Bank of New York Mellon Corp Sells 33,520 Shares of SkyWest, Inc. (NASDAQ:SKYW)

Bank of New York Mellon Corp lowered its stake in SkyWest, Inc. (NASDAQ:SKYW) by 7.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 419,671 shares of the transportation company’s stock after selling 33,520 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.03% of SkyWest worth $36,667,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in SkyWest by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 233,175 shares of the transportation company’s stock valued at $20,372,000 after buying an additional 6,574 shares during the last quarter. Vontobel Holding Ltd. acquired a new stake in shares of SkyWest during the 1st quarter worth approximately $209,000. MorganRosel Wealth Management LLC grew its position in shares of SkyWest by 17.5% during the 1st quarter. MorganRosel Wealth Management LLC now owns 15,569 shares of the transportation company’s stock worth $1,360,000 after buying an additional 2,320 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of SkyWest by 1,075.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 60,181 shares of the transportation company’s stock worth $5,302,000 after buying an additional 55,062 shares during the period. Finally, Highland Capital Management LLC grew its position in shares of SkyWest by 45.0% during the 1st quarter. Highland Capital Management LLC now owns 4,034 shares of the transportation company’s stock worth $352,000 after buying an additional 1,251 shares during the period. Institutional investors own 81.30% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on SKYW. The Goldman Sachs Group upgraded shares of SkyWest from a “neutral” rating to a “buy” rating and decreased their price target for the company from $119.00 to $117.00 in a research note on Tuesday, April 8th. Wall Street Zen raised shares of SkyWest from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Raymond James Financial reduced their price target on shares of SkyWest from $130.00 to $125.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. Finally, Evercore ISI raised shares of SkyWest from an “in-line” rating to an “outperform” rating and set a $120.00 price objective on the stock in a report on Tuesday, July 1st. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, SkyWest presently has a consensus rating of “Buy” and a consensus price target of $120.50.

Insider Transactions at SkyWest

In other news, CFO Robert J. Simmons sold 17,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $103.75, for a total value of $1,763,750.00. Following the transaction, the chief financial officer owned 131,203 shares in the company, valued at approximately $13,612,311.25. This trade represents a 11.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Russell A. Childs sold 17,000 shares of SkyWest stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $100.91, for a total transaction of $1,715,470.00. Following the completion of the sale, the chief executive officer owned 449,242 shares in the company, valued at approximately $45,333,010.22. This trade represents a 3.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,000 shares of company stock worth $4,994,520. Insiders own 2.00% of the company’s stock.

SkyWest Trading Up 0.9%

Shares of SkyWest stock opened at $112.75 on Tuesday. SkyWest, Inc. has a 12-month low of $64.61 and a 12-month high of $135.57. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 1.36 and a beta of 1.88. The company has a current ratio of 0.76, a quick ratio of 0.66 and a debt-to-equity ratio of 0.84. The company’s 50-day moving average price is $101.44 and its 200-day moving average price is $99.20.

SkyWest (NASDAQ:SKYW) last announced its earnings results on Thursday, April 24th. The transportation company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.38. SkyWest had a net margin of 9.89% and a return on equity of 15.41%. The business had revenue of $948.46 million for the quarter, compared to the consensus estimate of $946.13 million. During the same period last year, the firm posted $1.45 earnings per share. SkyWest’s quarterly revenue was up 18.0% on a year-over-year basis. On average, equities analysts expect that SkyWest, Inc. will post 9.01 earnings per share for the current fiscal year.

SkyWest announced that its board has initiated a share buyback plan on Wednesday, May 7th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the transportation company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

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.