Allspring Global Investments Holdings LLC Buys 56,128 Shares of SkyWest, Inc. $SKYW

Allspring Global Investments Holdings LLC boosted its stake in SkyWest, Inc. (NASDAQ:SKYW) by 93.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,309 shares of the transportation company’s stock after purchasing an additional 56,128 shares during the period. Allspring Global Investments Holdings LLC owned about 0.29% of SkyWest worth $12,108,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. CWM LLC increased its position in SkyWest by 138.4% in the 2nd quarter. CWM LLC now owns 6,967 shares of the transportation company’s stock valued at $717,000 after acquiring an additional 4,045 shares during the period. Concurrent Investment Advisors LLC increased its position in SkyWest by 32.0% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 3,566 shares of the transportation company’s stock valued at $367,000 after acquiring an additional 865 shares during the period. Blue Trust Inc. increased its position in SkyWest by 478.6% in the 2nd quarter. Blue Trust Inc. now owns 567 shares of the transportation company’s stock valued at $58,000 after acquiring an additional 469 shares during the period. Maryland State Retirement & Pension System increased its position in SkyWest by 0.9% in the 2nd quarter. Maryland State Retirement & Pension System now owns 11,893 shares of the transportation company’s stock valued at $1,225,000 after acquiring an additional 106 shares during the period. Finally, KLP Kapitalforvaltning AS increased its position in SkyWest by 147.4% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 4,700 shares of the transportation company’s stock valued at $484,000 after acquiring an additional 2,800 shares during the period. Institutional investors own 81.30% of the company’s stock.

SkyWest Trading Down 1.3%

SKYW opened at $99.07 on Friday. SkyWest, Inc. has a twelve month low of $74.70 and a twelve month high of $135.57. The company has a quick ratio of 0.63, a current ratio of 0.73 and a debt-to-equity ratio of 0.78. The company has a fifty day moving average of $109.01 and a 200-day moving average of $103.06. The stock has a market cap of $4.00 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 0.98 and a beta of 1.86.

SkyWest (NASDAQ:SKYW) last posted its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.57. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $979.95 million. SkyWest had a net margin of 10.62% and a return on equity of 16.69%. SkyWest’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.82 earnings per share. On average, sell-side analysts predict that SkyWest, Inc. will post 9.01 EPS for the current year.

Wall Street Analysts Forecast Growth

SKYW has been the subject of several recent research reports. Evercore ISI upped their price target on shares of SkyWest from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Raymond James Financial upgraded shares of SkyWest from a “moderate buy” rating to a “strong-buy” rating in a research report on Wednesday, October 1st. Weiss Ratings restated a “buy (b-)” rating on shares of SkyWest in a research report on Wednesday, October 8th. Finally, Zacks Research cut shares of SkyWest from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $126.75.

Insiders Place Their Bets

In other SkyWest news, CEO Russell A. Childs sold 26,000 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $116.06, for a total value of $3,017,560.00. Following the completion of the sale, the chief executive officer directly owned 404,883 shares in the company, valued at approximately $46,990,720.98. This trade represents a 6.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert J. Simmons sold 17,186 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $117.46, for a total transaction of $2,018,667.56. Following the completion of the sale, the chief financial officer owned 114,017 shares of the company’s stock, valued at $13,392,436.82. The trade was a 13.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 89,186 shares of company stock valued at $10,440,398. 2.00% of the stock is currently owned by corporate insiders.

About SkyWest

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.