Alaska Air Group (NYSE:ALK) Releases FY24 Earnings Guidance

Alaska Air Group (NYSE:ALK) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.25-5.25 for the period, compared to the consensus earnings per share estimate of $4.36. Alaska Air Group also updated its FY 2024 guidance to 3.250-5.250 EPS.

Analyst Ratings Changes

ALK has been the topic of several recent research reports. Melius cut Alaska Air Group from a buy rating to a hold rating in a research report on Monday, January 8th. StockNews.com raised Alaska Air Group from a sell rating to a hold rating in a research report on Friday. Deutsche Bank Aktiengesellschaft raised Alaska Air Group from a hold rating to a buy rating and increased their price objective for the stock from $44.00 to $51.00 in a research report on Tuesday, February 20th. TD Cowen increased their price objective on Alaska Air Group from $49.00 to $58.00 and gave the stock a buy rating in a research report on Friday. Finally, Susquehanna increased their target price on Alaska Air Group from $40.00 to $42.00 and gave the stock a neutral rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Alaska Air Group currently has a consensus rating of Moderate Buy and an average target price of $57.85.

Alaska Air Group Stock Performance

NYSE ALK opened at $45.02 on Friday. Alaska Air Group has a 1-year low of $30.75 and a 1-year high of $57.18. The company has a market capitalization of $5.66 billion, a P/E ratio of 24.07, a PEG ratio of 0.89 and a beta of 1.63. The business has a 50 day moving average price of $39.68 and a 200 day moving average price of $37.22. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.65 and a quick ratio of 0.58.

Alaska Air Group (NYSE:ALK) last released its quarterly earnings data on Thursday, April 18th. The transportation company reported ($0.92) earnings per share for the quarter, beating the consensus estimate of ($1.09) by $0.17. Alaska Air Group had a return on equity of 13.54% and a net margin of 2.34%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same period last year, the business posted ($0.62) EPS. Alaska Air Group’s quarterly revenue was up 1.6% on a year-over-year basis. Sell-side analysts expect that Alaska Air Group will post 4.41 EPS for the current fiscal year.

Insider Activity at Alaska Air Group

In related news, EVP Andrew R. Harrison sold 6,500 shares of the firm’s stock in a transaction that occurred 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 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alaska Air Group

Several hedge funds have recently bought and sold shares of ALK. Private Advisor Group LLC increased its position in Alaska Air Group by 78.2% during the first quarter. Private Advisor Group LLC now owns 9,980 shares of the transportation company’s stock worth $579,000 after buying an additional 4,379 shares in the last quarter. MetLife Investment Management LLC increased its position in Alaska Air Group by 23.6% during the first quarter. MetLife Investment Management LLC now owns 34,204 shares of the transportation company’s stock worth $1,984,000 after buying an additional 6,520 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position 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 buying an additional 1,119 shares in the last quarter. APG Asset Management N.V. purchased a new position in Alaska Air Group during the first quarter worth $980,000. Finally, Great West Life Assurance Co. Can increased its position 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 buying an additional 592 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.