Alaska Air Group, Inc. (NYSE:ALK) Shares Sold by Public Employees Retirement Association of Colorado

Posted by Defense World Staff on Jun 11th, 2023

Public Employees Retirement Association of Colorado trimmed its stake in shares of Alaska Air Group, Inc. (NYSE:ALK – Get Rating) by 20.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,413 shares of the transportation company’s stock after selling 2,413 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Alaska Air Group were worth $404,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of ALK. Alliancebernstein L.P. raised its position in shares of Alaska Air Group by 144.4% during the 3rd quarter. Alliancebernstein L.P. now owns 2,869,150 shares of the transportation company’s stock worth $112,327,000 after purchasing an additional 1,695,004 shares during the last quarter. LSV Asset Management raised its position in shares of Alaska Air Group by 174.8% during the 4th quarter. LSV Asset Management now owns 1,974,216 shares of the transportation company’s stock worth $84,773,000 after purchasing an additional 1,255,861 shares during the last quarter. Clearbridge Investments LLC acquired a new position in shares of Alaska Air Group during the 1st quarter worth approximately $62,390,000. Dimensional Fund Advisors LP raised its position in shares of Alaska Air Group by 41.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,871,802 shares of the transportation company’s stock worth $112,432,000 after purchasing an additional 839,832 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Alaska Air Group by 196.6% during the 4th quarter. Renaissance Technologies LLC now owns 854,000 shares of the transportation company’s stock worth $36,671,000 after purchasing an additional 566,100 shares during the last quarter. 77.04% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Alaska Air Group from $91.00 to $70.00 in a research report on Monday, May 8th. StockNews.com initiated coverage on Alaska Air Group in a report on Thursday, May 18th. They issued a “hold” rating for the company. Barclays upgraded Alaska Air Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $54.00 to $62.00 in a report on Friday, March 10th. Raymond James upgraded Alaska Air Group from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $60.00 to $68.00 in a report on Monday, April 3rd. Finally, Morgan Stanley boosted their price target on Alaska Air Group from $71.00 to $75.00 in a report on Monday, April 24th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.86.

Alaska Air Group Price Performance

Shares of NYSE ALK opened at $48.65 on Friday. Alaska Air Group, Inc. has a 52-week low of $37.19 and a 52-week high of $53.96. The firm has a fifty day moving average of $43.93 and a 200-day moving average of $45.45. The stock has a market capitalization of $6.22 billion, a PE ratio of 105.76, a P/E/G ratio of 0.32 and a beta of 1.52. The company has a quick ratio of 0.62, a current ratio of 0.64 and a debt-to-equity ratio of 0.49.

Alaska Air Group (NYSE:ALK – Get Rating) last announced its quarterly earnings results on Thursday, April 20th. The transportation company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.14). Alaska Air Group had a return on equity of 17.03% and a net margin of 0.58%. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the company posted ($1.33) earnings per share. The firm’s revenue for the quarter was up 30.6% on a year-over-year basis. On average, analysts anticipate that Alaska Air Group, Inc. will post 6.27 EPS for the current year.

Insider Buying and Selling

In related news, CEO Benito Minicucci sold 5,000 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $48.73, for a total transaction of $243,650.00. Following the completion of the sale, the chief executive officer now directly owns 114,506 shares of the company’s stock, valued at approximately $5,579,877.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.68% of the stock is owned by corporate insiders.

Alaska Air Group 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.