Morgan Stanley Trims Alaska Air Group, Inc. (ALK) Target Price to $96.00
Alaska Air Group, Inc. (NYSE:ALK) had its price objective lowered by research analysts at Morgan Stanley from $101.00 to $96.00 in a research report issued to clients and investors on Thursday. The firm presently has an “overweight” rating on the transportation company’s stock. Morgan Stanley’s price objective points to a potential upside of 14.54% from the stock’s previous close.
Several other brokerages have also recently weighed in on ALK. Stifel Nicolaus reissued a “buy” rating and issued a $145.00 price target on shares of Alaska Air Group in a research note on Friday, May 26th. BidaskClub lowered Alaska Air Group from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Cowen and Company upgraded Alaska Air Group from a “market perform” rating to an “outperform” rating and raised their target price for the company from $102.00 to $103.00 in a report on Monday, April 24th. Bank of America Corporation raised their target price on Alaska Air Group from $115.00 to $120.00 and gave the company a “buy” rating in a report on Friday, June 30th. Finally, Zacks Investment Research raised Alaska Air Group from a “hold” rating to a “buy” rating and set a $101.00 price target for the company in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Alaska Air Group presently has a consensus rating of “Buy” and an average target price of $104.86.
Alaska Air Group (NYSE ALK) traded down 1.01% during trading on Thursday, hitting $82.96. 143,632 shares of the stock traded hands. Alaska Air Group has a one year low of $64.19 and a one year high of $101.43. The company has a 50-day moving average price of $88.29 and a 200 day moving average price of $90.31. The stock has a market cap of $10.25 billion, a PE ratio of 13.49 and a beta of 0.95.
Alaska Air Group (NYSE:ALK) last released its earnings results on Wednesday, July 26th. The transportation company reported $2.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.52 by $0.01. The company had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.10 billion. Alaska Air Group had a net margin of 11.02% and a return on equity of 30.04%. The business’s revenue was up 40.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.12 earnings per share. Analysts expect that Alaska Air Group will post $7.82 earnings per share for the current year.
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In related news, Chairman Bradley D. Tilden sold 6,500 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $88.72, for a total transaction of $576,680.00. Following the completion of the sale, the chairman now owns 148,446 shares in the company, valued at approximately $13,170,129.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Joseph A. Sprague sold 7,000 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $90.85, for a total transaction of $635,950.00. Following the sale, the senior vice president now owns 7,191 shares of the company’s stock, valued at approximately $653,302.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,850 shares of company stock worth $2,149,881. Company insiders own 0.57% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ALK. Breton Hill Capital Ltd. purchased a new position in Alaska Air Group during the first quarter valued at approximately $267,000. Two Sigma Securities LLC acquired a new stake in shares of Alaska Air Group during the first quarter worth $955,000. Schroder Investment Management Group increased its stake in shares of Alaska Air Group by 84.1% in the first quarter. Schroder Investment Management Group now owns 547,645 shares of the transportation company’s stock worth $51,292,000 after buying an additional 250,245 shares during the last quarter. Oxford Asset Management acquired a new stake in shares of Alaska Air Group during the first quarter worth $3,425,000. Finally, Clearbridge Investments LLC increased its stake in shares of Alaska Air Group by 1.6% in the first quarter. Clearbridge Investments LLC now owns 1,211,718 shares of the transportation company’s stock worth $111,745,000 after buying an additional 18,600 shares during the last quarter. Institutional investors own 94.35% of the company’s stock.
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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