Bank of America Corp DE decreased its holdings in shares of SkyWest, Inc. (NASDAQ:SKYW) by 24.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,918 shares of the transportation company’s stock after selling 48,285 shares during the quarter. Bank of America Corp DE owned approximately 0.29% of SkyWest worth $7,885,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of SKYW. Natixis purchased a new stake in SkyWest during the first quarter worth approximately $207,000. Element Capital Management LLC purchased a new stake in SkyWest during the first quarter worth approximately $288,000. Jane Street Group LLC purchased a new stake in SkyWest during the first quarter worth approximately $262,000. Verition Fund Management LLC lifted its stake in SkyWest by 33.5% during the first quarter. Verition Fund Management LLC now owns 10,592 shares of the transportation company’s stock worth $576,000 after purchasing an additional 2,656 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in SkyWest by 85.9% during the first quarter. Millennium Management LLC now owns 57,969 shares of the transportation company’s stock worth $3,154,000 after purchasing an additional 26,790 shares during the last quarter. Hedge funds and other institutional investors own 89.52% of the company’s stock.
SKYW has been the subject of several recent analyst reports. ValuEngine cut SkyWest from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Zacks Investment Research cut SkyWest from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 1st. BidaskClub cut SkyWest from a “hold” rating to a “sell” rating in a research note on Thursday, September 20th. Imperial Capital boosted their target price on SkyWest from $60.00 to $63.00 and gave the stock an “inline” rating in a research note on Monday, July 30th. Finally, Cowen boosted their target price on SkyWest from $63.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. SkyWest currently has an average rating of “Buy” and an average target price of $63.60.
Shares of NASDAQ SKYW opened at $50.98 on Friday. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.11 and a quick ratio of 0.97. SkyWest, Inc. has a twelve month low of $42.85 and a twelve month high of $65.80. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 11.76 and a beta of 1.63.
SkyWest (NASDAQ:SKYW) last issued its quarterly earnings data on Thursday, July 26th. The transportation company reported $1.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.20. SkyWest had a return on equity of 13.20% and a net margin of 14.73%. The company had revenue of $805.50 million during the quarter, compared to analysts’ expectations of $795.19 million. During the same quarter in the previous year, the business earned $0.95 earnings per share. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that SkyWest, Inc. will post 4.91 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 4th. Shareholders of record on Friday, September 28th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date was Thursday, September 27th. SkyWest’s dividend payout ratio is currently 11.66%.
In other SkyWest news, COO Terry Vais sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $64.43, for a total value of $103,088.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Wade J. Steel sold 17,731 shares of the business’s stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $59.89, for a total value of $1,061,909.59. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,455 shares of company stock valued at $6,468,863. 3.50% of the stock is owned by company insiders.
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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