Meeder Asset Management Inc. Purchases Shares of 30,822 SkyWest, Inc. $SKYW

Meeder Asset Management Inc. acquired a new position in SkyWest, Inc. (NASDAQ:SKYW) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 30,822 shares of the transportation company’s stock, valued at approximately $3,062,000.

A number of other institutional investors and hedge funds have also modified their holdings of SKYW. Caitong International Asset Management Co. Ltd raised its stake in shares of SkyWest by 480.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 261 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 216 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in SkyWest during the first quarter worth $26,000. Transamerica Financial Advisors LLC increased its holdings in SkyWest by 273.6% in the 4th quarter. Transamerica Financial Advisors LLC now owns 269 shares of the transportation company’s stock valued at $27,000 after buying an additional 197 shares during the period. Johnson Financial Group Inc. bought a new stake in SkyWest in the 3rd quarter valued at $62,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of SkyWest by 118.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company’s stock valued at $64,000 after buying an additional 339 shares in the last quarter. 81.30% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Greg Wooley sold 17,726 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $108.55, for a total transaction of $1,924,157.30. Following the sale, the vice president owned 53,323 shares in the company, valued at approximately $5,788,211.65. This represents a 24.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Wade J. Steel sold 22,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $111.44, for a total value of $2,451,680.00. Following the sale, the insider owned 55,438 shares in the company, valued at $6,178,010.72. The trade was a 28.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 115,226 shares of company stock worth $12,855,192. 1.50% of the stock is owned by company insiders.

SkyWest Stock Performance

NASDAQ SKYW opened at $103.11 on Wednesday. SkyWest, Inc. has a 1-year low of $77.89 and a 1-year high of $123.94. The company has a 50 day moving average of $100.76 and a 200-day moving average of $95.60. The company has a current ratio of 0.57, a quick ratio of 0.46 and a debt-to-equity ratio of 0.59. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 1.55 and a beta of 1.45.

SkyWest (NASDAQ:SKYW) last announced its earnings results on Thursday, July 23rd. The transportation company reported $2.54 EPS for the quarter, missing the consensus estimate of $2.70 by ($0.16). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. SkyWest had a return on equity of 14.58% and a net margin of 9.78%.The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.91 earnings per share. On average, equities analysts forecast that SkyWest, Inc. will post 10.69 earnings per share for the current fiscal year.

SkyWest declared that its Board of Directors has initiated a stock buyback program on Thursday, July 23rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the transportation company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Citigroup raised their price objective on shares of SkyWest from $95.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. The Goldman Sachs Group cut shares of SkyWest from a “buy” rating to a “neutral” rating and lowered their target price for the company from $126.00 to $115.00 in a research note on Thursday, July 2nd. TD Cowen increased their price target on shares of SkyWest from $98.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Finally, Weiss Ratings upgraded shares of SkyWest from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $119.40.

SkyWest Company Profile

SkyWest, Inc (NASDAQ: SKYW) is a regional airline holding company that provides air transportation services through its primary subsidiary, SkyWest Airlines. The company operates flights under capacity purchase agreements with major carriers such as United Airlines, Delta Air Lines, American Airlines and Alaska Airlines. By specializing in regional connectivity, SkyWest links smaller communities to larger hubs using a fleet of regional jets and turboprop aircraft.

Headquartered in St. George, Utah, SkyWest oversees all aspects of its airline operations, including flight scheduling, crew training and aircraft maintenance.