Raymond James Financial, Inc. Upgrades Alaska Air Group, Inc. (ALK) to “Strong-Buy”
Alaska Air Group, Inc. (NYSE:ALK) was upgraded by equities researchers at Raymond James Financial, Inc. from an “outperform” rating to a “strong-buy” rating in a report released on Wednesday. The firm currently has a $80.00 price objective on the transportation company’s stock, down from their previous price objective of $85.00. Raymond James Financial, Inc.’s price target would indicate a potential upside of 21.45% from the stock’s current price.
A number of other equities research analysts have also recently issued reports on ALK. UBS AG upgraded shares of Alaska Air Group from an “outperform” rating to a “strong-buy” rating in a report on Wednesday. Barclays PLC reiterated a “buy” rating on shares of Alaska Air Group in a report on Thursday, September 14th. BidaskClub cut shares of Alaska Air Group from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Morgan Stanley decreased their price objective on shares of Alaska Air Group from $101.00 to $96.00 and set an “overweight” rating for the company in a report on Thursday, August 17th. Finally, Cowen and Company decreased their price objective on shares of Alaska Air Group from $100.00 to $89.00 and set an “outperform” rating for the company in a report on Thursday, October 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $90.53.
Shares of Alaska Air Group (ALK) traded up $1.43 during trading hours on Wednesday, reaching $65.87. 2,483,600 shares of the company were exchanged, compared to its average volume of 1,467,313. The company has a market capitalization of $8,180.00, a PE ratio of 8.76 and a beta of 1.01. Alaska Air Group has a 12-month low of $61.10 and a 12-month high of $101.43. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.80 and a quick ratio of 0.78.
Alaska Air Group (NYSE:ALK) last issued its quarterly earnings data on Wednesday, October 25th. The transportation company reported $2.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.26 by ($0.02). The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.13 billion. Alaska Air Group had a return on equity of 28.74% and a net margin of 10.34%. The company’s revenue for the quarter was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.20 earnings per share. equities analysts anticipate that Alaska Air Group will post 6.78 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALK. Egerton Capital UK LLP bought a new stake in shares of Alaska Air Group in the second quarter valued at about $265,002,000. Principal Financial Group Inc. lifted its stake in shares of Alaska Air Group by 149.3% in the second quarter. Principal Financial Group Inc. now owns 1,230,588 shares of the transportation company’s stock valued at $110,457,000 after buying an additional 737,020 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Alaska Air Group in the second quarter valued at about $57,891,000. State of New Jersey Common Pension Fund D lifted its stake in shares of Alaska Air Group by 900.0% in the second quarter. State of New Jersey Common Pension Fund D now owns 500,000 shares of the transportation company’s stock valued at $44,880,000 after buying an additional 450,000 shares during the period. Finally, Ardevora Asset Management LLP bought a new stake in shares of Alaska Air Group in the third quarter valued at about $33,124,000. Institutional investors and hedge funds own 89.33% of the company’s stock.
About Alaska Air Group
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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