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

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

Alaska Air Group Trading Up 4.7 %

Shares of ALK 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’s fifty day simple moving average is $39.36 and its 200 day simple moving average is $37.12. The firm has a market capitalization of $5.37 billion, a P/E ratio of 23.60, a price-to-earnings-growth 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 (NYSE:ALK) last announced its quarterly earnings data on Thursday, April 18th. The transportation company reported ($0.92) earnings per share (EPS) 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 analyst estimates of $2.18 billion. During the same quarter in the prior year, the company posted ($0.62) EPS. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, sell-side analysts predict that Alaska Air Group will post 4.41 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Susquehanna cut shares of Alaska Air Group from a positive rating to a neutral rating and raised their price target for the stock from $39.00 to $40.00 in a research note on Wednesday, January 10th. TD Cowen raised their price target 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. UBS Group began coverage on shares of Alaska Air Group in a research note on Wednesday, March 20th. They set a buy rating and a $54.00 price target for the company. Deutsche Bank Aktiengesellschaft raised shares of Alaska Air Group from a hold rating to a buy rating and raised their price objective for the stock from $44.00 to $51.00 in a report on Tuesday, February 20th. Finally, Melius lowered shares of Alaska Air Group from a buy rating to a hold rating in a report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $57.44.

Insider Activity at Alaska Air Group

In other Alaska Air Group news, EVP Andrew R. Harrison sold 6,500 shares of Alaska Air Group stock in a transaction on 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 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 available through this hyperlink. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alaska Air Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Covestor Ltd lifted its position in Alaska Air Group by 416.4% in the 1st quarter. Covestor Ltd now owns 568 shares of the transportation company’s stock valued at $33,000 after acquiring an additional 458 shares in the last quarter. CENTRAL TRUST Co boosted its holdings in Alaska Air Group by 19.5% in the 3rd quarter. CENTRAL TRUST Co now owns 2,141 shares of the transportation company’s stock valued at $84,000 after purchasing an additional 350 shares during the period. McIlrath & Eck LLC lifted its holdings in shares of Alaska Air Group by 12.2% during the 4th quarter. McIlrath & Eck LLC now owns 2,149 shares of the transportation company’s stock worth $92,000 after acquiring an additional 234 shares during the period. Advisory Services Network LLC lifted its holdings in shares of Alaska Air Group by 54.1% during the 4th quarter. Advisory Services Network LLC now owns 2,452 shares of the transportation company’s stock worth $96,000 after acquiring an additional 861 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in Alaska Air Group by 19.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,811 shares of the transportation company’s stock valued at $105,000 after purchasing an additional 300 shares during the last quarter. 81.90% of the stock is owned by institutional investors.

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.