Alaska Air Group Inc. (ALK) Shares Gap Up to $60.16
Alaska Air Group Inc. (NYSE:ALK)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $59.70, but opened at $60.16. Alaska Air Group shares last traded at $62.30, with a volume of 1,193,005 shares.
Several research firms recently issued reports on ALK. Zacks Investment Research lowered Alaska Air Group from a “hold” rating to a “sell” rating in a research note on Wednesday, June 22nd. Cowen and Company reissued a “buy” rating on shares of Alaska Air Group in a research note on Wednesday, June 15th. Morgan Stanley reissued an “overweight” rating on shares of Alaska Air Group in a research note on Wednesday, June 15th. Raymond James Financial Inc. downgraded Alaska Air Group from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $105.00 to $88.00 in a report on Tuesday, June 14th. Finally, Sterne Agee CRT restated a “buy” rating on shares of Alaska Air Group in a report on Monday, May 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $89.68.
The stock has a market cap of $7.80 billion and a PE ratio of 9.14. The stock has a 50-day moving average price of $62.12 and a 200-day moving average price of $71.14.
Alaska Air Group (NYSE:ALK) last issued its earnings results on Thursday, April 21st. The company reported $1.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.03. The firm earned $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the business posted $1.12 EPS. Alaska Air Group’s revenue was up 6.1% compared to the same quarter last year. Analysts expect that Alaska Air Group Inc. will post $7.11 earnings per share for the current fiscal year.
In other Alaska Air Group news, CEO Bradley D. Tilden sold 5,000 shares of the business’s stock in a transaction dated Tuesday, April 19th. The stock was sold at an average price of $82.36, for a total transaction of $411,800.00. Following the transaction, the chief executive officer now owns 23,900 shares in the company, valued at $1,968,404. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Dennis F. Madsen sold 1,372 shares of the business’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $65.98, for a total value of $90,524.56. Following the transaction, the director now owns 22,914 shares in the company, valued at approximately $1,511,865.72. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently modified their holdings of the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Alaska Air Group during the fourth quarter worth approximately $4,123,000. EQIS Capital Management boosted its position in shares of Alaska Air Group by 214.1% in the fourth quarter. EQIS Capital Management now owns 18,992 shares of the company’s stock worth $1,529,000 after buying an additional 12,946 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Alaska Air Group during the fourth quarter worth approximately $3,038,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Alaska Air Group during the fourth quarter worth approximately $1,070,000. Finally, Advisors Asset Management Inc. boosted its position in shares of Alaska Air Group by 43.7% in the fourth quarter. Advisors Asset Management Inc. now owns 37,607 shares of the company’s stock worth $3,028,000 after buying an additional 11,440 shares in the last quarter.
Alaska Air Group, Inc is the holding company of Alaska Airlines (Alaska) and Horizon Air (Horizon). The Company operates through three segments: Alaska Mainline, Alaska Regional and Horizon. Its Alaska Mainline segment operates the Boeing 737 part of Alaska’s business. It offers north/south service within the western United States, Canada, Mexico and Costa Rica, as well as passenger and dedicated cargo services to and within the state of Alaska.
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