PNC Financial Services Group Inc. Trims Holdings in Alaska Air Group, Inc. (ALK)
PNC Financial Services Group Inc. trimmed its holdings in shares of Alaska Air Group, Inc. (NYSE:ALK) by 9.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,736 shares of the transportation company’s stock after selling 7,849 shares during the quarter. PNC Financial Services Group Inc. owned 0.06% of Alaska Air Group worth $7,158,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of ALK. Mackenzie Financial Corp bought a new stake in Alaska Air Group during the 1st quarter worth approximately $64,763,000. BlackRock Inc. grew its holdings in Alaska Air Group by 4,899.5% during the 1st quarter. BlackRock Inc. now owns 6,979,699 shares of the transportation company’s stock worth $643,668,000 after acquiring an additional 6,840,090 shares during the last quarter. Egerton Capital UK LLP bought a new stake in Alaska Air Group during the 2nd quarter worth approximately $265,002,000. Principal Financial Group Inc. grew 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 worth $110,457,000 after acquiring an additional 737,020 shares during the last quarter. Finally, FMR LLC grew its holdings in Alaska Air Group by 48.3% during the 1st quarter. FMR LLC now owns 1,810,921 shares of the transportation company’s stock worth $167,003,000 after acquiring an additional 589,937 shares during the last quarter. 87.76% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Alaska Air Group, Inc. (NYSE ALK) opened at 74.75 on Friday. The stock has a 50 day moving average of $78.55 and a 200-day moving average of $86.73. Alaska Air Group, Inc. has a 1-year low of $64.19 and a 1-year high of $101.43. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 12.16 and a beta of 1.00.
Alaska Air Group (NYSE:ALK) last issued its earnings results on Wednesday, July 26th. The transportation company reported $2.51 EPS for the quarter, missing the consensus estimate of $2.52 by ($0.01). Alaska Air Group had a return on equity of 30.04% and a net margin of 11.02%. The firm had revenue of $2.10 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the previous year, the firm earned $2.12 earnings per share. The firm’s quarterly revenue was up 40.7% compared to the same quarter last year. Analysts forecast that Alaska Air Group, Inc. will post $7.51 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Tuesday, August 22nd were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Friday, August 18th. Alaska Air Group’s payout ratio is 19.48%.
A number of research firms have weighed in on ALK. Stifel Nicolaus reissued a “buy” rating and set a $125.00 target price on shares of Alaska Air Group in a report on Saturday. Morgan Stanley reissued an “overweight” rating on shares of Alaska Air Group in a report on Monday, September 18th. Cowen and Company reduced their target price on shares of Alaska Air Group from $103.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, September 14th. Barclays PLC reissued a “buy” rating on shares of Alaska Air Group in a report on Thursday, September 14th. Finally, Zacks Investment Research lowered shares of Alaska Air Group from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $104.55.
In related news, Chairman Bradley D. Tilden sold 2,400 shares of Alaska Air Group stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $85.83, for a total value of $205,992.00. Following the transaction, the chairman now directly owns 140,346 shares of the company’s stock, valued at $12,045,897.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Bradley D. Tilden sold 5,600 shares of Alaska Air Group stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $94.48, for a total transaction of $529,088.00. Following the completion of the transaction, the chairman now directly owns 145,546 shares in the company, valued at $13,751,186.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,350 shares of company stock worth $937,251. 0.57% of the stock is owned by insiders.
Alaska Air Group Company Profile
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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