Summit Global Investments Takes Position in SkyWest, Inc. (NASDAQ:SKYW)

Summit Global Investments bought a new stake in shares of SkyWest, Inc. (NASDAQ:SKYW - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,335 shares of the transportation company's stock, valued at approximately $539,000.

Several other institutional investors have also added to or reduced their stakes in SKYW. Victory Capital Management Inc. raised its stake in SkyWest by 90.2% during the 2nd quarter. Victory Capital Management Inc. now owns 551,060 shares of the transportation company's stock worth $45,225,000 after acquiring an additional 261,349 shares during the period. American Century Companies Inc. raised its position in shares of SkyWest by 16.8% during the 2nd quarter. American Century Companies Inc. now owns 1,151,578 shares of the transportation company's stock valued at $94,510,000 after purchasing an additional 165,670 shares during the period. Millennium Management LLC lifted its stake in shares of SkyWest by 27.7% during the 2nd quarter. Millennium Management LLC now owns 445,990 shares of the transportation company's stock valued at $36,602,000 after buying an additional 96,830 shares in the last quarter. Nicholas Investment Partners LP boosted its holdings in SkyWest by 82.9% in the 2nd quarter. Nicholas Investment Partners LP now owns 188,272 shares of the transportation company's stock worth $15,451,000 after buying an additional 85,356 shares during the period. Finally, SW Investment Management LLC increased its stake in SkyWest by 13.2% in the 2nd quarter. SW Investment Management LLC now owns 600,000 shares of the transportation company's stock worth $49,242,000 after buying an additional 70,000 shares in the last quarter. 81.30% of the stock is currently owned by institutional investors.

Insider Activity at SkyWest

In related news, Director Ronald J. Mittelstaedt sold 25,000 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $112.06, for a total value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Russell A. Childs sold 27,903 shares of SkyWest stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $111.47, for a total transaction of $3,110,347.41. Following the completion of the sale, the chief executive officer now directly owns 349,548 shares in the company, valued at approximately $38,964,115.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction 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 stock was sold at an average price of $112.06, for a total value of $2,801,500.00. Following the sale, the director now owns 11,283 shares of the company's stock, valued at approximately $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 ninety days, insiders sold 92,467 shares of company stock valued at $10,082,596. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SKYW. Raymond James upped their price objective on SkyWest from $100.00 to $114.00 and gave the stock 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 report on Tuesday, November 5th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $101.33.

SkyWest Price Performance

Shares of SkyWest stock traded up $3.31 during trading on Monday, reaching $116.21. 159,815 shares of the stock traded hands, compared to its average volume of 406,646. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.74. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of 19.40 and a beta of 1.93. SkyWest, Inc. has a 52-week low of $42.11 and a 52-week high of $116.38. The business has a fifty day simple moving average of $88.06 and a two-hundred day simple moving average of $81.29.

SkyWest (NASDAQ:SKYW - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The transportation company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.24. SkyWest had a return on equity of 11.02% and a net margin of 7.29%. The business had revenue of $912.79 million for the quarter, compared to analysts' expectations of $896.21 million. During the same period in the prior year, the firm earned $0.55 EPS. The company's revenue for the quarter was up 19.1% on a year-over-year basis. Sell-side analysts expect that SkyWest, Inc. will post 7.16 EPS for the current year.

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.