Cadence Capital Management LLC Lowers Stake in Alaska Air Group, Inc. (ALK)

Cadence Capital Management LLC reduced its position in shares of Alaska Air Group, Inc. (NYSE:ALK) by 82.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 4,958 shares of the transportation company’s stock after selling 23,368 shares during the quarter. Cadence Capital Management LLC’s holdings in Alaska Air Group were worth $378,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALK. Egerton Capital UK LLP raised its holdings in Alaska Air Group by 51.6% during the 3rd quarter. Egerton Capital UK LLP now owns 4,476,494 shares of the transportation company’s stock valued at $341,422,000 after buying an additional 1,524,149 shares during the period. Principal Financial Group Inc. raised its holdings in Alaska Air Group by 149.3% during the 2nd quarter. Principal Financial Group Inc. now owns 1,230,588 shares of the transportation company’s stock valued at $110,457,000 after buying an additional 737,020 shares during the period. Janus Henderson Group PLC purchased a new stake in Alaska Air Group during the 2nd quarter valued at $57,891,000. Ardevora Asset Management LLP purchased a new stake in Alaska Air Group during the 3rd quarter valued at $33,124,000. Finally, JPMorgan Chase & Co. increased its stake in Alaska Air Group by 78.0% in the second quarter. JPMorgan Chase & Co. now owns 805,723 shares of the transportation company’s stock worth $72,323,000 after purchasing an additional 353,166 shares during the period. Hedge funds and other institutional investors own 88.46% of the company’s stock.

In related news, EVP Andrew R. Harrison sold 540 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $65.53, for a total transaction of $35,386.20. Following the sale, the executive vice president now owns 20,788 shares of the company’s stock, valued at $1,362,237.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David L. Campbell sold 4,934 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $68.00, for a total value of $335,512.00. Following the sale, the chief executive officer now directly owns 9,648 shares in the company, valued at approximately $656,064. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.

ALK has been the topic of a number of recent analyst reports. UBS upgraded Alaska Air Group from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, November 15th. Raymond James Financial upgraded Alaska Air Group from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $85.00 to $80.00 in a research note on Wednesday, November 15th. ValuEngine lowered Alaska Air Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Bank of America reduced their target price on Alaska Air Group from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Friday, October 13th. Finally, Zacks Investment Research lowered Alaska Air Group from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $91.27.

Alaska Air Group, Inc. (NYSE ALK) opened at $67.83 on Thursday. Alaska Air Group, Inc. has a 12-month low of $61.10 and a 12-month high of $101.43. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.78 and a current ratio of 0.80. The stock has a market capitalization of $8,379.36, a price-to-earnings ratio of 9.25 and a beta of 1.03.

Alaska Air Group (NYSE:ALK) last posted its quarterly earnings results on Wednesday, October 25th. The transportation company reported $2.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.02). Alaska Air Group had a return on equity of 28.74% and a net margin of 10.34%. The firm had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the company posted $2.20 EPS. Alaska Air Group’s quarterly revenue was up 35.4% compared to the same quarter last year. research analysts forecast that Alaska Air Group, Inc. will post 6.75 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Tuesday, November 21st will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Monday, November 20th. Alaska Air Group’s payout ratio is 19.26%.

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About Alaska Air Group

Alaska Air Group, Inc is the holding company of Alaska Airlines (Alaska), Virgin America Inc, Horizon Air (Horizon) and other business units. The Company operates through three segments: Mainline, Regional and Horizon. Its Mainline segment includes Alaska’s and Virgin America’s scheduled air transportation for passengers and cargo throughout the United States, and in parts of Canada, Mexico, Costa Rica and Cuba.

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Institutional Ownership by Quarter for Alaska Air Group (NYSE:ALK)

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