Wedbush Securities Inc. Invests $221,000 in SkyWest, Inc. (NASDAQ:SKYW)

Wedbush Securities Inc. bought a new position in shares of SkyWest, Inc. (NASDAQ:SKYW) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,693 shares of the transportation company’s stock, valued at approximately $221,000.

Other hedge funds have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its position in SkyWest by 1.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 8,298 shares of the transportation company’s stock worth $681,000 after buying an additional 152 shares during the period. CWM LLC grew its stake in shares of SkyWest by 57.3% in the second quarter. CWM LLC now owns 766 shares of the transportation company’s stock valued at $63,000 after acquiring an additional 279 shares in the last quarter. GAMMA Investing LLC increased its position in SkyWest by 45.9% during the second quarter. GAMMA Investing LLC now owns 928 shares of the transportation company’s stock worth $76,000 after acquiring an additional 292 shares during the period. Hanseatic Management Services Inc. raised its stake in SkyWest by 2.6% in the 2nd quarter. Hanseatic Management Services Inc. now owns 12,127 shares of the transportation company’s stock worth $995,000 after purchasing an additional 304 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in SkyWest by 22.2% in the 4th quarter. Quadrant Capital Group LLC now owns 2,101 shares of the transportation company’s stock valued at $110,000 after purchasing an additional 381 shares during the period. 81.30% of the stock is owned by institutional investors and hedge funds.

SkyWest Trading Up 3.8 %

Shares of SkyWest stock opened at $78.26 on Monday. The company has a quick ratio of 0.74, a current ratio of 0.84 and a debt-to-equity ratio of 1.02. SkyWest, Inc. has a 12-month low of $36.91 and a 12-month high of $87.86. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 28.25 and a beta of 1.95. The firm’s 50-day moving average price is $77.37 and its two-hundred day moving average price is $74.76.

SkyWest (NASDAQ:SKYW) last posted its quarterly earnings results on Thursday, July 25th. The transportation company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.09. SkyWest had a net margin of 5.55% and a return on equity of 8.18%. The business had revenue of $867.10 million for the quarter, compared to analyst estimates of $826.56 million. During the same quarter last year, the business posted $0.35 EPS. The firm’s revenue for the quarter was up 19.5% on a year-over-year basis. On average, analysts forecast that SkyWest, Inc. will post 6.88 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, TD Cowen raised their target price on shares of SkyWest from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.67.

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.