Truist Financial Corp Lowers Stock Position in Alaska Air Group, Inc. (NYSE:ALK)

Truist Financial Corp cut its stake in shares of Alaska Air Group, Inc. (NYSE:ALK) by 10.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,540 shares of the transportation company’s stock after selling 1,068 shares during the period. Truist Financial Corp’s holdings in Alaska Air Group were worth $385,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Altshuler Shaham Ltd acquired a new position in shares of Alaska Air Group during the 2nd quarter valued at $28,000. Canada Pension Plan Investment Board acquired a new position in shares of Alaska Air Group during the 2nd quarter valued at $69,000. Halpern Financial Inc. acquired a new position in shares of Alaska Air Group during the 2nd quarter valued at $81,000. CVA Family Office LLC lifted its holdings in shares of Alaska Air Group by 17.1% during the 1st quarter. CVA Family Office LLC now owns 2,230 shares of the transportation company’s stock valued at $96,000 after acquiring an additional 325 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Alaska Air Group by 31.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,602 shares of the transportation company’s stock valued at $105,000 after acquiring an additional 626 shares in the last quarter. 81.90% of the stock is owned by hedge funds and other institutional investors.

Alaska Air Group Stock Performance

Shares of Alaska Air Group stock opened at $45.65 on Friday. The firm has a market cap of $5.79 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 0.66 and a beta of 1.60. The firm’s 50-day simple moving average is $39.64 and its 200-day simple moving average is $40.52. 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, Inc. has a 1 year low of $30.75 and a 1 year high of $46.87.

Alaska Air Group (NYSE:ALK) last issued its earnings results on Thursday, July 18th. The transportation company reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.19. Alaska Air Group had a net margin of 2.14% and a return on equity of 11.85%. The business 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 business posted $3.00 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities analysts forecast that Alaska Air Group, Inc. will post 4.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALK. Morgan Stanley reduced their target price on shares of Alaska Air Group from $75.00 to $70.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Evercore ISI cut their price objective on shares of Alaska Air Group from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, October 3rd. Bank of America boosted their price objective on shares of Alaska Air Group from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, September 13th. TD Cowen cut their price objective on shares of Alaska Air Group from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. Finally, Susquehanna boosted their price objective on shares of Alaska Air Group from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.60.

Alaska Air Group Profile

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.