Phocas Financial Corp. Sells 14,209 Shares of SkyWest, Inc. (NASDAQ:SKYW)

Phocas Financial Corp. reduced its position in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) by 5.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 226,385 shares of the transportation company's stock after selling 14,209 shares during the period. SkyWest accounts for about 0.1% of Phocas Financial Corp.'s investment portfolio, making the stock its 25th largest position. Phocas Financial Corp. owned about 0.56% of SkyWest worth $19,247,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. UniSuper Management Pty Ltd acquired a new stake in shares of SkyWest in the first quarter worth approximately $520,000. Boston Partners acquired a new position in SkyWest during the first quarter valued at approximately $1,275,000. Nicholas Investment Partners LP lifted its position in SkyWest by 82.9% during the second quarter. Nicholas Investment Partners LP now owns 188,272 shares of the transportation company's stock valued at $15,451,000 after buying an additional 85,356 shares in the last quarter. Acadian Asset Management LLC acquired a new position in SkyWest during the second quarter valued at approximately $520,000. Finally, Cornercap Investment Counsel Inc. purchased a new stake in shares of SkyWest during the second quarter valued at approximately $1,044,000. 81.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on SKYW shares. Raymond James raised their target price on SkyWest from $100.00 to $114.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. TD Cowen increased their price objective on shares of SkyWest from $95.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $119.00 price objective on shares of SkyWest in a report on Friday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $105.75.

SkyWest Stock Performance

Shares of SKYW stock traded up $0.12 during trading hours on Tuesday, reaching $109.62. The stock had a trading volume of 126,873 shares, compared to its average volume of 404,389. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.76. The firm has a 50-day simple moving average of $91.70 and a 200-day simple moving average of $82.64. The firm has a market capitalization of $4.42 billion, a PE ratio of 18.72 and a beta of 1.93. SkyWest, Inc. has a twelve month low of $45.42 and a twelve month high of $116.47.

SkyWest (NASDAQ:SKYW - Get Free Report) last released its quarterly 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 company had revenue of $912.79 million for the quarter, compared to analysts' expectations of $896.21 million. SkyWest had a return on equity of 11.02% and a net margin of 7.29%. The business's revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 earnings per share. As a group, equities analysts forecast that SkyWest, Inc. will post 7.16 earnings per share for the current year.

Insider Activity

In other news, insider Wade J. Steel sold 19,079 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $104.48, for a total value of $1,993,373.92. Following the completion of the transaction, the insider now directly owns 97,654 shares in the company, valued at $10,202,889.92. This trade represents a 16.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Russell A. Childs sold 27,903 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $111.47, for a total value of $3,110,347.41. Following the sale, the chief executive officer now directly owns 349,548 shares in the company, valued at approximately $38,964,115.56. The trade was a 7.39 % decrease in their position. 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. Insiders own 2.50% of the company's stock.

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.