Picton Mahoney Asset Management Purchases 10,505 Shares of SkyWest, Inc. (NASDAQ:SKYW)

Picton Mahoney Asset Management increased its position in SkyWest, Inc. (NASDAQ:SKYW) by 201.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,729 shares of the transportation company’s stock after acquiring an additional 10,505 shares during the quarter. Picton Mahoney Asset Management’s holdings in SkyWest were worth $1,374,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Hohimer Wealth Management LLC boosted its position in shares of SkyWest by 4.7% in the first quarter. Hohimer Wealth Management LLC now owns 2,829 shares of the transportation company’s stock valued at $247,000 after acquiring an additional 126 shares during the period. Summit Investment Advisors Inc. lifted its position in SkyWest by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,145 shares of the transportation company’s stock valued at $415,000 after purchasing an additional 131 shares during the last quarter. Comerica Bank lifted its position in SkyWest by 1.1% during the fourth quarter. Comerica Bank now owns 14,786 shares of the transportation company’s stock valued at $1,481,000 after purchasing an additional 161 shares during the last quarter. Xponance Inc. lifted its position in SkyWest by 5.9% during the first quarter. Xponance Inc. now owns 2,974 shares of the transportation company’s stock valued at $260,000 after purchasing an additional 166 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in SkyWest by 11.5% during the first quarter. GAMMA Investing LLC now owns 1,741 shares of the transportation company’s stock valued at $152,000 after purchasing an additional 180 shares during the last quarter. 81.30% of the stock is currently owned by institutional investors.

SkyWest Trading Down 0.8%

Shares of SKYW opened at $116.63 on Wednesday. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.17 and a beta of 1.88. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.66 and a current ratio of 0.73. SkyWest, Inc. has a fifty-two week low of $64.61 and a fifty-two week high of $135.57. The firm has a 50 day moving average price of $104.61 and a 200-day moving average price of $99.92.

SkyWest (NASDAQ:SKYW) last announced its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.91 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.57. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $979.95 million. SkyWest had a net margin of 10.62% and a return on equity of 16.69%. The business’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.82 EPS. As a group, equities research analysts forecast that SkyWest, Inc. will post 9.01 earnings per share for the current year.

SkyWest declared that its Board of Directors has approved a stock buyback program on Wednesday, May 7th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the transportation company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at SkyWest

In related news, CFO Robert J. Simmons sold 17,000 shares of SkyWest stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $103.75, for a total value of $1,763,750.00. Following the transaction, the chief financial officer directly owned 131,203 shares of the company’s stock, valued at $13,612,311.25. The trade was a 11.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Wade J. Steel sold 15,000 shares of SkyWest stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $101.02, for a total transaction of $1,515,300.00. Following the completion of the transaction, the insider directly owned 119,416 shares in the company, valued at approximately $12,063,404.32. The trade was a 11.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,000 shares of company stock worth $4,994,520. 1.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SKYW. Wall Street Zen upgraded shares of SkyWest from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Raymond James Financial lifted their target price on shares of SkyWest from $128.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, July 25th. The Goldman Sachs Group upgraded shares of SkyWest from a “neutral” rating to a “buy” rating and dropped their target price for the company from $119.00 to $117.00 in a research report on Tuesday, April 8th. Finally, Evercore ISI lifted their target price on shares of SkyWest from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, SkyWest currently has an average rating of “Buy” and a consensus target price of $126.75.

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.