Wells Fargo & Company MN Buys 146,264 Shares of SkyWest, Inc. (SKYW)
Wells Fargo & Company MN raised its holdings in SkyWest, Inc. (NASDAQ:SKYW) by 35.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 560,197 shares of the transportation company’s stock after acquiring an additional 146,264 shares during the quarter. Wells Fargo & Company MN owned about 1.08% of SkyWest worth $29,074,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Millennium Management LLC acquired a new stake in SkyWest in the fourth quarter worth about $1,656,000. Rhumbline Advisers lifted its holdings in shares of SkyWest by 1.2% during the first quarter. Rhumbline Advisers now owns 124,078 shares of the transportation company’s stock worth $6,750,000 after purchasing an additional 1,421 shares during the period. Alps Advisors Inc. acquired a new stake in shares of SkyWest during the first quarter worth about $575,000. Oppenheimer & Co. Inc. acquired a new stake in shares of SkyWest during the first quarter worth about $267,000. Finally, SG Americas Securities LLC lifted its holdings in shares of SkyWest by 37.8% during the first quarter. SG Americas Securities LLC now owns 16,330 shares of the transportation company’s stock worth $888,000 after purchasing an additional 4,479 shares during the period. 89.18% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on the company. Cowen lifted their target price on SkyWest from $63.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, July 27th. ValuEngine downgraded SkyWest from a “buy” rating to a “hold” rating in a report on Tuesday, June 26th. Zacks Investment Research raised SkyWest from a “sell” rating to a “hold” rating and set a $69.00 price target for the company in a report on Monday, July 30th. Imperial Capital boosted their price target on SkyWest from $60.00 to $63.00 and gave the company an “inline” rating in a report on Monday, July 30th. Finally, BidaskClub raised SkyWest from a “sell” rating to a “hold” rating in a report on Friday, August 17th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. SkyWest presently has a consensus rating of “Buy” and an average target price of $63.60.
SkyWest (NASDAQ:SKYW) last issued its quarterly earnings results on Thursday, July 26th. The transportation company reported $1.43 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $805.50 million during the quarter, compared to analysts’ expectations of $795.19 million. During the same period 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. analysts predict that SkyWest, Inc. will post 4.91 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 4th. Investors of record on Friday, September 28th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Thursday, September 27th. SkyWest’s payout ratio is 11.66%.
In related news, insider Eric Woodward sold 5,879 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $61.18, for a total transaction of $359,677.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Wade J. Steel sold 17,731 shares of the business’s stock in a transaction that occurred on Tuesday, July 31st. The stock was 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. Insiders have sold 107,455 shares of company stock valued at $6,468,863 over the last quarter. 3.50% of the stock is owned by company insiders.
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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