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

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

Alaska Air Group Stock Performance

NYSE ALK opened at $45.01 on Friday. The stock has a market capitalization of $5.66 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 0.89 and a beta of 1.63. Alaska Air Group has a twelve month low of $30.75 and a twelve month high of $57.18. The company has a current ratio of 0.65, a quick ratio of 0.58 and a debt-to-equity ratio of 0.85. The stock has a 50-day moving average of $39.68 and a 200 day moving average of $37.23.

Alaska Air Group (NYSE:ALK) last announced its earnings results 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 return on equity of 13.54% and a net margin of 2.34%. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same quarter in the prior year, the firm earned ($0.62) earnings per share. The business’s revenue was up 1.6% compared to the same quarter last year. Sell-side analysts anticipate that Alaska Air Group will post 4.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Bank of America increased their target price on Alaska Air Group from $50.00 to $56.00 and gave the company a buy rating in a report on Friday. UBS Group assumed coverage on Alaska Air Group in a report on Wednesday, March 20th. They issued a buy rating and a $54.00 price target for the company. StockNews.com raised Alaska Air Group from a sell rating to a hold rating in a report on Friday. Susquehanna increased their price target on Alaska Air Group from $40.00 to $42.00 and gave the company a neutral rating in a report on Friday. Finally, TD Cowen increased their price target on Alaska Air Group from $49.00 to $58.00 and gave the company a buy rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $57.85.

Insider Buying and Selling

In related news, EVP Andrew R. Harrison sold 6,500 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $38.36, for a total value of $249,340.00. Following the completion of the transaction, the executive vice president now directly owns 26,048 shares in the company, valued at $999,201.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alaska Air Group

Institutional investors and hedge funds have recently modified their holdings of the company. Captrust Financial Advisors raised its holdings in shares of Alaska Air Group by 15.4% in the 3rd quarter. Captrust Financial Advisors now owns 6,204 shares of the transportation company’s stock valued at $243,000 after buying an additional 828 shares during the period. Profund Advisors LLC purchased a new stake in shares of Alaska Air Group in the 4th quarter valued at $221,000. CreativeOne Wealth LLC purchased a new stake in shares of Alaska Air Group in the 4th quarter valued at $211,000. Forum Financial Management LP purchased a new stake in shares of Alaska Air Group in the 1st quarter valued at $202,000. Finally, Wetherby Asset Management Inc. purchased a new stake in shares of Alaska Air Group in the 1st quarter valued at $201,000. Hedge funds and other 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.