Bank of Nova Scotia Decreases Holdings in Alaska Air Group, Inc. (NYSE:ALK)

Posted by Defense World Staff on May 26th, 2023

Bank of Nova Scotia decreased its position in shares of Alaska Air Group, Inc. (NYSE:ALK – Get Rating) by 14.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,530 shares of the transportation company’s stock after selling 1,074 shares during the quarter. Bank of Nova Scotia’s holdings in Alaska Air Group were worth $280,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALK. Private Advisor Group LLC grew its holdings in Alaska Air Group by 78.2% during the 1st quarter. Private Advisor Group LLC now owns 9,980 shares of the transportation company’s stock valued at $579,000 after buying an additional 4,379 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Alaska Air Group by 23.6% during the 1st quarter. MetLife Investment Management LLC now owns 34,204 shares of the transportation company’s stock valued at $1,984,000 after buying an additional 6,520 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Alaska Air Group by 7.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,847 shares of the transportation company’s stock valued at $977,000 after buying an additional 1,119 shares during the last quarter. APG Asset Management N.V. acquired a new stake in Alaska Air Group during the 1st quarter valued at $980,000. Finally, Great West Life Assurance Co. Can grew its holdings in Alaska Air Group by 3.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 17,972 shares of the transportation company’s stock valued at $1,077,000 after buying an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 77.04% of the company’s stock.

Insider Buying and Selling at Alaska Air Group

In other news, Director J Kenneth Thompson sold 3,500 shares of Alaska Air Group stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $48.58, for a total transaction of $170,030.00. Following the sale, the director now directly owns 29,907 shares of the company’s stock, valued at $1,452,882.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on ALK shares. Wolfe Research cut Alaska Air Group from an “outperform” rating to a “peer perform” rating in a report on Friday, January 27th. Morgan Stanley raised their price objective on Alaska Air Group from $71.00 to $75.00 in a report on Monday, April 24th. StockNews.com began coverage on Alaska Air Group in a report on Thursday, May 18th. They set a “hold” rating on the stock. Barclays upgraded Alaska Air Group from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $54.00 to $62.00 in a report on Friday, March 10th. Finally, JPMorgan Chase & Co. decreased their price objective on Alaska Air Group from $91.00 to $70.00 in a report on Monday, May 8th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Alaska Air Group has an average rating of “Moderate Buy” and an average target price of $63.86.

Alaska Air Group Trading Up 2.5 %

NYSE:ALK opened at $45.12 on Friday. The business’s 50-day moving average is $42.46 and its two-hundred day moving average is $45.43. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.64 and a quick ratio of 0.62. Alaska Air Group, Inc. has a 12 month low of $37.19 and a 12 month high of $53.96. The firm has a market capitalization of $5.77 billion, a PE ratio of 98.09, a price-to-earnings-growth ratio of 0.29 and a beta of 1.51.

Alaska Air Group (NYSE:ALK – Get Rating) last released its quarterly earnings data on Thursday, April 20th. The transportation company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.14). Alaska Air Group had a net margin of 0.58% and a return on equity of 17.03%. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the business earned ($1.33) earnings per share. The company’s revenue for the quarter was up 30.6% compared to the same quarter last year. Research analysts predict that Alaska Air Group, Inc. will post 6.3 earnings per share for the current fiscal year.

Alaska Air Group Company Profile

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Alaska Air Group, Inc is a holding company, which engages in the provision of air transportation services. It operates through the following segments: Mainline, Regional, and Horizon. The Mainline segment includes scheduled air transportation on Alaska’s Boeing and Airbus jet aircraft for passengers and cargo throughout the U.S., and in parts of Mexico, Costa Rica and Belize.