billion during 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%. SkyWest's revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.91 EPS. On average, equities research analysts expect that SkyWest, Inc. will post 10.69 EPS for the current fiscal year.
SkyWest announced that its board has approved a share repurchase program on Thursday, July 23rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the transportation company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.
Institutional Trading of SkyWest
Several hedge funds have recently made changes to their positions in the company. Redhawk Wealth Advisors Inc. acquired a new stake in shares of SkyWest during the 2nd quarter worth approximately $426,000. Byrne Asset Management LLC grew its position in SkyWest by 39.4% in the second quarter. Byrne Asset Management LLC now owns 2,106 shares of the transportation company's stock worth $209,000 after acquiring an additional 595 shares during the period. GK Wealth Management LLC acquired a new stake in SkyWest during the second quarter worth $269,000. Western Wealth Management LLC acquired a new stake in SkyWest during the first quarter worth $181,000. Finally, Empowered Funds LLC raised its position in SkyWest by 3.6% in the first quarter. Empowered Funds LLC now owns 9,268 shares of the transportation company's stock valued at $851,000 after purchasing an additional 325 shares during the period. Hedge funds and other institutional investors own 81.30% of the company's stock.
Wall Street Analyst Weigh In
SKYW has been the topic of several research analyst reports. Weiss Ratings upgraded SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 16th. The Goldman Sachs Group lowered SkyWest from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $126.00 to $115.00 in a research note on Thursday, July 2nd. TD Cowen increased their price objective on SkyWest from $98.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Finally, Citigroup raised their price objective on SkyWest from $95.00 to $105.00 and gave the company 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 issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $119.40.
Check Out Our Latest Report on SkyWest
About SkyWest
(
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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