Connor Clark & Lunn Investment Management Ltd. Buys 381,509 Shares of Alaska Air Group, Inc. (NYSE:ALK)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stake in Alaska Air Group by 630.3% during the first quarter, acquiring an additional 381,509 shares to reach a total of 442,038 shares.
• Analysts remain optimistic about Alaska Air Group, with brokerages like UBS and Susquehanna raising their price targets, leading to an average target price of $67.83 and a current rating of "Moderate Buy."
• Insider trading activity has been noted, with EVP Andrew R. Harrison selling 7,600 shares and experiencing a 28.65% decrease in ownership, indicating possible concerns about the stock position.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Alaska Air Group, Inc. (NYSE:ALK - Free Report) by 630.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 442,038 shares of the transportation company's stock after acquiring an additional 381,509 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.36% of Alaska Air Group worth $21,757,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Headlands Technologies LLC bought a new stake in Alaska Air Group during the 1st quarter valued at $71,000. Deutsche Bank AG increased its position in shares of Alaska Air Group by 9.8% during the 1st quarter. Deutsche Bank AG now owns 51,454 shares of the transportation company's stock valued at $2,533,000 after purchasing an additional 4,572 shares during the period. Chicago Partners Investment Group LLC increased its position in shares of Alaska Air Group by 11.8% during the 1st quarter. Chicago Partners Investment Group LLC now owns 4,303 shares of the transportation company's stock valued at $216,000 after purchasing an additional 455 shares during the period. Levin Capital Strategies L.P. increased its position in shares of Alaska Air Group by 600.4% during the 1st quarter. Levin Capital Strategies L.P. now owns 38,520 shares of the transportation company's stock valued at $1,896,000 after purchasing an additional 33,020 shares during the period. Finally, Plan Group Financial LLC increased its position in shares of Alaska Air Group by 43.2% during the 1st quarter. Plan Group Financial LLC now owns 11,650 shares of the transportation company's stock valued at $573,000 after purchasing an additional 3,514 shares during the period. Institutional investors own 81.90% of the company's stock.

Insiders Place Their Bets

In related news, VP Emily Halverson sold 2,946 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $51.34, for a total transaction of $151,247.64. Following the sale, the vice president owned 8,253 shares of the company's stock, valued at approximately $423,709.02. This trade represents a 26.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Andrew R. Harrison sold 7,600 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $53.22, for a total value of $404,472.00. Following the sale, the executive vice president directly owned 18,930 shares in the company, valued at $1,007,454.60. The trade was a 28.65% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,046 shares of company stock worth $957,045. 0.92% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on ALK. UBS Group lifted their target price on Alaska Air Group from $49.00 to $56.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. TD Cowen lifted their target price on Alaska Air Group from $54.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, April 25th. Barclays lifted their price target on Alaska Air Group from $55.00 to $60.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Susquehanna lifted their price target on Alaska Air Group from $50.00 to $60.00 and gave the company a "positive" rating in a report on Tuesday, August 5th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Alaska Air Group presently has an average rating of "Moderate Buy" and a consensus price target of $67.83.

Alaska Air Group Stock Performance

ALK traded up $5.04 on Tuesday, hitting $56.18. 3,270,076 shares of the stock traded hands, compared to its average volume of 2,620,540. Alaska Air Group, Inc. has a 52 week low of $34.44 and a 52 week high of $78.08. The firm has a market capitalization of $6.48 billion, a PE ratio of 22.84, a P/E/G ratio of 0.50 and a beta of 1.45. The business has a fifty day moving average price of $51.16 and a two-hundred day moving average price of $54.73. The company has a current ratio of 0.52, a quick ratio of 0.49 and a debt-to-equity ratio of 1.14.

Alaska Air Group (NYSE:ALK - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The transportation company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.56 by $0.22. Alaska Air Group had a return on equity of 12.62% and a net margin of 2.33%. The business had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the previous year, the business earned $2.55 EPS. Alaska Air Group's revenue was up 27.9% compared to the same quarter last year. On average, research analysts predict that Alaska Air Group, Inc. will post 6.03 EPS for the current fiscal year.

Alaska Air Group Company 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.