Renaissance Technologies LLC Grows Position in SkyWest, Inc. (NASDAQ:SKYW)

Renaissance Technologies LLC lifted its holdings in shares of SkyWest, Inc. (NASDAQ:SKYW) by 29.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 233,627 shares of the transportation company’s stock after buying an additional 52,559 shares during the period. Renaissance Technologies LLC owned approximately 0.58% of SkyWest worth $19,174,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SKYW. Victory Capital Management Inc. boosted its position in shares of SkyWest by 90.2% during the second quarter. Victory Capital Management Inc. now owns 551,060 shares of the transportation company’s stock valued at $45,225,000 after buying an additional 261,349 shares during the last quarter. Clearbridge Investments LLC purchased a new position in SkyWest in the fourth quarter worth about $12,773,000. Norges Bank purchased a new position in SkyWest in the fourth quarter worth about $12,134,000. American Century Companies Inc. boosted its position in SkyWest by 16.8% in the second quarter. American Century Companies Inc. now owns 1,151,578 shares of the transportation company’s stock worth $94,510,000 after purchasing an additional 165,670 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in SkyWest by 46.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 424,239 shares of the transportation company’s stock worth $22,145,000 after purchasing an additional 134,066 shares during the last quarter. 81.30% of the stock is owned by hedge funds and other institutional investors.

SkyWest Trading Up 1.1 %

Shares of NASDAQ:SKYW opened at $81.89 on Friday. SkyWest, Inc. has a 52-week low of $36.91 and a 52-week high of $87.86. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.74 and a current ratio of 0.84. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 29.56 and a beta of 1.95. The stock’s 50-day simple moving average is $77.03 and its two-hundred day simple moving average is $75.16.

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

Wall Street Analysts Forecast Growth

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

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.