JPMorgan Chase & Co. Purchases 83,705 Shares of SkyWest, Inc. $SKYW

JPMorgan Chase & Co. increased its position in shares of SkyWest, Inc. (NASDAQ:SKYW) by 39.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 298,255 shares of the transportation company’s stock after acquiring an additional 83,705 shares during the quarter. JPMorgan Chase & Co. owned about 0.74% of SkyWest worth $30,011,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in shares of SkyWest by 24.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 144,978 shares of the transportation company’s stock valued at $14,628,000 after purchasing an additional 28,669 shares during the last quarter. American Century Companies Inc. raised its stake in shares of SkyWest by 3.0% during the third quarter. American Century Companies Inc. now owns 1,612,098 shares of the transportation company’s stock worth $162,209,000 after buying an additional 46,744 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of SkyWest by 189.7% during the third quarter. Teacher Retirement System of Texas now owns 19,044 shares of the transportation company’s stock worth $1,916,000 after buying an additional 12,470 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in SkyWest by 217.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 36,837 shares of the transportation company’s stock valued at $3,707,000 after buying an additional 25,246 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in SkyWest by 10.1% in the third quarter. Public Sector Pension Investment Board now owns 172,424 shares of the transportation company’s stock valued at $17,349,000 after buying an additional 15,793 shares during the period. Institutional investors own 81.30% of the company’s stock.

Insider Activity

In related news, insider Wade J. Steel sold 20,629 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $106.53, for a total value of $2,197,607.37. Following the completion of the sale, the insider owned 77,438 shares in the company, valued at $8,249,470.14. This represents a 21.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is owned by company insiders.

SkyWest Stock Down 1.6%

Shares of NASDAQ SKYW opened at $87.89 on Monday. The stock has a market cap of $3.55 billion, a P/E ratio of 8.49, a P/E/G ratio of 1.18 and a beta of 1.58. The firm has a 50 day moving average price of $99.47 and a 200 day moving average price of $100.76. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.55 and a current ratio of 0.65. SkyWest, Inc. has a 52-week low of $74.70 and a 52-week high of $123.94.

SkyWest (NASDAQ:SKYW) last issued its earnings results on Thursday, January 29th. The transportation company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.04). The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $993.12 million. SkyWest had a net margin of 10.56% and a return on equity of 16.35%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.34 EPS. Analysts expect that SkyWest, Inc. will post 9.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup lowered their target price on shares of SkyWest from $112.00 to $101.00 and set a “neutral” rating for the company in a report on Friday. Zacks Research downgraded SkyWest from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. TD Cowen reduced their price target on SkyWest from $132.00 to $122.00 and set a “buy” rating on the stock in a research report on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of SkyWest in a research note on Thursday, January 22nd. Finally, Cantor Fitzgerald set a $122.00 price objective on SkyWest in a report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, SkyWest presently has an average rating of “Moderate Buy” and an average target price of $122.00.

About SkyWest

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.