Xponance Inc. Raises Position in SkyWest, Inc. (NASDAQ:SKYW)

Xponance Inc. boosted its position in SkyWest, Inc. (NASDAQ:SKYW) by 5.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,974 shares of the transportation company’s stock after purchasing an additional 166 shares during the period. Xponance Inc.’s holdings in SkyWest were worth $260,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in SKYW. Allspring Global Investments Holdings LLC grew its position in shares of 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 purchasing an additional 55,062 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in SkyWest by 5.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,322 shares of the transportation company’s stock worth $290,000 after purchasing an additional 186 shares during the period. GAMMA Investing LLC raised its stake in shares of SkyWest by 11.5% in the 1st quarter. GAMMA Investing LLC now owns 1,741 shares of the transportation company’s stock valued at $152,000 after acquiring an additional 180 shares during the period. SG Americas Securities LLC purchased a new position in shares of SkyWest in the 1st quarter valued at $1,007,000. Finally, Vontobel Holding Ltd. purchased a new position in shares of SkyWest in the 1st quarter valued at $209,000. Institutional investors and hedge funds own 81.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. The Goldman Sachs Group raised shares of SkyWest from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $119.00 to $117.00 in a report on Tuesday, April 8th. Raymond James Financial dropped their price target on shares of SkyWest from $130.00 to $125.00 and set an “outperform” rating on the stock in a research 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 price target on the stock in a research report on Tuesday, July 1st. Finally, Wall Street Zen upgraded shares of SkyWest from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $120.50.

Insider Transactions at SkyWest

In related news, insider Wade J. Steel sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $101.02, for a total transaction of $1,515,300.00. Following the transaction, the insider directly owned 119,416 shares of the company’s stock, valued at approximately $12,063,404.32. The trade was a 11.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Robert J. Simmons sold 17,000 shares of the business’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 transaction of $1,763,750.00. Following the transaction, the chief financial officer directly owned 131,203 shares in the company, valued at $13,612,311.25. The trade was a 11.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,000 shares of company stock valued at $4,994,520 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

SkyWest Stock Performance

Shares of SKYW opened at $113.15 on Friday. The firm’s 50 day moving average is $102.99 and its 200-day moving average is $99.62. The stock has a market capitalization of $4.58 billion, a P/E ratio of 12.95, a P/E/G ratio of 1.38 and a beta of 1.88. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.76 and a quick ratio of 0.66. SkyWest, Inc. has a 12-month low of $64.61 and a 12-month high of $135.57.

SkyWest (NASDAQ:SKYW) last announced its quarterly earnings data on Thursday, April 24th. The transportation company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.38. The company had revenue of $948.46 million for the quarter, compared to analysts’ expectations of $946.13 million. SkyWest had a net margin of 9.89% and a return on equity of 15.41%. The business’s revenue was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.45 EPS. Equities research analysts anticipate that SkyWest, Inc. will post 9.01 EPS for the current fiscal year.

SkyWest announced that its board has initiated a stock buyback program 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 shares through open market purchases. Shares buyback 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.