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

Alaska Air Group (NYSE:ALK) issued an update on its FY 2024 earnings guidance on Thursday morning. 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.

Alaska Air Group Stock Up 4.0 %

ALK stock opened at $44.45 on Friday. Alaska Air Group has a 12-month low of $30.75 and a 12-month high of $57.18. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 0.53. The company has a market cap of $5.59 billion, a price-to-earnings ratio of 24.56, a PEG ratio of 0.86 and a beta of 1.63. The company has a 50 day moving average of $39.52 and a two-hundred day moving average of $37.17.

Alaska Air Group (NYSE:ALK) last released its earnings results on Thursday, April 18th. The transportation company reported ($0.92) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.17. Alaska Air Group had a net margin of 2.25% and a return on equity of 14.72%. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the prior year, the firm earned ($0.62) EPS. The company’s revenue was up 1.6% compared to the same quarter last year. On average, equities analysts anticipate that Alaska Air Group will post 4.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ALK. TD Cowen raised their price target on shares of Alaska Air Group from $49.00 to $58.00 and gave the company a buy rating in a report on Friday. Susquehanna downgraded shares of Alaska Air Group from a positive rating to a neutral rating and raised their price target for the company 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 on the stock. Evercore ISI raised their price target 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. Finally, Bank of America raised their price target on shares of Alaska Air Group from $50.00 to $56.00 and gave the company a buy rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $57.69.

Insider Activity at Alaska Air Group

In other Alaska Air Group news, EVP Andrew R. Harrison sold 6,500 shares of the business’s stock in a transaction dated 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 transaction, 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 legal filing with the SEC, which is available at this hyperlink. 0.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alaska Air Group

Several institutional investors have recently modified their holdings of the business. McIlrath & Eck LLC grew its position 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 buying an additional 234 shares during the period. Geneos Wealth Management Inc. grew its holdings 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 valued at $105,000 after purchasing an additional 300 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in Alaska Air Group by 5.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 6,906 shares of the transportation company’s stock valued at $270,000 after purchasing an additional 333 shares during the period. Vident Advisory LLC grew its holdings in Alaska Air Group by 3.3% during the fourth quarter. Vident Advisory LLC now owns 10,660 shares of the transportation company’s stock valued at $416,000 after purchasing an additional 338 shares during the period. Finally, Captrust Financial Advisors grew its holdings in Alaska Air Group by 5.6% during the fourth quarter. Captrust Financial Advisors now owns 6,552 shares of the transportation company’s stock valued at $281,000 after purchasing an additional 348 shares during the period. Institutional investors and hedge funds 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.