SkyWest, Inc. (SKYW) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of SkyWest, Inc. (NASDAQ:SKYW) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

According to Zacks, “SkyWest, Inc., through its wholly-owned subsidiary, SkyWest Airlines, Inc. , operates one of the larger regional airlines in the United States. SkyWest provides passenger and air freight service and completes over 880 daily flights. Pursuant to a joint marketing and code sharing agreement with Delta Airlines, Inc., SkyWest operates as a Delta Connection in certain SkyWest markets. SkyWest entered into a marketing and code sharing agreement with Continental Airlines, Inc. Which allows SkyWest to operate as a Continental Connection in certain markets in and out of Los Angeles. “

Several other brokerages have also recently issued reports on SKYW. TheStreet cut SkyWest from a b+ rating to a c+ rating in a research note on Thursday, February 2nd. Evercore ISI cut SkyWest from a buy rating to a hold rating and increased their price objective for the stock from $25.00 to $37.00 in a research note on Tuesday, December 6th. Finally, Cowen and Company increased their price objective on SkyWest from $34.00 to $40.00 and gave the stock an outperform rating in a research note on Thursday, December 15th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $35.20.

SkyWest (NASDAQ:SKYW) traded up 0.28% during mid-day trading on Wednesday, hitting $36.10. The company’s stock had a trading volume of 26,689 shares. The firm’s 50-day moving average is $35.48 and its 200-day moving average is $33.36. SkyWest has a 12-month low of $18.46 and a 12-month high of $39.60. The company’s market cap is $1.87 billion.

SkyWest (NASDAQ:SKYW) last announced its quarterly earnings data on Thursday, February 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. SkyWest had a positive return on equity of 9.35% and a negative net margin of 5.18%. The company had revenue of $758.02 million for the quarter, compared to analysts’ expectations of $754.18 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. SkyWest’s revenue was up .7% compared to the same quarter last year. Analysts predict that SkyWest will post $3.09 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Thursday, April 6th. Shareholders of record on Friday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Wednesday, March 29th. This represents a $0.32 dividend on an annualized basis and a yield of 0.89%. This is a positive change from SkyWest’s previous quarterly dividend of $0.05. SkyWest’s dividend payout ratio is currently -6.37%.

In other SkyWest news, COO Michael B. Thompson sold 4,700 shares of the company’s stock in a transaction on Friday, March 10th. The stock was sold at an average price of $35.32, for a total transaction of $166,004.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric Woodward sold 6,330 shares of the company’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $35.24, for a total value of $223,069.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,081 shares of company stock valued at $675,689. 4.00% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Nationwide Fund Advisors raised its stake in SkyWest by 3.6% in the third quarter. Nationwide Fund Advisors now owns 307,156 shares of the company’s stock worth $8,112,000 after buying an additional 10,627 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in SkyWest during the fourth quarter worth $10,651,000. Highbridge Capital Management LLC raised its stake in SkyWest by 479.9% in the third quarter. Highbridge Capital Management LLC now owns 53,572 shares of the company’s stock worth $1,415,000 after buying an additional 67,672 shares in the last quarter. LSV Asset Management raised its stake in SkyWest by 6.8% in the third quarter. LSV Asset Management now owns 720,034 shares of the company’s stock worth $19,016,000 after buying an additional 46,123 shares in the last quarter. Finally, Two Sigma Investments LP bought a new stake in SkyWest during the fourth quarter worth $2,406,000. Institutional investors own 87.19% of the company’s stock.

About SkyWest

Skywest, Inc is a holding company for approximately two scheduled passenger airline operations and an aircraft leasing company. The Company operates through two segments: SkyWest Airlines and ExpressJet. SkyWest Airlines provides regional jet and turboprop service to airports located in the Midwestern and Western United States.

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