SkyWest (NASDAQ:SKYW) Sets New 52-Week High – Here’s What Happened

SkyWest, Inc. (NASDAQ:SKYW) shares hit a new 52-week high on Monday . The stock traded as high as $115.55 and last traded at $114.51, with a volume of 26457 shares changing hands. The stock had previously closed at $112.90.

Analyst Ratings Changes

A number of brokerages recently weighed in on SKYW. Raymond James boosted their price objective on shares of SkyWest from $100.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. TD Cowen boosted their price target on SkyWest from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, SkyWest has an average rating of “Moderate Buy” and a consensus price target of $101.33.

SkyWest Price Performance

The stock has a market capitalization of $4.53 billion, a PE ratio of 19.19 and a beta of 1.93. The firm’s fifty day moving average price is $88.80 and its two-hundred day moving average price is $81.58. The company has a quick ratio of 0.76, a current ratio of 0.86 and a debt-to-equity ratio of 0.95.

SkyWest (NASDAQ:SKYW) last announced its earnings results on Thursday, October 31st. The transportation company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.24. The business had revenue of $912.79 million during the quarter, compared to analyst estimates of $896.21 million. SkyWest had a net margin of 7.29% and a return on equity of 11.02%. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 EPS. On average, equities analysts predict that SkyWest, Inc. will post 7.16 earnings per share for the current year.

Insider Buying and Selling at SkyWest

In other SkyWest news, Director Ronald J. Mittelstaedt sold 25,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $112.06, for a total transaction of $2,801,500.00. Following the completion of the sale, the director now directly owns 11,283 shares in the company, valued at $1,264,372.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Wade J. Steel sold 19,079 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $104.48, for a total value of $1,993,373.92. Following the transaction, the insider now directly owns 97,654 shares of the company’s stock, valued at approximately $10,202,889.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ronald J. Mittelstaedt sold 25,000 shares of SkyWest stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $112.06, for a total value of $2,801,500.00. Following the transaction, the director now owns 11,283 shares in the company, valued at $1,264,372.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,467 shares of company stock valued at $10,082,596. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its stake in SkyWest by 13,737.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,214 shares of the transportation company’s stock worth $153,000 after acquiring an additional 2,198 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of SkyWest during the 1st quarter valued at $1,448,000. Texas Permanent School Fund Corp lifted its stake in shares of SkyWest by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 35,834 shares of the transportation company’s stock valued at $2,475,000 after buying an additional 482 shares in the last quarter. SG Americas Securities LLC bought a new position in SkyWest in the 1st quarter worth $279,000. Finally, Sei Investments Co. boosted its holdings in SkyWest by 291.4% in the 1st quarter. Sei Investments Co. now owns 54,533 shares of the transportation company’s stock worth $3,767,000 after buying an additional 40,599 shares during the period. 81.30% of the stock is owned by hedge funds and other institutional investors.

About SkyWest

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.