AGF Management Ltd. Boosts Stake in Alaska Air Group, Inc. (NYSE:ALK)

Key Points

• AGF Management Ltd. significantly increased its stake in Alaska Air Group by 386.8%, now owning nearly 0.19% of the company valued at approximately $11.7 million.
• Several analysts have raised their target prices for Alaska Air Group, with the average target now set at $67.83 and a consensus rating of "Moderate Buy".
• Alaska Air Group reported a net income growth of 27.9% year-over-year for its latest quarter, exceeding revenue estimates with $3.70 billion in revenue.

AGF Management Ltd. raised its position in Alaska Air Group, Inc. (NYSE:ALK - Free Report) by 386.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 237,470 shares of the transportation company's stock after purchasing an additional 188,686 shares during the quarter. AGF Management Ltd. owned 0.19% of Alaska Air Group worth $11,688,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wood Tarver Financial Group LLC purchased a new stake in Alaska Air Group in the 4th quarter worth about $38,000. Perkins Coie Trust Co raised its position in Alaska Air Group by 125.7% in the 1st quarter. Perkins Coie Trust Co now owns 677 shares of the transportation company's stock worth $33,000 after purchasing an additional 377 shares during the period. UMB Bank n.a. raised its position in Alaska Air Group by 459.1% in the 1st quarter. UMB Bank n.a. now owns 1,297 shares of the transportation company's stock worth $64,000 after purchasing an additional 1,065 shares during the period. Headlands Technologies LLC purchased a new stake in Alaska Air Group in the 1st quarter worth about $71,000. Finally, KBC Group NV purchased a new stake in Alaska Air Group in the 1st quarter worth about $76,000. 81.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ALK shares. Barclays increased their price objective on shares of Alaska Air Group from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. TD Cowen upped their target price on shares of Alaska Air Group from $54.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, April 25th. Susquehanna upped their target price on shares of Alaska Air Group from $50.00 to $60.00 and gave the stock a "positive" rating in a research note on Tuesday, August 5th. Finally, UBS Group upped their target price on shares of Alaska Air Group from $49.00 to $56.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Alaska Air Group presently has an average rating of "Moderate Buy" and an average target price of $67.83.

Insider Buying and Selling

In other news, VP Emily Halverson sold 2,946 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $51.34, for a total transaction of $151,247.64. Following the transaction, the vice president directly owned 8,253 shares in the company, valued at approximately $423,709.02. This trade represents a 26.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrew R. Harrison sold 7,600 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $53.22, for a total transaction of $404,472.00. Following the transaction, the executive vice president owned 18,930 shares in the company, valued at approximately $1,007,454.60. This represents a 28.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,046 shares of company stock worth $957,045. Insiders own 0.92% of the company's stock.

Alaska Air Group Price Performance

NYSE ALK opened at $51.18 on Tuesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.49 and a current ratio of 0.52. The firm's 50 day moving average price is $51.05 and its 200-day moving average price is $54.72. Alaska Air Group, Inc. has a 52-week low of $34.44 and a 52-week high of $78.08. The company has a market cap of $5.90 billion, a PE ratio of 20.81, a P/E/G ratio of 0.51 and a beta of 1.45.

Alaska Air Group (NYSE:ALK - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The transportation company reported $1.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.22. Alaska Air Group had a net margin of 2.33% and a return on equity of 12.62%. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.65 billion. During the same period last year, the firm earned $2.55 earnings per share. The company's quarterly revenue was up 27.9% on a year-over-year basis. Sell-side analysts forecast that Alaska Air Group, Inc. will post 6.03 EPS for the current fiscal year.

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.

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