Alaska Air Group (NYSE:ALK) Issues Q2 2024 Earnings Guidance

Alaska Air Group (NYSE:ALK) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.200-2.400 for the period, compared to the consensus EPS estimate of 2.120. The company issued revenue guidance of -. Alaska Air Group also updated its FY 2024 guidance to 3.250-5.250 EPS.

Analysts Set New Price Targets

A number of research firms have recently commented on ALK. StockNews.com raised Alaska Air Group from a sell rating to a hold rating in a research note on Friday. Melius lowered Alaska Air Group from a buy rating to a hold rating in a report on Monday, January 8th. TD Cowen boosted their price target on Alaska Air Group from $49.00 to $58.00 and gave the company a buy rating in a report on Friday. UBS Group began coverage on Alaska Air Group in a report on Wednesday, March 20th. They issued a buy rating and a $54.00 price target for the company. Finally, Bank of America boosted their price target on Alaska Air Group from $50.00 to $56.00 and gave the company a buy rating in a report on Friday. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $57.85.

Alaska Air Group Stock Up 1.3 %

Alaska Air Group stock opened at $45.01 on Friday. The business has a fifty day moving average of $39.68 and a two-hundred day moving average of $37.23. The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 0.85. The firm has a market cap of $5.66 billion, a P/E ratio of 24.07, a P/E/G ratio of 0.89 and a beta of 1.63. Alaska Air Group has a twelve month low of $30.75 and a twelve month high of $57.18.

Alaska Air Group (NYSE:ALK) last posted its earnings results on Thursday, April 18th. The transportation company reported ($0.92) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.17. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.18 billion. Alaska Air Group had a return on equity of 13.54% and a net margin of 2.34%. Alaska Air Group’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.62) earnings per share. On average, analysts forecast that Alaska Air Group will post 4.41 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Andrew R. Harrison sold 6,500 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $38.36, for a total value of $249,340.00. Following the transaction, the executive vice president now directly owns 26,048 shares of the company’s stock, valued at approximately $999,201.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On Alaska Air Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors grew its position in Alaska Air Group by 15.4% during the 3rd quarter. Captrust Financial Advisors now owns 6,204 shares of the transportation company’s stock worth $243,000 after purchasing an additional 828 shares during the period. Profund Advisors LLC acquired a new stake in Alaska Air Group during the 4th quarter worth about $221,000. CreativeOne Wealth LLC acquired a new stake in Alaska Air Group during the 4th quarter worth about $211,000. Forum Financial Management LP acquired a new stake in Alaska Air Group during the 1st quarter worth about $202,000. Finally, Wetherby Asset Management Inc. acquired a new stake in shares of Alaska Air Group during the 1st quarter valued at about $201,000. 81.90% of the stock is owned by institutional investors and hedge funds.

Alaska Air Group Company Profile

Alaska Air Group, Inc, through its subsidiaries, operates airlines. It operates through three segments: Mainline, Regional, and Horizon. The company offers scheduled air transportation services on Boeing jet aircraft for passengers and cargo in the United States, and in parts of Canada, Mexico, Costa Rica, Belize, Guatemala, and the Bahamas; and for passengers across a shorter distance network within the United States, Canada, and Mexico.