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 Q2 2024 guidance to 2.200-2.400 EPS.

Alaska Air Group Trading Up 4.7 %

NYSE ALK opened at $42.72 on Thursday. The firm has a market cap of $5.37 billion, a P/E ratio of 23.60, a P/E/G ratio of 0.82 and a beta of 1.63. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.61 and a quick ratio of 0.58. The stock’s 50-day moving average is $39.36 and its 200-day moving average is $37.12. Alaska Air Group has a one year low of $30.75 and a one year high of $57.18.

Alaska Air Group (NYSE:ALK) last released its quarterly earnings results on Thursday, January 25th. The transportation company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.12. The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.53 billion. Alaska Air Group had a return on equity of 14.72% and a net margin of 2.25%. Alaska Air Group’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.92 earnings per share. Sell-side analysts anticipate that Alaska Air Group will post 4.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ALK has been the subject of several recent research reports. Susquehanna downgraded Alaska Air Group from a positive rating to a neutral rating and boosted their price target for the company from $39.00 to $40.00 in a research note on Wednesday, January 10th. Evercore ISI boosted their price target on Alaska Air Group from $55.00 to $65.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Melius downgraded Alaska Air Group from a buy rating to a hold rating in a research note on Monday, January 8th. TD Cowen lifted their price objective on Alaska Air Group from $41.00 to $49.00 and gave the company a buy rating in a report on Friday, April 5th. Finally, Deutsche Bank Aktiengesellschaft raised Alaska Air Group from a hold rating to a buy rating and lifted their price objective for the company from $44.00 to $51.00 in a report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $57.44.

Insider Transactions at Alaska Air Group

In other news, EVP Andrew R. Harrison sold 6,500 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $38.36, for a total transaction of $249,340.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this link. 0.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Alaska Air Group

Institutional investors have recently made changes to their positions in the stock. Clearbridge Investments LLC bought a new stake in shares of Alaska Air Group during the 1st quarter valued at about $62,390,000. Wellington Management Group LLP acquired a new position in Alaska Air Group during the 1st quarter worth approximately $30,293,000. Norges Bank acquired a new position in Alaska Air Group during the 4th quarter worth approximately $30,980,000. BlackRock Inc. raised its stake 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 period. Finally, Point72 Asset Management L.P. raised its stake in Alaska Air Group by 316.5% during the 4th quarter. Point72 Asset Management L.P. now owns 739,350 shares of the transportation company’s stock worth $28,886,000 after buying an additional 561,850 shares during the period. 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.