Bank of New York Mellon Corp Sells 109,210 Shares of SkyWest, Inc. $SKYW

Bank of New York Mellon Corp reduced its stake in shares of SkyWest, Inc. (NASDAQ:SKYW) by 27.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 289,745 shares of the transportation company’s stock after selling 109,210 shares during the quarter. Bank of New York Mellon Corp’s holdings in SkyWest were worth $26,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd increased its holdings in shares of SkyWest by 480.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 261 shares of the transportation company’s stock worth $26,000 after purchasing an additional 216 shares during the period. Transamerica Financial Advisors LLC raised its holdings in SkyWest by 273.6% in the 4th quarter. Transamerica Financial Advisors LLC now owns 269 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 197 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in SkyWest in the 3rd quarter valued at approximately $62,000. EverSource Wealth Advisors LLC lifted its position in shares of SkyWest by 118.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company’s stock worth $64,000 after acquiring an additional 339 shares during the period. Finally, Exchange Traded Concepts LLC bought a new stake in shares of SkyWest in the 4th quarter worth approximately $83,000. 81.30% of the stock is owned by institutional investors.

SkyWest Trading Up 6.4%

SKYW stock 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 company has a current ratio of 0.57, a quick ratio of 0.51 and a debt-to-equity ratio of 0.59. The business’s 50 day moving average is $92.60 and its 200-day moving average is $94.45. The firm has a market cap of $4.37 billion, a P/E ratio of 10.96, a P/E/G ratio of 1.50 and a beta of 1.45.

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

SkyWest announced that its Board of Directors has approved a stock buyback plan on Thursday, July 23rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the transportation company to buy up to 6.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

SKYW has been the topic of several recent research reports. Weiss Ratings raised SkyWest from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, July 16th. TD Cowen upped their target price on SkyWest from $98.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. The Goldman Sachs Group cut SkyWest from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $126.00 to $115.00 in a research report on Thursday, July 2nd. Finally, Citigroup lifted their price target on shares of SkyWest from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. One 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 stock. Based on data from MarketBeat, SkyWest currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.40.

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.