JPMorgan Chase & Co. Grows Position in SkyWest, Inc. $SKYW

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

Several other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of SkyWest by 24.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 144,978 shares of the transportation company’s stock worth $14,628,000 after acquiring an additional 28,669 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of SkyWest by 16.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 38,117 shares of the transportation company’s stock valued at $3,925,000 after purchasing an additional 5,277 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of SkyWest by 189.7% in the 3rd quarter. Teacher Retirement System of Texas now owns 19,044 shares of the transportation company’s stock valued at $1,916,000 after purchasing an additional 12,470 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in SkyWest by 217.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 36,837 shares of the transportation company’s stock worth $3,707,000 after purchasing an additional 25,246 shares during the period. Finally, Campbell & CO Investment Adviser LLC boosted its position in SkyWest by 47.1% during the third quarter. Campbell & CO Investment Adviser LLC now owns 42,317 shares of the transportation company’s stock worth $4,258,000 after purchasing an additional 13,558 shares in the last quarter. 81.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SkyWest

In other news, Director Meredith Siegfried Madden sold 4,725 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $106.54, for a total transaction of $503,401.50. Following the transaction, the director owned 25,362 shares of the company’s stock, valued at approximately $2,702,067.48. The trade was a 15.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Wade J. Steel sold 20,629 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 32,725 shares of company stock valued at $3,493,834. Insiders own 2.00% of the company’s stock.

SkyWest Price Performance

Shares of NASDAQ SKYW opened at $104.08 on Friday. The firm has a 50-day simple moving average of $102.01 and a 200-day simple moving average of $103.64. The company has a quick ratio of 0.55, a current ratio of 0.65 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $4.21 billion, a price-to-earnings ratio of 10.06, a price-to-earnings-growth ratio of 0.70 and a beta of 1.65. SkyWest, Inc. has a 52 week low of $74.70 and a 52 week high of $123.94.

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

Analyst Ratings Changes

SKYW has been the subject of a number of recent analyst reports. Zacks Research cut SkyWest from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. TD Cowen dropped their price target on shares of SkyWest from $132.00 to $122.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Citigroup assumed coverage on shares of SkyWest in a research report on Thursday, December 4th. They set a “neutral” rating and a $112.00 price objective for the company. Wall Street Zen lowered shares of SkyWest from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Cantor Fitzgerald set a $122.00 target price on shares of SkyWest in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.83.

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.