Jennison Associates LLC Purchases 6,385 Shares of SkyWest, Inc. $SKYW

Jennison Associates LLC grew its position in shares of SkyWest, Inc. (NASDAQ:SKYW) by 57.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,517 shares of the transportation company’s stock after buying an additional 6,385 shares during the quarter. Jennison Associates LLC’s holdings in SkyWest were worth $1,759,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Salomon & Ludwin LLC bought a new position in shares of SkyWest during the 3rd quarter worth approximately $38,000. Johnson Financial Group Inc. bought a new position in shares of SkyWest during the 3rd quarter worth approximately $62,000. EverSource Wealth Advisors LLC lifted its position in shares of SkyWest by 118.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 625 shares of the transportation company’s stock worth $64,000 after buying an additional 339 shares in the last quarter. Exchange Traded Concepts LLC bought a new position in shares of SkyWest during the 4th quarter worth approximately $83,000. Finally, Farther Finance Advisors LLC lifted its position in shares of SkyWest by 666.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,149 shares of the transportation company’s stock worth $116,000 after buying an additional 999 shares in the last quarter. Institutional investors own 81.30% of the company’s stock.

Insiders Place Their Bets

In related news, insider Wade J. Steel sold 20,629 shares of SkyWest stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $106.53, for a total value of $2,197,607.37. Following the completion of the transaction, the insider directly owned 77,438 shares in the company, valued at approximately $8,249,470.14. The trade was a 21.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on SKYW shares. TD Cowen dropped their target price on shares of SkyWest from $106.00 to $98.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Weiss Ratings reissued a “buy (b-)” rating on shares of SkyWest in a research report on Thursday, January 22nd. Cantor Fitzgerald set a $122.00 price target on shares of SkyWest in a research note on Monday, January 26th. Finally, Citigroup decreased their price target on shares of SkyWest from $101.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $117.00.

SkyWest Price Performance

SkyWest stock opened at $83.54 on Monday. SkyWest, Inc. has a 1-year low of $80.00 and a 1-year high of $123.94. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 8.01, a P/E/G ratio of 1.20 and a beta of 1.48. The company has a current ratio of 0.62, a quick ratio of 0.51 and a debt-to-equity ratio of 0.66. The firm has a 50 day simple moving average of $93.76 and a 200 day simple moving average of $98.27.

SkyWest (NASDAQ:SKYW) last released its quarterly earnings data on Thursday, April 23rd. The transportation company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.35. SkyWest had a net margin of 10.42% and a return on equity of 15.55%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $993.06 million. During the same period in the previous year, the business earned $2.42 EPS. SkyWest’s revenue was up 6.8% compared to the same quarter last year. On average, analysts predict that SkyWest, Inc. will post 10.69 earnings per share for the current year.

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.