Analysts Issue Forecasts for Alaska Air Group, Inc.’s Q3 2024 Earnings (NYSE:ALK)

Alaska Air Group, Inc. (NYSE:ALK) – Zacks Research raised their Q3 2024 earnings per share estimates for shares of Alaska Air Group in a note issued to investors on Tuesday, September 17th. Zacks Research analyst M. Basu now forecasts that the transportation company will earn $2.17 per share for the quarter, up from their previous estimate of $1.55. The consensus estimate for Alaska Air Group’s current full-year earnings is $4.17 per share. Zacks Research also issued estimates for Alaska Air Group’s Q4 2024 earnings at $0.91 EPS, FY2024 earnings at $4.71 EPS, Q2 2025 earnings at $2.33 EPS, Q4 2025 earnings at $1.68 EPS and FY2026 earnings at $7.08 EPS.

Several other analysts have also weighed in on the company. TD Cowen increased their price target on Alaska Air Group from $51.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 13th. Morgan Stanley reduced their target price on Alaska Air Group from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Bank of America increased their target price on Alaska Air Group from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Susquehanna reduced their target price on Alaska Air Group from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 16th. Finally, Citigroup reduced their target price on Alaska Air Group from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.00.

Alaska Air Group Stock Performance

NYSE:ALK opened at $40.02 on Friday. The stock’s fifty day moving average is $37.10 and its 200 day moving average is $39.86. Alaska Air Group has a fifty-two week low of $30.75 and a fifty-two week high of $46.15. The firm has a market capitalization of $5.08 billion, a PE ratio of 21.40, a PEG ratio of 0.60 and a beta of 1.59. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.66 and a current ratio of 0.68.

Alaska Air Group (NYSE:ALK) last released its quarterly earnings results on Thursday, July 18th. The transportation company reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.19. Alaska Air Group had a return on equity of 11.85% and a net margin of 2.14%. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the firm posted $3.00 EPS. Alaska Air Group’s quarterly revenue was up 2.1% compared to the same quarter last year.

Hedge Funds Weigh In On Alaska Air Group

A number of hedge funds and other institutional investors have recently made changes to their positions in ALK. Capital Research Global Investors bought a new position in shares of Alaska Air Group during the 1st quarter worth $36,993,000. Frontier Capital Management Co. LLC boosted its position in Alaska Air Group by 238.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 869,045 shares of the transportation company’s stock valued at $33,954,000 after purchasing an additional 612,575 shares in the last quarter. Franklin Resources Inc. boosted its position in Alaska Air Group by 4,198.3% during the fourth quarter. Franklin Resources Inc. now owns 571,589 shares of the transportation company’s stock valued at $22,332,000 after purchasing an additional 558,291 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Alaska Air Group by 5.8% during the second quarter. Dimensional Fund Advisors LP now owns 6,504,583 shares of the transportation company’s stock valued at $262,789,000 after purchasing an additional 357,907 shares in the last quarter. Finally, Norges Bank bought a new stake in Alaska Air Group during the fourth quarter valued at about $13,434,000. Institutional investors own 81.90% of the company’s stock.

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.