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

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

Several research firms have commented on ALK. Melius cut shares of Alaska Air Group from a buy rating to a hold rating in a research note on Monday, January 8th. Evercore ISI raised their target price on shares of Alaska Air Group from $55.00 to $65.00 and gave the company an outperform rating in a research note on Thursday, April 4th. TD Cowen lifted their price objective on shares of Alaska Air Group from $41.00 to $49.00 and gave the stock a buy rating in a research note on Friday, April 5th. Susquehanna cut shares of Alaska Air Group from a positive rating to a neutral rating and lifted their price objective for the stock from $39.00 to $40.00 in a research note on Wednesday, January 10th. Finally, UBS Group assumed coverage on shares of Alaska Air Group in a research note on Wednesday, March 20th. They issued a buy rating and a $54.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Alaska Air Group has a consensus rating of Moderate Buy and a consensus target price of $57.44.

Alaska Air Group Stock Performance

ALK stock opened at $42.72 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.58 and a current ratio of 0.61. The stock has a market cap of $5.37 billion, a P/E ratio of 23.60, a P/E/G ratio of 0.82 and a beta of 1.63. The firm has a 50 day simple moving average of $39.36 and a 200 day simple moving average of $37.12. Alaska Air Group has a 52 week low of $30.75 and a 52 week high of $57.18.

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

Insider Activity

In other news, EVP Andrew R. Harrison sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $38.36, for a total value of $249,340.00. Following the sale, the executive vice president now directly owns 26,048 shares of the company’s stock, valued at $999,201.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alaska Air Group

Several hedge funds have recently made changes to their positions in ALK. Private Advisor Group LLC lifted its stake in shares of Alaska Air Group by 78.2% in the first quarter. Private Advisor Group LLC now owns 9,980 shares of the transportation company’s stock valued at $579,000 after buying an additional 4,379 shares during the period. MetLife Investment Management LLC lifted its stake in shares of Alaska Air Group by 23.6% in the first quarter. MetLife Investment Management LLC now owns 34,204 shares of the transportation company’s stock valued at $1,984,000 after buying an additional 6,520 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Alaska Air Group by 7.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,847 shares of the transportation company’s stock worth $977,000 after purchasing an additional 1,119 shares during the period. APG Asset Management N.V. bought a new position in Alaska Air Group during the first quarter worth about $980,000. Finally, Great West Life Assurance Co. Can lifted its stake in Alaska Air Group by 3.4% during the first quarter. Great West Life Assurance Co. Can now owns 17,972 shares of the transportation company’s stock worth $1,077,000 after purchasing an additional 592 shares during the period. 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.