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

Alaska Air Group (NYSE:ALK) updated its FY24 earnings guidance on Thursday. 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.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Bank of America boosted their price objective on shares of Alaska Air Group from $50.00 to $56.00 and gave the company a buy rating in a research report on Friday. StockNews.com downgraded shares of Alaska Air Group from a hold rating to a sell rating in a research report on Tuesday, April 9th. Melius downgraded shares of Alaska Air Group from a buy rating to a hold rating in a research report on Monday, January 8th. Deutsche Bank Aktiengesellschaft raised shares of Alaska Air Group from a hold rating to a buy rating and boosted their price objective for the company from $44.00 to $51.00 in a research report on Tuesday, February 20th. Finally, Evercore ISI boosted their target price on shares of Alaska Air Group from $55.00 to $65.00 and gave the stock an outperform rating in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Alaska Air Group has an average rating of Moderate Buy and a consensus target price of $57.85.

Alaska Air Group Price Performance

NYSE:ALK opened at $44.45 on Friday. The stock has a market cap of $5.59 billion, a P/E ratio of 24.56, a PEG ratio of 0.86 and a beta of 1.63. Alaska Air Group has a one year low of $30.75 and a one year high of $57.18. The company has a fifty day moving average price of $39.52 and a 200 day moving average price of $37.17. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.61 and a quick ratio of 0.58.

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, beating 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 analysts’ expectations of $2.18 billion. During the same quarter in the prior year, the company posted ($0.62) EPS. The business’s revenue was up 1.6% on a year-over-year basis. Analysts anticipate that Alaska Air Group will post 4.41 earnings per share for the current year.

Insider Activity

In other news, EVP Andrew R. Harrison sold 6,500 shares of the 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 transaction, the executive vice president now owns 26,048 shares in the company, valued at approximately $999,201.28. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On Alaska Air Group

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of 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 worth $561,068,000 after purchasing an additional 257,583 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Alaska Air Group by 9.1% in the 2nd quarter. BlackRock Inc. now owns 7,951,500 shares of the transportation company’s stock worth $422,861,000 after purchasing an additional 660,917 shares during the last quarter. State Street Corp grew its holdings in shares of Alaska Air Group by 2.3% in the 2nd quarter. State Street Corp now owns 4,105,350 shares of the transportation company’s stock worth $218,323,000 after purchasing an additional 91,940 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Alaska Air Group by 19.4% in the 4th quarter. Alliancebernstein L.P. now owns 3,425,916 shares of the transportation company’s stock worth $147,109,000 after purchasing an additional 556,766 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of Alaska Air Group by 1.8% in the 4th quarter. Morgan Stanley now owns 2,761,201 shares of the transportation company’s stock worth $118,566,000 after purchasing an additional 49,354 shares during the last quarter. Institutional investors own 81.90% of the company’s stock.

Alaska Air Group Company Profile

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.