ClearAlpha Technologies LP Makes New $520,000 Investment in SkyWest, Inc. (NASDAQ:SKYW)

ClearAlpha Technologies LP bought a new stake in shares of SkyWest, Inc. (NASDAQ:SKYW) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 6,113 shares of the transportation company’s stock, valued at approximately $520,000.

A number of other hedge funds also recently modified their holdings of SKYW. Point72 Asia Singapore Pte. Ltd. acquired a new position in SkyWest during the third quarter valued at $158,000. Edgestream Partners L.P. purchased a new position in SkyWest during the 3rd quarter valued at about $526,000. Glenmede Trust Co. NA increased its holdings in shares of SkyWest by 0.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 10,835 shares of the transportation company’s stock valued at $921,000 after purchasing an additional 98 shares during the period. Bridgewater Associates LP lifted its position in shares of SkyWest by 78.2% in the third quarter. Bridgewater Associates LP now owns 15,501 shares of the transportation company’s stock worth $1,318,000 after purchasing an additional 6,802 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of SkyWest by 104.0% during the third quarter. BNP Paribas Financial Markets now owns 22,549 shares of the transportation company’s stock worth $1,917,000 after purchasing an additional 11,494 shares during the period. Hedge funds and other institutional investors own 81.30% of the company’s stock.

Insider Buying and Selling

In other SkyWest news, CEO Russell A. Childs sold 27,903 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $111.47, for a total transaction of $3,110,347.41. Following the completion of the transaction, the chief executive officer now owns 349,548 shares of the company’s stock, valued at $38,964,115.56. The trade was a 7.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Eric Woodward sold 4,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $111.53, for a total value of $446,120.00. Following the transaction, the chief accounting officer now owns 44,426 shares in the company, valued at $4,954,831.78. This represents a 8.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 92,467 shares of company stock valued at $10,082,596. Company insiders own 2.00% of the company’s stock.

SkyWest Stock Performance

Shares of SKYW opened at $114.74 on Monday. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of 19.61 and a beta of 1.93. The company’s fifty day moving average is $98.54 and its 200-day moving average is $85.15. The company has a quick ratio of 0.76, a current ratio of 0.86 and a debt-to-equity ratio of 0.95. SkyWest, Inc. has a 12 month low of $45.99 and a 12 month high of $117.51.

SkyWest (NASDAQ:SKYW) last announced its earnings results on Thursday, October 31st. The transportation company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.24. SkyWest had a return on equity of 11.02% and a net margin of 7.29%. The firm had revenue of $912.79 million during the quarter, compared to analysts’ expectations of $896.21 million. During the same quarter in the prior year, the business earned $0.55 earnings per share. The company’s revenue was up 19.1% on a year-over-year basis. Equities analysts expect that SkyWest, Inc. will post 7.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on SKYW shares. TD Cowen upped their price objective on shares of SkyWest from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $119.00 price target on shares of SkyWest in a research note on Friday, November 15th. Finally, Raymond James lifted their price objective on SkyWest from $100.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $105.75.

About SkyWest

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.