Convergence Investment Partners LLC Takes $969,000 Position in SkyWest, Inc. (NASDAQ:SKYW)

Convergence Investment Partners LLC purchased a new stake in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 11,809 shares of the transportation company's stock, valued at approximately $969,000.

Other large investors have also made changes to their positions in the company. Clearbridge Investments LLC bought a new position in shares of SkyWest during the 4th quarter valued at approximately $12,773,000. Norges Bank purchased a new position in SkyWest in the 4th quarter worth approximately $12,134,000. Goldman Sachs Group Inc. lifted its holdings in SkyWest by 46.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 424,239 shares of the transportation company's stock worth $22,145,000 after purchasing an additional 134,066 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in SkyWest by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,448,283 shares of the transportation company's stock worth $180,002,000 after purchasing an additional 60,957 shares in the last quarter. Finally, Sei Investments Co. lifted 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 purchasing an additional 40,599 shares in the last quarter. 81.30% of the stock is currently owned by institutional investors.

SkyWest Trading Up 2.2 %

NASDAQ:SKYW traded up $1.67 during midday trading on Monday, hitting $77.54. 226,400 shares of the company traded hands, compared to its average volume of 421,030. The firm's fifty day moving average is $78.51 and its 200-day moving average is $73.81. SkyWest, Inc. has a 12-month low of $36.91 and a 12-month high of $87.86. The firm has a market capitalization of $3.12 billion, a P/E ratio of 27.99 and a beta of 1.96. The company has a current ratio of 0.84, a quick ratio of 0.74 and a debt-to-equity ratio of 1.02.

SkyWest (NASDAQ:SKYW - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The transportation company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.73 by $0.09. The company had revenue of $867.10 million for the quarter, compared to the consensus estimate of $826.56 million. SkyWest had a return on equity of 8.18% and a net margin of 5.55%. SkyWest's quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 EPS. On average, sell-side analysts predict that SkyWest, Inc. will post 6.88 EPS for the current year.

Insider Transactions at SkyWest

In other news, Director James L. Welch sold 2,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $79.08, for a total transaction of $158,160.00. Following the transaction, the director now owns 46,462 shares of the company's stock, valued at approximately $3,674,214.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other SkyWest news, Director James L. Welch sold 7,605 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $78.68, for a total value of $598,361.40. Following the completion of the sale, the director now directly owns 48,462 shares in the company, valued at $3,812,990.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director James L. Welch sold 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $79.08, for a total value of $158,160.00. Following the completion of the sale, the director now owns 46,462 shares of the company's stock, valued at $3,674,214.96. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Separately, TD Cowen boosted their price target on SkyWest from $85.00 to $95.00 and gave the stock a "buy" rating in a report on Tuesday, June 4th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $76.67.

SkyWest 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.