OppenheimerFunds Inc. reduced its stake in SkyWest, Inc. (NASDAQ:SKYW) by 26.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,961 shares of the transportation company’s stock after selling 14,449 shares during the period. OppenheimerFunds Inc.’s holdings in SkyWest were worth $2,122,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of SkyWest by 2.8% in the fourth quarter. BlackRock Inc. now owns 6,459,519 shares of the transportation company’s stock valued at $343,000,000 after acquiring an additional 178,016 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of SkyWest by 108.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,153,757 shares of the transportation company’s stock valued at $114,367,000 after acquiring an additional 1,119,617 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of SkyWest by 4.8% in the fourth quarter. Victory Capital Management Inc. now owns 1,488,411 shares of the transportation company’s stock valued at $79,034,000 after acquiring an additional 68,348 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of SkyWest by 2.8% in the third quarter. Ameriprise Financial Inc. now owns 1,243,724 shares of the transportation company’s stock valued at $54,603,000 after acquiring an additional 33,310 shares in the last quarter. Finally, LSV Asset Management raised its stake in shares of SkyWest by 3.2% in the fourth quarter. LSV Asset Management now owns 1,130,887 shares of the transportation company’s stock valued at $60,050,000 after acquiring an additional 34,850 shares in the last quarter. Institutional investors and hedge funds own 90.33% of the company’s stock.
Several brokerages have recently issued reports on SKYW. Zacks Investment Research cut SkyWest from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. BidaskClub upgraded SkyWest from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. Cowen reiterated a “buy” rating and issued a $60.00 price objective on shares of SkyWest in a research note on Tuesday, January 9th. Raymond James Financial increased their price objective on SkyWest from $62.00 to $65.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 24th. Finally, Imperial Capital increased their price objective on SkyWest from $47.00 to $55.00 and gave the company an “in-line” rating in a research note on Tuesday, February 6th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and three have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $56.00.
SkyWest (NASDAQ:SKYW) last posted its earnings results on Thursday, February 1st. The transportation company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.71 by $0.10. The firm had revenue of $797.20 million for the quarter, compared to analyst estimates of $778.13 million. SkyWest had a return on equity of 12.08% and a net margin of 13.39%. SkyWest’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. equities analysts expect that SkyWest, Inc. will post 4.39 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 5th. Investors of record on Friday, March 30th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.69%. The ex-dividend date is Wednesday, March 28th. This is a positive change from SkyWest’s previous quarterly dividend of $0.08. SkyWest’s dividend payout ratio is 3.97%.
In related news, insider Eric Woodward sold 4,500 shares of the stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $56.90, for a total value of $256,050.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Robert J. Simmons sold 39,339 shares of the stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $55.94, for a total value of $2,200,623.66. The disclosure for this sale can be found here. Insiders sold 49,639 shares of company stock worth $2,781,474 in the last three months. 3.50% of the stock is currently owned by corporate insiders.
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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.
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