Allspring Global Investments Holdings LLC Increases Position in SkyWest, Inc. $SKYW

Allspring Global Investments Holdings LLC grew its position in SkyWest, Inc. (NASDAQ:SKYW) by 22.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 176,882 shares of the transportation company’s stock after purchasing an additional 31,904 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.44% of SkyWest worth $17,900,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC acquired a new stake in SkyWest in the fourth quarter valued at $83,000. SG Americas Securities LLC boosted its position in shares of SkyWest by 107.4% during the 4th quarter. SG Americas Securities LLC now owns 20,599 shares of the transportation company’s stock worth $2,068,000 after acquiring an additional 10,666 shares in the last quarter. Park Avenue Securities LLC increased its holdings in shares of SkyWest by 16.6% in the 4th quarter. Park Avenue Securities LLC now owns 2,340 shares of the transportation company’s stock valued at $235,000 after acquiring an additional 333 shares during the last quarter. GK Wealth Management LLC increased its holdings in shares of SkyWest by 3.7% in the 4th quarter. GK Wealth Management LLC now owns 6,818 shares of the transportation company’s stock valued at $685,000 after acquiring an additional 244 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of SkyWest by 39.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 298,255 shares of the transportation company’s stock worth $30,011,000 after acquiring an additional 83,705 shares in the last quarter. 81.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SKYW shares. Zacks Research downgraded SkyWest from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Cantor Fitzgerald set a $122.00 price objective on shares of SkyWest in a research report on Monday, January 26th. TD Cowen lowered their target price on shares of SkyWest from $132.00 to $122.00 and set a “buy” rating for the company in a report on Monday, January 26th. Citigroup dropped their target price on shares of SkyWest from $112.00 to $101.00 and set a “neutral” rating on the stock in a research report on Friday, March 20th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of SkyWest in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

SkyWest Stock Performance

Shares of SkyWest stock opened at $91.51 on Friday. The firm’s fifty day simple moving average is $97.89 and its 200-day simple moving average is $99.54. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 8.84, a PEG ratio of 1.24 and a beta of 1.63. SkyWest, Inc. has a 12 month low of $74.70 and a 12 month high of $123.94. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.65 and a quick ratio of 0.55.

SkyWest (NASDAQ:SKYW) last issued its quarterly earnings results on Thursday, January 29th. The transportation company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.04). SkyWest had a return on equity of 16.35% and a net margin of 10.56%.The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $993.12 million. During the same quarter in the prior year, the company earned $2.34 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities analysts forecast that SkyWest, Inc. will post 9.01 earnings per share for the current year.

Insider Transactions at SkyWest

In other SkyWest news, insider Wade J. Steel sold 20,629 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $106.53, for a total transaction of $2,197,607.37. Following the completion of the sale, the insider directly owned 77,438 shares of the company’s stock, valued at $8,249,470.14. This represents a 21.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is owned by company insiders.

SkyWest 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.