Alaska Air Group, Inc. $ALK Stock: Assenagon Asset Management S.A. Grows Holdings

Key Points

• Assenagon Asset Management increased its Alaska Air Group stake by 1,065.1% in the third quarter, bringing its holdings to 314,093 shares worth approximately $12.2 million. Institutional investors collectively own 81.9% of the company.
• Analyst sentiment remains mixed but leans positive: 10 analysts rate ALK a Buy, one rates it Hold and two rate it Sell. The stock has a “Moderate Buy” consensus rating with an average price target of $57.38.
• Alaska Air Group reported a quarterly loss of $0.92 per share, though it beat estimates, while revenue rose 9.7% year over year to $4.07 billion. Shares opened at $33.97, near the company’s 52-week low of $33.03.

Assenagon Asset Management S.A. increased its position in shares of Alaska Air Group, Inc. (NYSE:ALK - Free Report) by 1,065.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 314,093 shares of the transportation company's stock after acquiring an additional 287,134 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.28% of Alaska Air Group worth $12,155,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Alaska Air Group during the second quarter worth $606,307,000. Dimensional Fund Advisors LP increased its position in Alaska Air Group by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 6,348,163 shares of the transportation company's stock worth $233,463,000 after buying an additional 145,484 shares during the period. Primecap Management Co. CA purchased a new stake in Alaska Air Group in the 2nd quarter valued at $168,467,000. Bank of New York Mellon Corp purchased a new stake in Alaska Air Group during the 2nd quarter valued at approximately $34,776,000. Finally, Bank of America Corp DE purchased a new position in Alaska Air Group in the 2nd quarter valued at $32,751,000. 81.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALK has been the topic of several recent analyst reports. Raymond James Financial restated an "outperform" rating on shares of Alaska Air Group in a research report on Friday, September 25th. Citigroup cut their target price on shares of Alaska Air Group from $47.00 to $37.00 and set a "sell" rating for the company in a research note on Friday, July 24th. Weiss Ratings cut shares of Alaska Air Group from a "sell (d+)" rating to a "sell (d)" rating in a research note on Tuesday, August 18th. Wall Street Zen downgraded shares of Alaska Air Group from a "sell" rating to a "strong sell" rating in a research note on Monday, October 5th. Finally, UBS Group reaffirmed a "buy" rating and issued a $51.00 target price (down from $54.00) on shares of Alaska Air Group in a research report on Friday. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $57.38.

Insider Buying and Selling

In related news, EVP Andrew Harrison sold 5,300 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $49.67, for a total transaction of $263,251.00. Following the completion of the transaction, the executive vice president owned 25,528 shares of the company's stock, valued at $1,267,975.76. This trade represents a 17.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Benito Minicucci purchased 25,000 shares of the firm's stock in a transaction on Thursday, August 20th. The stock was acquired at an average price of $40.06 per share, for a total transaction of $1,001,500.00. Following the transaction, the chief executive officer owned 256,582 shares of the company's stock, valued at $10,278,674.92. The trade was a 10.80% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.00% of the company's stock.

Alaska Air Group Stock Down 3.3%

Shares of NYSE:ALK opened at $33.97 on Tuesday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.51 and a current ratio of 0.55. The company's fifty day moving average is $40.78 and its two-hundred day moving average is $43.25. Alaska Air Group, Inc. has a 1-year low of $33.03 and a 1-year high of $60.63. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of -21.64 and a beta of 1.33.

Alaska Air Group (NYSE:ALK - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The transportation company reported ($0.92) EPS for the quarter, topping the consensus estimate of ($0.99) by $0.07. Alaska Air Group had a negative net margin of 1.19% and a negative return on equity of 3.11%. The business had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4.09 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The company's quarterly revenue was up 9.7% on a year-over-year basis. Equities analysts anticipate that Alaska Air Group, Inc. will post -3.26 EPS for the current year.

Alaska Air Group Company Profile

Alaska Air Group, Inc is an airline holding company headquartered in Seattle, Washington. Its principal subsidiaries include Alaska Airlines and Hawaiian Airlines, which operate under separate brands while serving passengers throughout North America, the Pacific and other international markets.

Alaska Airlines provides scheduled passenger and air cargo services across the United States, Canada, Mexico, Costa Rica and the Bahamas, with a strong presence on the U.S. West Coast and in Alaska.

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