Key Points
- SkyWest insider Wade Steel sold 22,000 shares at an average price of $111.44, generating approximately $2.45 million. The sale reduced his direct holdings by 28.41% to 55,438 shares.
- SkyWest’s latest quarterly results fell short of expectations, with EPS of $2.54 versus the $2.70 consensus and revenue of $1.10 billion versus $1.11 billion expected. Revenue nevertheless increased 6.5% year over year.
- The company authorized a $250 million share-buyback program, covering 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) 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 value of $2,451,680.00. Following the completion of the sale, the insider directly owned 55,438 shares of the company's stock, valued at approximately $6,178,010.72. This represents a 28.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
SkyWest Stock Performance
SkyWest stock opened at $115.94 on Thursday. The stock has a fifty day moving average price of $96.42 and a 200 day moving average price of $95.09. SkyWest, Inc. has a 52 week low of $77.89 and a 52 week high of $123.94. The firm has a market capitalization of $4.50 billion, a P/E ratio of 11.52, a PEG ratio of 1.65 and a beta of 1.46. The company has a current ratio of 0.57, a quick ratio of 0.46 and a debt-to-equity ratio of 0.59.
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 analysts' consensus estimates of $2.70 by ($0.16). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. SkyWest had a return on equity of 14.58% and a net margin of 9.78%.The firm's quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the business posted $2.91 earnings per share. Equities research analysts anticipate that SkyWest, Inc. will post 10.69 earnings per share for the current year.
SkyWest declared that its Board of Directors has authorized a stock buyback program on Thursday, July 23rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the transportation company to repurchase up to 6.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd grew its stake in SkyWest by 480.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 261 shares of the transportation company's stock worth $26,000 after buying an additional 216 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of SkyWest in the 1st quarter valued at $26,000. Transamerica Financial Advisors LLC lifted its holdings in shares of SkyWest by 273.6% during the 4th quarter. Transamerica Financial Advisors LLC now owns 269 shares of the transportation company's stock valued at $27,000 after acquiring an additional 197 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in shares of SkyWest during the 3rd quarter valued at $62,000. Finally, EverSource Wealth Advisors LLC boosted its position in SkyWest by 118.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company's stock worth $64,000 after purchasing an additional 339 shares during the period. Hedge funds and other institutional investors own 81.30% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on SKYW shares. TD Cowen upped their price target on shares of SkyWest from $98.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Citigroup lifted their price target on shares of SkyWest from $95.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Weiss Ratings raised shares of SkyWest from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 16th. Finally, The Goldman Sachs Group downgraded SkyWest from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $126.00 to $115.00 in a report on Thursday, July 2nd. 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 stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $119.40.
Read Our Latest Report on SkyWest
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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