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

Alaska Air Group (NYSE:ALK) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 3.250-5.250 for the period, compared to the consensus earnings per share estimate of 4.360. The company issued revenue guidance of -. Alaska Air Group also updated its FY24 guidance to $3.25-5.25 EPS.

Analyst Upgrades and Downgrades

Several research firms have commented on ALK. TD Cowen boosted their price target on shares of Alaska Air Group from $41.00 to $49.00 and gave the stock a buy rating in a report on Friday, April 5th. StockNews.com cut shares of Alaska Air Group from a hold rating to a sell rating in a report on Tuesday, April 9th. Susquehanna cut shares of Alaska Air Group from a positive rating to a neutral rating and boosted their price target for the stock from $39.00 to $40.00 in a report on Wednesday, January 10th. UBS Group began coverage on shares of Alaska Air Group in a report on Wednesday, March 20th. They set a buy rating and a $54.00 price target for the company. Finally, Evercore ISI boosted their price target on shares of Alaska Air Group from $55.00 to $65.00 and gave the stock an outperform rating in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Alaska Air Group has a consensus rating of Moderate Buy and a consensus price target of $57.44.

Alaska Air Group Stock Up 4.7 %

Shares of NYSE:ALK opened at $42.72 on Thursday. The company has a market capitalization of $5.37 billion, a PE ratio of 23.60, a P/E/G ratio of 0.82 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 has a twelve month low of $30.75 and a twelve month high of $57.18. 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 (NYSE:ALK) last released its quarterly earnings results on Thursday, April 18th. The transportation company reported ($0.92) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $2.18 billion. During the same quarter last year, the company earned ($0.62) EPS. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, equities analysts predict 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 company’s stock in a transaction on Wednesday, February 28th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.68% of the stock is owned by insiders.

Institutional Trading of Alaska Air Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Alaska Air Group by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 14,331,247 shares of the transportation company’s stock valued at $561,068,000 after purchasing an additional 257,583 shares during the last quarter. BlackRock Inc. raised its position in Alaska Air Group by 9.1% during the 2nd quarter. BlackRock Inc. now owns 7,951,500 shares of the transportation company’s stock worth $422,861,000 after buying an additional 660,917 shares during the last quarter. State Street Corp raised its position in Alaska Air Group by 2.3% during the 2nd quarter. State Street Corp now owns 4,105,350 shares of the transportation company’s stock worth $218,323,000 after buying an additional 91,940 shares during the last quarter. Alliancebernstein L.P. raised its position in Alaska Air Group by 19.4% during the 4th quarter. Alliancebernstein L.P. now owns 3,425,916 shares of the transportation company’s stock worth $147,109,000 after buying an additional 556,766 shares during the last quarter. Finally, Morgan Stanley raised its position in Alaska Air Group by 1.8% during the 4th quarter. Morgan Stanley now owns 2,761,201 shares of the transportation company’s stock worth $118,566,000 after buying an additional 49,354 shares during 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.