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 (EPS) guidance of $3.25-5.25 for the period, compared to the consensus estimate of $4.36. Alaska Air Group also updated its FY 2024 guidance to 3.250-5.250 EPS.

Alaska Air Group Stock Up 4.7 %

Alaska Air Group stock opened at $42.72 on Thursday. Alaska Air Group has a 1-year low of $30.75 and a 1-year high of $57.18. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 0.82 and a beta of 1.63. The firm’s fifty day moving average price is $39.36 and its two-hundred day moving average price is $37.12. 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 for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.07). Alaska Air Group had a net margin of 2.25% and a return on equity of 14.72%. The business 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) earnings per share. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. On average, equities research analysts predict that Alaska Air Group will post 4.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on ALK. Evercore ISI increased their target price on shares of Alaska Air Group from $55.00 to $65.00 and gave the company an outperform rating in a report on Thursday, April 4th. Susquehanna downgraded shares of Alaska Air Group from a positive rating to a neutral rating and increased their target price for the company from $39.00 to $40.00 in a report on Wednesday, January 10th. Deutsche Bank Aktiengesellschaft upgraded shares of Alaska Air Group from a hold rating to a buy rating and increased their target price for the company from $44.00 to $51.00 in a report on Tuesday, February 20th. UBS Group began coverage on shares of Alaska Air Group in a report on Wednesday, March 20th. They issued a buy rating and a $54.00 target price for the company. Finally, TD Cowen increased their target price on shares of Alaska Air Group from $41.00 to $49.00 and gave the company a buy rating in a report on Friday, April 5th. One 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. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $57.44.

Insider Buying and Selling

In related news, EVP Andrew R. Harrison sold 6,500 shares of the firm’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 completion of the sale, the executive vice president now owns 26,048 shares in the company, valued at $999,201.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alaska Air Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd boosted its position in Alaska Air Group by 416.4% during the first quarter. Covestor Ltd now owns 568 shares of the transportation company’s stock worth $33,000 after purchasing an additional 458 shares during the period. CENTRAL TRUST Co boosted its position in Alaska Air Group by 19.5% during the third quarter. CENTRAL TRUST Co now owns 2,141 shares of the transportation company’s stock worth $84,000 after purchasing an additional 350 shares during the period. McIlrath & Eck LLC boosted its position in Alaska Air Group by 12.2% during the fourth quarter. McIlrath & Eck LLC now owns 2,149 shares of the transportation company’s stock worth $92,000 after purchasing an additional 234 shares during the period. Advisory Services Network LLC boosted its position in 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 worth $96,000 after purchasing an additional 861 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in 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 worth $105,000 after purchasing an additional 300 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.