Bank of New York Mellon Corp Has $26.61 Million Stock Holdings in SkyWest, Inc. $SKYW

Bank of New York Mellon Corp trimmed its position in shares of SkyWest, Inc. (NASDAQ:SKYW) by 27.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,745 shares of the transportation company’s stock after selling 109,210 shares during the period. Bank of New York Mellon Corp owned about 0.73% of SkyWest worth $26,607,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of SKYW. Illinois Municipal Retirement Fund grew its stake in shares of SkyWest by 13.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 23,576 shares of the transportation company’s stock valued at $2,165,000 after buying an additional 2,744 shares in the last quarter. Principal Financial Group Inc. raised its position in SkyWest by 2.0% during the first quarter. Principal Financial Group Inc. now owns 194,920 shares of the transportation company’s stock valued at $17,900,000 after acquiring an additional 3,767 shares in the last quarter. Fifth Third Bancorp lifted its stake in SkyWest by 2,073.0% in the first quarter. Fifth Third Bancorp now owns 12,256 shares of the transportation company’s stock valued at $1,125,000 after acquiring an additional 11,692 shares during the last quarter. U S Global Investors Inc. lifted its stake in SkyWest by 15.5% in the first quarter. U S Global Investors Inc. now owns 257,593 shares of the transportation company’s stock valued at $23,655,000 after acquiring an additional 34,587 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its stake in SkyWest by 12.1% in the first quarter. Hsbc Holdings PLC now owns 18,398 shares of the transportation company’s stock valued at $1,671,000 after acquiring an additional 1,979 shares during the last quarter. Institutional investors and hedge funds own 81.30% of the company’s stock.

Wall Street Analysts Forecast Growth

SKYW has been the topic of several analyst reports. TD Cowen increased their price target on shares of SkyWest from $98.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Weiss Ratings raised shares of SkyWest from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 16th. Citigroup upped their price objective on shares of SkyWest from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, The Goldman Sachs Group downgraded shares of SkyWest from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $126.00 to $115.00 in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $119.40.

SkyWest Stock Performance

NASDAQ:SKYW opened at $110.29 on Tuesday. SkyWest, Inc. has a 1 year low of $77.89 and a 1 year high of $123.94. The firm’s fifty day simple moving average is $92.60 and its 200 day simple moving average is $94.45. The company has a current ratio of 0.57, a quick ratio of 0.51 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $4.37 billion, a PE ratio of 10.96, a PEG ratio of 1.50 and a beta of 1.45.

SkyWest (NASDAQ:SKYW) last released its earnings results on Thursday, July 23rd. The transportation company reported $2.54 earnings per share for the quarter, missing analysts’ consensus estimates of $2.70 by ($0.16). SkyWest had a return on equity of 14.58% and a net margin of 9.78%.The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the firm earned $2.91 EPS. The firm’s revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts anticipate that SkyWest, Inc. will post 10.57 EPS for the current year.

SkyWest announced that its Board of Directors has authorized a stock repurchase plan on Thursday, July 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the transportation company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

SkyWest Company Profile

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.