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

Alaska Air Group (NYSE:ALK) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 2.200-2.400 for the period, compared to the consensus 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.

Analyst Ratings Changes

Several brokerages have commented on ALK. Deutsche Bank Aktiengesellschaft raised shares of Alaska Air Group from a hold rating to a buy rating and raised their price target for the company from $44.00 to $51.00 in a report on Tuesday, February 20th. StockNews.com downgraded shares of Alaska Air Group from a hold rating to a sell rating in a report on Tuesday, April 9th. Bank of America lifted their price objective on shares of Alaska Air Group from $50.00 to $56.00 and gave the stock a buy rating in a report on Friday. UBS Group started coverage on shares of Alaska Air Group in a report on Wednesday, March 20th. They set a buy rating and a $54.00 price objective for the company. Finally, TD Cowen lifted their price objective on shares of Alaska Air Group from $49.00 to $58.00 and gave the stock a buy rating in a report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Alaska Air Group currently has an average rating of Moderate Buy and a consensus price target of $57.69.

Alaska Air Group Price Performance

ALK stock opened at $44.45 on Friday. The firm’s 50-day moving average price is $39.52 and its two-hundred day moving average price is $37.17. Alaska Air Group has a 12-month low of $30.75 and a 12-month high of $57.18. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of 24.56, a PEG ratio of 0.86 and a beta of 1.63. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 0.53.

Alaska Air Group (NYSE:ALK) last released its quarterly earnings data on Thursday, April 18th. The transportation company reported ($0.92) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.17. Alaska Air Group had a net margin of 2.25% and a return on equity of 14.72%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.18 billion. During the same quarter in the previous year, the company earned ($0.62) earnings per share. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, equities analysts predict that Alaska Air Group will post 4.41 earnings per share for the current year.

Insider Activity at Alaska Air Group

In related news, EVP Andrew R. Harrison sold 6,500 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $38.36, for a total transaction of $249,340.00. Following the transaction, the executive vice president now owns 26,048 shares in the company, valued at $999,201.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alaska Air Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its position in shares of Alaska Air Group by 24.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 397,028 shares of the transportation company’s stock valued at $15,512,000 after buying an additional 78,670 shares during the period. Mercer Global Advisors Inc. ADV increased its position in shares of Alaska Air Group by 5.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 6,906 shares of the transportation company’s stock valued at $270,000 after buying an additional 333 shares during the period. Employees Retirement System of Texas boosted its stake in Alaska Air Group by 26.2% during the fourth quarter. Employees Retirement System of Texas now owns 94,070 shares of the transportation company’s stock worth $3,675,000 after acquiring an additional 19,550 shares in the last quarter. Impala Asset Management LLC bought a new stake in Alaska Air Group during the fourth quarter worth about $1,172,000. Finally, NFJ Investment Group LLC bought a new position in shares of Alaska Air Group in the fourth quarter worth approximately $12,674,000. Hedge funds and other institutional investors own 81.90% of the company’s stock.

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.