Alaska Air Group (NYSE:ALK) Sets New 12-Month High – Here’s What Happened

Alaska Air Group, Inc. (NYSE:ALK)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $47.20 and last traded at $47.20, with a volume of 16992 shares trading hands. The stock had previously closed at $45.54.

Analyst Upgrades and Downgrades

Several analysts have commented on ALK shares. Bank of America upped their target price on shares of Alaska Air Group from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Barclays started coverage on shares of Alaska Air Group in a research report on Monday, October 21st. They set an “overweight” rating and a $55.00 target price for the company. Evercore ISI dropped their target price on shares of Alaska Air Group from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, October 3rd. Melius upgraded shares of Alaska Air Group from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research report on Monday. Finally, Susquehanna upped their target price on shares of Alaska Air Group from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $54.17.

Alaska Air Group Stock Performance

The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 25.09, a price-to-earnings-growth ratio of 0.66 and a beta of 1.60. The company has a current ratio of 0.68, a quick ratio of 0.66 and a debt-to-equity ratio of 0.55. The stock’s 50 day moving average is $41.41 and its two-hundred day moving average is $40.70.

Hedge Funds Weigh In On Alaska Air Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALK. Capital Research Global Investors acquired a new position in Alaska Air Group in the 1st quarter worth $36,993,000. Assenagon Asset Management S.A. boosted its stake in Alaska Air Group by 2,087.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 762,889 shares of the transportation company’s stock worth $34,490,000 after purchasing an additional 728,019 shares during the period. Dimensional Fund Advisors LP boosted its stake in Alaska Air Group by 5.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,504,583 shares of the transportation company’s stock worth $262,789,000 after purchasing an additional 357,907 shares during the period. Mesirow Institutional Investment Management Inc. acquired a new position in Alaska Air Group in the 2nd quarter worth $11,475,000. Finally, Russell Investments Group Ltd. boosted its stake in Alaska Air Group by 35.0% in the 1st quarter. Russell Investments Group Ltd. now owns 862,376 shares of the transportation company’s stock worth $37,074,000 after purchasing an additional 223,725 shares during the period. 81.90% of the stock is owned by institutional investors and hedge funds.

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.