Alaska Air Group (NYSE:ALK) Updates 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 earnings per share (EPS) guidance of 2.200-2.400 for the period, compared to the consensus 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 Stock Performance

Shares of ALK stock opened at $45.02 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.65 and a quick ratio of 0.58. Alaska Air Group has a one year low of $30.75 and a one year high of $57.18. The business’s 50 day simple moving average is $39.68 and its 200 day simple moving average is $37.22. The stock has a market capitalization of $5.66 billion, a PE ratio of 24.07, a PEG ratio of 0.89 and a beta of 1.63.

Alaska Air Group (NYSE:ALK) last posted its quarterly earnings data on Thursday, April 18th. The transportation company reported ($0.92) EPS for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.17. Alaska Air Group had a net margin of 2.34% and a return on equity of 13.54%. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the prior year, the firm posted ($0.62) EPS. The company’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, research analysts forecast that Alaska Air Group will post 4.41 earnings per share for the current year.

Analyst Ratings Changes

ALK has been the topic of a number of recent analyst reports. Bank of America boosted their price objective on Alaska Air Group from $50.00 to $56.00 and gave the company a buy rating in a research note on Friday. Melius cut Alaska Air Group from a buy rating to a hold rating in a report on Monday, January 8th. StockNews.com upgraded shares of Alaska Air Group from a sell rating to a hold rating in a research note on Friday. Susquehanna increased their target price on shares of Alaska Air Group from $40.00 to $42.00 and gave the stock a neutral rating in a research note on Friday. Finally, Evercore ISI lifted their price target on shares of Alaska Air Group from $55.00 to $65.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $57.85.

Insider Activity

In related news, EVP Andrew R. Harrison sold 6,500 shares of the company’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 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On Alaska Air Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd lifted its holdings in shares of Alaska Air Group by 416.4% in the first quarter. Covestor Ltd now owns 568 shares of the transportation company’s stock valued at $33,000 after purchasing an additional 458 shares in the last quarter. 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 worth $105,000 after buying an additional 300 shares in the last quarter. CENTRAL TRUST Co raised its position 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 buying an additional 350 shares during the last quarter. McIlrath & Eck LLC lifted its stake in Alaska Air Group by 12.2% during the 4th quarter. McIlrath & Eck LLC now owns 2,149 shares of the transportation company’s stock valued at $92,000 after acquiring an additional 234 shares in the last quarter. Finally, Advisory Services Network LLC boosted its holdings in 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 last quarter. Institutional investors and hedge funds 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.