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 guidance of 2.200-2.400 for the period, compared to the consensus earnings per share 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

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

Alaska Air Group (NYSE:ALK) last posted its quarterly earnings data on Thursday, April 18th. The transportation company reported ($0.92) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.17. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Alaska Air Group had a net margin of 2.25% and a return on equity of 14.72%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.62) earnings per share. As a group, research analysts forecast that Alaska Air Group will post 4.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALK has been the subject of several recent research reports. Susquehanna lowered shares of Alaska Air Group from a positive rating to a neutral rating and raised their price objective for the company from $39.00 to $40.00 in a research note on Wednesday, January 10th. Melius downgraded shares of Alaska Air Group from a buy rating to a hold rating in a research note on Monday, January 8th. Evercore ISI lifted their price target on shares of Alaska Air Group from $55.00 to $65.00 and gave the stock an outperform rating in a research note on Thursday, April 4th. Deutsche Bank Aktiengesellschaft upgraded shares of Alaska Air Group from a hold rating to a buy rating and lifted their price target for the stock from $44.00 to $51.00 in a research note on Tuesday, February 20th. Finally, StockNews.com cut shares of Alaska Air Group from a hold rating to a sell rating in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $57.69.

Insider Activity

In related 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 value of $249,340.00. Following the transaction, the executive vice president now directly owns 26,048 shares in the company, valued at approximately $999,201.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On Alaska Air Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Captrust Financial Advisors boosted its position in shares of Alaska Air Group by 15.4% during the 3rd quarter. Captrust Financial Advisors now owns 6,204 shares of the transportation company’s stock worth $243,000 after purchasing an additional 828 shares in the last quarter. Profund Advisors LLC acquired a new position in shares of Alaska Air Group during the 4th quarter valued at about $221,000. CreativeOne Wealth LLC acquired a new position in shares of Alaska Air Group during the 4th quarter valued at about $211,000. Forum Financial Management LP acquired a new stake in Alaska Air Group during the 1st quarter worth approximately $202,000. Finally, Wetherby Asset Management Inc. acquired a new stake in Alaska Air Group during the 1st quarter worth approximately $201,000. 81.90% of the stock is currently owned by hedge funds and other 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.