Forum Financial Management LP Purchases New Holdings in SkyWest, Inc. (NASDAQ:SKYW)

Forum Financial Management LP acquired a new position in shares of SkyWest, Inc. (NASDAQ:SKYW) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 2,668 shares of the transportation company’s stock, valued at approximately $219,000.

A number of other hedge funds have also made changes to their positions in SKYW. Quest Partners LLC purchased a new stake in shares of SkyWest during the fourth quarter worth approximately $26,000. GAMMA Investing LLC purchased a new stake in shares of SkyWest during the fourth quarter worth $29,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of SkyWest in the second quarter valued at about $54,000. Strs Ohio purchased a new position in shares of SkyWest in the fourth quarter worth about $36,000. Finally, CWM LLC boosted its position in SkyWest by 57.3% during the second quarter. CWM LLC now owns 766 shares of the transportation company’s stock worth $63,000 after acquiring an additional 279 shares during the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.

SkyWest Stock Up 2.2 %

NASDAQ SKYW opened at $77.54 on Friday. The firm has a market cap of $3.11 billion, a PE ratio of 27.99 and a beta of 1.96. SkyWest, Inc. has a 52 week low of $36.91 and a 52 week high of $87.86. The company has a quick ratio of 0.74, a current ratio of 0.84 and a debt-to-equity ratio of 1.02. The business’s fifty day simple moving average is $78.56 and its 200-day simple moving average is $73.57.

SkyWest (NASDAQ:SKYW) last posted its earnings results on Thursday, July 25th. The transportation company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.09. The company had revenue of $867.10 million for the quarter, compared to the consensus estimate of $826.56 million. SkyWest had a return on equity of 8.18% and a net margin of 5.55%. The company’s revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 earnings per share. As a group, equities analysts anticipate that SkyWest, Inc. will post 6.88 earnings per share for the current year.

Analysts Set New Price Targets

Separately, TD Cowen increased their price objective on shares of SkyWest from $85.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.67.

Insider Buying and Selling at SkyWest

In other SkyWest news, VP Greg Wooley sold 7,415 shares of SkyWest stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $81.27, for a total transaction of $602,617.05. Following the completion of the sale, the vice president now directly owns 59,058 shares in the company, valued at $4,799,643.66. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, VP Greg Wooley sold 7,415 shares of SkyWest stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $81.27, for a total value of $602,617.05. Following the completion of the transaction, the vice president now owns 59,058 shares in the company, valued at approximately $4,799,643.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Eric Woodward sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $80.56, for a total transaction of $402,800.00. Following the completion of the sale, the chief accounting officer now directly owns 48,426 shares in the company, valued at approximately $3,901,198.56. The disclosure for this sale can be found here. Insiders have sold 22,020 shares of company stock valued at $1,761,938 over the last 90 days. 2.00% of the stock is owned by insiders.

SkyWest Company Profile

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.