M&T Bank Corp decreased its holdings in SkyWest, Inc. (NASDAQ:SKYW – Free Report) by 19.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,626 shares of the transportation company’s stock after selling 649 shares during the quarter. M&T Bank Corp’s holdings in SkyWest were worth $229,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its holdings in SkyWest by 1,075.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 60,181 shares of the transportation company’s stock valued at $5,302,000 after buying an additional 55,062 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in SkyWest by 5.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,322 shares of the transportation company’s stock valued at $290,000 after buying an additional 186 shares during the period. GAMMA Investing LLC lifted its holdings in SkyWest by 11.5% in the first quarter. GAMMA Investing LLC now owns 1,741 shares of the transportation company’s stock valued at $152,000 after buying an additional 180 shares during the period. SG Americas Securities LLC acquired a new position in SkyWest in the first quarter valued at $1,007,000. Finally, Vontobel Holding Ltd. acquired a new position in SkyWest in the first quarter valued at $209,000. Institutional investors own 81.30% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on SKYW shares. Wall Street Zen upgraded shares of SkyWest from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Raymond James Financial lowered their target price on shares of SkyWest from $130.00 to $125.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. Evercore ISI upgraded shares of SkyWest from an “in-line” rating to an “outperform” rating and set a $120.00 target price on the stock in a report on Tuesday, July 1st. Finally, The Goldman Sachs Group upgraded shares of SkyWest from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $119.00 to $117.00 in a report on Tuesday, April 8th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $120.50.
Insider Activity
In other news, CEO Russell A. Childs sold 17,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 449,242 shares of the company’s stock, valued at $45,333,010.22. This represents a 3.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Wade J. Steel sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $101.02, for a total transaction of $1,515,300.00. Following the completion of the transaction, the insider directly owned 119,416 shares of the company’s stock, valued at approximately $12,063,404.32. This trade represents a 11.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,000 shares of company stock valued at $4,994,520 in the last three months. Company insiders own 2.00% of the company’s stock.
SkyWest Stock Down 1.2%
SkyWest stock opened at $113.15 on Friday. SkyWest, Inc. has a twelve month low of $64.61 and a twelve month high of $135.57. The firm has a 50 day moving average price of $102.99 and a 200-day moving average price of $99.62. The company has a market capitalization of $4.58 billion, a P/E ratio of 12.95, a P/E/G ratio of 1.40 and a beta of 1.88. The company has a quick ratio of 0.66, a current ratio of 0.76 and a debt-to-equity ratio of 0.84.
SkyWest (NASDAQ:SKYW – Get Free Report) last released 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 firm had revenue of $948.46 million during the quarter, compared to the consensus estimate of $946.13 million. During the same period in the prior year, the firm earned $1.45 EPS. The company’s revenue was up 18.0% compared to the same quarter last year. As a group, equities analysts predict that SkyWest, Inc. will post 9.01 EPS for the current year.
SkyWest declared that its board has approved a stock buyback program on Wednesday, May 7th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the transportation company to purchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
About SkyWest
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.
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