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 Up 4.7 %

ALK stock opened at $42.72 on Thursday. The company has a market cap of $5.37 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 0.82 and a beta of 1.63. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 0.53. Alaska Air Group has a 12 month low of $30.75 and a 12 month high of $57.18. The firm has a 50-day moving average of $39.36 and a two-hundred day moving average of $37.12.

Alaska Air Group (NYSE:ALK) last released its quarterly earnings data on Thursday, April 18th. The transportation company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.07). The business had revenue of $2.23 billion during the quarter, compared to analyst estimates 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 was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.62) EPS. As a group, analysts forecast that Alaska Air Group will post 4.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ALK shares. Evercore ISI increased their price target on shares of Alaska Air Group from $55.00 to $65.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Susquehanna cut shares of Alaska Air Group from a positive rating to a neutral rating and increased their price target for the company from $39.00 to $40.00 in a research note on Wednesday, January 10th. Melius cut shares of Alaska Air Group from a buy rating to a hold rating in a research note on Monday, January 8th. TD Cowen increased their price target on shares of Alaska Air Group from $41.00 to $49.00 and gave the company a buy rating in a research note on Friday, April 5th. Finally, UBS Group started coverage on shares of Alaska Air Group in a research note on Wednesday, March 20th. They issued a buy rating and a $54.00 price target for the company. One 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, Alaska Air Group has an average rating of Moderate Buy and a consensus target price of $57.44.

Insiders Place Their Bets

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 sale, 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 document filed with the SEC, which is available through this link. 0.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alaska Air Group

A number of hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd raised its holdings in shares of Alaska Air Group by 416.4% in the 1st 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 raised its holdings in shares of Alaska Air Group by 19.5% in the 3rd 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 raised its holdings in shares of Alaska Air Group by 12.2% in the 4th 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 raised its holdings in shares of Alaska Air Group by 54.1% in the 4th 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. raised its holdings in shares of Alaska Air Group by 19.9% in the 1st 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 currently owned by institutional investors and hedge funds.

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.