Citigroup Cuts SkyWest (NASDAQ:SKYW) Price Target to $101.00
by Sarita Garza · The Markets DailySkyWest (NASDAQ:SKYW – Get Free Report) had its price target reduced by stock analysts at Citigroup from $112.00 to $101.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the transportation company’s stock. Citigroup’s target price would suggest a potential upside of 14.94% from the company’s current price.
Several other brokerages also recently weighed in on SKYW. TD Cowen cut their price target on SkyWest from $132.00 to $122.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of SkyWest in a research note on Thursday, January 22nd. Zacks Research downgraded SkyWest from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Cantor Fitzgerald set a $122.00 price target on shares of SkyWest in a research report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued 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 an average price target of $122.00.
Read Our Latest Report on SKYW
SkyWest Trading Down 1.7%
Shares of SKYW stock traded down $1.49 during mid-day trading on Friday, reaching $87.87. The stock had a trading volume of 211,273 shares, compared to its average volume of 299,892. The company has a current ratio of 0.65, a quick ratio of 0.55 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $3.55 billion, a PE ratio of 8.49, a price-to-earnings-growth ratio of 1.20 and a beta of 1.58. The stock’s 50-day moving average price is $99.73 and its two-hundred day moving average price is $101.27. SkyWest has a 52-week low of $74.70 and a 52-week high of $123.94.
SkyWest (NASDAQ:SKYW – Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The transportation company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.04). SkyWest had a net margin of 10.56% and a return on equity of 16.35%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $993.12 million. During the same period in the prior year, the business posted $2.34 EPS. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. Equities analysts expect that SkyWest will post 9.01 earnings per share for the current fiscal year.
Insider Transactions at SkyWest
In other news, insider Wade J. Steel sold 20,629 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $106.53, for a total value of $2,197,607.37. Following the completion of the sale, the insider owned 77,438 shares of the company’s stock, valued at $8,249,470.14. This trade represents a 21.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by insiders.
Hedge Funds Weigh In On SkyWest
Several hedge funds and other institutional investors have recently bought and sold shares of SKYW. Allspring Global Investments Holdings LLC boosted its stake in SkyWest by 24.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 144,978 shares of the transportation company’s stock worth $14,628,000 after buying an additional 28,669 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of SkyWest by 3.0% during the 3rd quarter. American Century Companies Inc. now owns 1,612,098 shares of the transportation company’s stock worth $162,209,000 after acquiring an additional 46,744 shares during the period. Teacher Retirement System of Texas raised its holdings in shares of SkyWest by 189.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 19,044 shares of the transportation company’s stock worth $1,916,000 after acquiring an additional 12,470 shares during the period. Public Sector Pension Investment Board boosted its position in shares of SkyWest by 10.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 172,424 shares of the transportation company’s stock valued at $17,349,000 after acquiring an additional 15,793 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd grew its holdings in shares of SkyWest by 217.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 36,837 shares of the transportation company’s stock valued at $3,707,000 after purchasing an additional 25,246 shares during the period. Institutional investors and hedge funds own 81.30% of the company’s stock.
About SkyWest
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.