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

Alaska Air Group (NYSE:ALK) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $3.25-5.25 for the period, compared to the consensus EPS estimate of $4.36. Alaska Air Group also updated its FY 2024 guidance to 3.250-5.250 EPS.

Alaska Air Group Price Performance

Shares of NYSE:ALK opened at $42.72 on Thursday. The firm’s 50 day moving average price is $39.36 and its 200-day moving average price is $37.12. Alaska Air Group has a twelve month low of $30.75 and a twelve month high of $57.18. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $5.37 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 0.82 and a beta of 1.63.

Alaska Air Group (NYSE:ALK) last issued its quarterly earnings data on Thursday, April 18th. The transportation company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.85) by ($0.07). Alaska Air Group had a return on equity of 14.72% and a net margin of 2.25%. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter last year, the company earned ($0.62) EPS. Alaska Air Group’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities research analysts expect that Alaska Air Group will post 4.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on ALK. TD Cowen raised their target price on shares of Alaska Air Group from $41.00 to $49.00 and gave the stock a buy rating in a research note on Friday, April 5th. UBS Group began coverage on shares of Alaska Air Group in a research note on Wednesday, March 20th. They set a buy rating and a $54.00 target price on the stock. Susquehanna cut shares of Alaska Air Group from a positive rating to a neutral rating and raised their target price for the stock from $39.00 to $40.00 in a research note on Wednesday, January 10th. Deutsche Bank Aktiengesellschaft upgraded shares of Alaska Air Group from a hold rating to a buy rating and raised their target price 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 research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $57.44.

Insider Buying and Selling at Alaska Air Group

In other Alaska Air Group news, EVP Andrew R. Harrison sold 6,500 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $38.36, for a total transaction of $249,340.00. Following the completion of the sale, the executive vice president now directly owns 26,048 shares of the company’s stock, valued at approximately $999,201.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On Alaska Air Group

A number of institutional investors have recently added to or reduced their stakes in ALK. Covestor Ltd grew 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. CENTRAL TRUST Co grew its holdings in shares of Alaska Air Group by 19.5% in the third quarter. CENTRAL TRUST Co now owns 2,141 shares of the transportation company’s stock valued at $84,000 after purchasing an additional 350 shares in the last quarter. McIlrath & Eck LLC grew its holdings in shares of Alaska Air Group by 12.2% in the fourth quarter. McIlrath & Eck LLC now owns 2,149 shares of the transportation company’s stock valued at $92,000 after purchasing an additional 234 shares in the last quarter. Advisory Services Network LLC grew its holdings in shares of Alaska Air Group by 54.1% in the fourth quarter. Advisory Services Network LLC now owns 2,452 shares of the transportation company’s stock valued at $96,000 after purchasing an additional 861 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Alaska Air Group by 19.9% in the first quarter. Geneos Wealth Management Inc. now owns 1,811 shares of the transportation company’s stock valued at $105,000 after purchasing an additional 300 shares in the last quarter. 81.90% of the stock is 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.