Here Is What Hedge Funds Think About SkyWest, Inc. (SKYW)

Consequently, key hedge funds were breaking ground themselves. McKinley Capital Management assembled the biggest position in SkyWest, Inc. (NASDAQ:SKYW). McKinley Capital Management had $3.8 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $1.7 million investment in the stock during the quarter. The other funds with new positions in the stock are Glenn Russell Dubin’s Highbridge Capital Management, Matthew Tewksbury’s Stevens Capital Management, and Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as SkyWest, Inc. (NASDAQ:SKYW) but similarly valued. These stocks are Weis Markets, Inc. (NYSE:WMK), Cooper-Standard Holdings Inc (NYSE:CPS), Ascena Retail Group Inc (NASDAQ:ASNA), and Forward Air Corporation (NASDAQ:FWRD). This group of stocks’ market valuations are similar to SKYW’s market valuation.

As you can see these stocks had an average of 18 funds with bullish positions and the average amount invested in these stocks was $204 million, which is higher than the $56 million figure in SKYW’s case. Ascena Retail Group Inc (NASDAQ:ASNA) is the most popular stock in this table, while Weis Markets, Inc. (NYSE:WMK) is the least popular one with only 11 bullish hedge fund positions. SkyWest, Inc. (NASDAQ:SKYW) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Ascena Retail Group Inc (NASDAQ:ASNA) might be a better candidate to consider taking a long position in.

Disclosure: None