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

Alaska Air Group (NYSE:ALK) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 3.250-5.250 for the period, compared to the consensus EPS estimate of 4.360. The company issued revenue guidance of -. Alaska Air Group also updated its Q2 2024 guidance to 2.200-2.400 EPS.

Alaska Air Group Stock Performance

ALK stock opened at $42.72 on Thursday. The stock has a market capitalization of $5.37 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 0.82 and a beta of 1.63. Alaska Air Group has a 12-month low of $30.75 and a 12-month high of $57.18. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 0.53. The stock’s 50 day simple moving average is $39.36 and its 200 day simple moving average is $37.12.

Alaska Air Group (NYSE:ALK) last released its quarterly earnings data on Thursday, January 25th. The transportation company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.12. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Alaska Air Group had a return on equity of 14.72% and a net margin of 2.25%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 EPS. As a group, research analysts forecast that Alaska Air Group will post 4.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ALK has been the topic of several analyst reports. Evercore ISI upped their price objective on Alaska Air Group from $55.00 to $65.00 and gave the company an outperform rating in a research report on Thursday, April 4th. Melius cut Alaska Air Group from a buy rating to a hold rating in a research report on Monday, January 8th. Deutsche Bank Aktiengesellschaft raised Alaska Air Group from a hold rating to a buy rating and increased their price target for the company from $44.00 to $51.00 in a report on Tuesday, February 20th. TD Cowen increased their price target on Alaska Air Group from $41.00 to $49.00 and gave the company a buy rating in a report on Friday, April 5th. Finally, StockNews.com cut Alaska Air Group from a hold rating to a sell rating in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $57.44.

Insiders Place Their Bets

In other Alaska Air Group news, EVP Andrew R. Harrison sold 6,500 shares of the 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 completion of the sale, the executive vice president now owns 26,048 shares in the company, valued at approximately $999,201.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alaska Air Group

Institutional investors have recently bought and sold shares of the business. Covestor Ltd increased its stake in Alaska Air Group by 416.4% in the 1st quarter. Covestor Ltd now owns 568 shares of the transportation company’s stock worth $33,000 after buying an additional 458 shares in the last quarter. CENTRAL TRUST Co increased its stake in Alaska Air Group by 19.5% in the 3rd quarter. CENTRAL TRUST Co now owns 2,141 shares of the transportation company’s stock worth $84,000 after buying an additional 350 shares in the last quarter. McIlrath & Eck LLC grew its position in shares of Alaska Air Group by 12.2% during the fourth quarter. McIlrath & Eck LLC now owns 2,149 shares of the transportation company’s stock valued at $92,000 after purchasing an additional 234 shares in the last quarter. Advisory Services Network LLC grew its position in shares of Alaska Air Group by 54.1% during the fourth quarter. Advisory Services Network LLC now owns 2,452 shares of the transportation company’s stock valued at $96,000 after purchasing an additional 861 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in shares of Alaska Air Group by 19.9% during the first quarter. Geneos Wealth Management Inc. now owns 1,811 shares of the transportation company’s stock valued at $105,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 81.90% of the company’s stock.

About Alaska Air Group

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.