Alaska Air Group (NYSE:ALK) Reaches New 52-Week High – Here’s What Happened

Shares of Alaska Air Group, Inc. (NYSE:ALK) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $69.10 and last traded at $68.09, with a volume of 542804 shares. The stock had previously closed at $66.29.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ALK. Susquehanna upgraded Alaska Air Group from a “neutral” rating to a “positive” rating and set a $95.00 price target for the company in a research report on Tuesday. Citigroup lifted their target price on Alaska Air Group from $63.00 to $74.00 and gave the company a “buy” rating in a report on Monday, December 16th. JPMorgan Chase & Co. lifted their price objective on Alaska Air Group from $58.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. UBS Group lifted their price target on shares of Alaska Air Group from $81.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, TD Cowen raised their target price on shares of Alaska Air Group from $68.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Alaska Air Group currently has an average rating of “Moderate Buy” and a consensus target price of $70.14.

Alaska Air Group Price Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 0.60 and a quick ratio of 0.57. The business’s 50-day moving average price is $58.10 and its two-hundred day moving average price is $46.18. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 27.44, a P/E/G ratio of 1.24 and a beta of 1.54.

Alaska Air Group (NYSE:ALK) last posted its quarterly earnings results on Thursday, October 31st. The transportation company reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $2.22 by $0.03. Alaska Air Group had a return on equity of 12.81% and a net margin of 2.99%. The business had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $3 billion. During the same period last year, the firm earned $1.83 earnings per share. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, research analysts forecast that Alaska Air Group, Inc. will post 4.3 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Joseph A. Sprague sold 2,325 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $64.38, for a total value of $149,683.50. Following the completion of the transaction, the chief executive officer now directly owns 19,340 shares in the company, valued at $1,245,109.20. This trade represents a 10.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Andrew R. Harrison sold 13,880 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $64.01, for a total value of $888,458.80. Following the sale, the executive vice president now directly owns 20,638 shares in the company, valued at $1,321,038.38. This trade represents a 40.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,473 shares of company stock worth $2,198,342 over the last ninety days. 0.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ALK. Verdence Capital Advisors LLC lifted its position in shares of Alaska Air Group by 2.2% in the 3rd quarter. Verdence Capital Advisors LLC now owns 10,180 shares of the transportation company’s stock valued at $460,000 after acquiring an additional 215 shares in the last quarter. QRG Capital Management Inc. boosted its position in Alaska Air Group by 2.7% during the third quarter. QRG Capital Management Inc. now owns 9,271 shares of the transportation company’s stock worth $419,000 after purchasing an additional 242 shares during the period. First Trust Direct Indexing L.P. grew its holdings in Alaska Air Group by 4.7% during the third quarter. First Trust Direct Indexing L.P. now owns 5,938 shares of the transportation company’s stock valued at $268,000 after purchasing an additional 267 shares during the last quarter. Coastwise Capital Group LLC raised its position in shares of Alaska Air Group by 6.0% in the third quarter. Coastwise Capital Group LLC now owns 5,354 shares of the transportation company’s stock valued at $242,000 after purchasing an additional 304 shares during the period. Finally, Concurrent Investment Advisors LLC lifted its stake in shares of Alaska Air Group by 3.7% in the third quarter. Concurrent Investment Advisors LLC now owns 8,770 shares of the transportation company’s stock worth $397,000 after buying an additional 309 shares during the last quarter. 81.90% of the stock is owned by hedge funds and other institutional investors.

About Alaska Air Group

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.