Principal Financial Group Inc. grew its stake in shares of SkyWest, Inc. (NASDAQ:SKYW) by 2.8% in the first quarter, HoldingsChannel.com reports. The firm owned 404,411 shares of the transportation company’s stock after buying an additional 11,114 shares during the quarter. Principal Financial Group Inc.’s holdings in SkyWest were worth $22,000,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of SkyWest by 0.8% during the first quarter. BlackRock Inc. now owns 6,508,557 shares of the transportation company’s stock valued at $354,068,000 after purchasing an additional 49,038 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of SkyWest by 108.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,153,757 shares of the transportation company’s stock valued at $114,367,000 after purchasing an additional 1,119,617 shares during the period. Renaissance Technologies LLC boosted its stake in shares of SkyWest by 19.3% during the fourth quarter. Renaissance Technologies LLC now owns 1,863,468 shares of the transportation company’s stock valued at $98,950,000 after purchasing an additional 302,000 shares during the period. Victory Capital Management Inc. boosted its stake in shares of SkyWest by 0.7% during the first quarter. Victory Capital Management Inc. now owns 1,498,998 shares of the transportation company’s stock valued at $81,545,000 after purchasing an additional 10,587 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of SkyWest by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 468,567 shares of the transportation company’s stock valued at $24,880,000 after purchasing an additional 3,158 shares during the period. 89.26% of the stock is owned by hedge funds and other institutional investors.
Shares of SKYW stock opened at $56.65 on Wednesday. SkyWest, Inc. has a 52 week low of $31.75 and a 52 week high of $60.65. The firm has a market capitalization of $2.95 billion, a P/E ratio of 14.91 and a beta of 1.70. The company has a quick ratio of 1.00, a current ratio of 1.14 and a debt-to-equity ratio of 1.37.
SkyWest (NASDAQ:SKYW) last announced its quarterly earnings results on Thursday, April 26th. The transportation company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.17. SkyWest had a return on equity of 12.52% and a net margin of 13.92%. The company had revenue of $783.40 million during the quarter, compared to analyst estimates of $767.41 million. During the same quarter last year, the firm posted $0.65 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. sell-side analysts anticipate that SkyWest, Inc. will post 4.64 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Friday, June 29th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date is Thursday, June 28th. SkyWest’s payout ratio is 11.66%.
SKYW has been the subject of a number of research analyst reports. Zacks Investment Research raised SkyWest from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research note on Thursday, April 5th. BidaskClub lowered SkyWest from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. Cowen raised their price target on SkyWest from $62.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, April 27th. Finally, Imperial Capital raised their price target on SkyWest from $55.00 to $60.00 and gave the stock a “line” rating in a research note on Monday, April 30th. One analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the stock. SkyWest presently has an average rating of “Buy” and an average target price of $61.20.
SkyWest Company Profile
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.
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