Envestnet Asset Management Inc. Sells 7,915 Shares of Alaska Air Group, Inc. (NYSE:ALK)

Key Points

• Envestnet Asset Management Inc. reduced its position in Alaska Air Group by 28.9%, selling 7,915 shares and leaving them with 19,502 shares valued at approximately $960,000.
• Institutional investors currently own 81.90% of Alaska Air Group's stock, with several hedge funds adjusting their stakes significantly in the first quarter.
• Analysts have increased their price targets for Alaska Air Group, with ratings from Barclays, TD Cowen, and UBS setting target prices between $56.00 and $62.00, signaling a more positive outlook on the stock.

Envestnet Asset Management Inc. decreased its position in Alaska Air Group, Inc. (NYSE:ALK - Free Report) by 28.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,502 shares of the transportation company's stock after selling 7,915 shares during the period. Envestnet Asset Management Inc.'s holdings in Alaska Air Group were worth $960,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Perkins Coie Trust Co lifted its stake in Alaska Air Group by 125.7% in the first quarter. Perkins Coie Trust Co now owns 677 shares of the transportation company's stock valued at $33,000 after buying an additional 377 shares during the period. Wood Tarver Financial Group LLC acquired a new position in Alaska Air Group in the fourth quarter valued at about $38,000. UMB Bank n.a. lifted its stake in Alaska Air Group by 459.1% in the first quarter. UMB Bank n.a. now owns 1,297 shares of the transportation company's stock valued at $64,000 after buying an additional 1,065 shares during the period. KBC Group NV acquired a new position in Alaska Air Group in the first quarter valued at about $76,000. Finally, Fifth Third Bancorp lifted its stake in Alaska Air Group by 96.3% in the first quarter. Fifth Third Bancorp now owns 1,926 shares of the transportation company's stock valued at $95,000 after buying an additional 945 shares during the period. Institutional investors own 81.90% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays increased their target price on Alaska Air Group from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. TD Cowen increased their target price on Alaska Air Group from $54.00 to $62.00 and gave the company a "buy" rating in a research note on Friday, April 25th. UBS Group increased their target price on Alaska Air Group from $49.00 to $56.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Finally, Susquehanna dropped their price target on Alaska Air Group from $95.00 to $55.00 and set a "positive" rating on the stock in a research report on Monday, April 7th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $67.42.

Insider Buying and Selling

In related news, EVP Andrew R. Harrison sold 7,600 shares of Alaska Air Group stock in a transaction that occurred 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 owned 18,930 shares of the company's stock, valued at approximately $1,007,454.60. This trade represents a 28.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Emily Halverson sold 2,946 shares of Alaska Air Group stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $51.34, for a total value of $151,247.64. Following the completion of the sale, the vice president directly owned 8,253 shares in the company, valued at approximately $423,709.02. This represents a 26.31% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,079 shares of company stock worth $958,700. 1.00% of the stock is owned by insiders.

Alaska Air Group Stock Down 2.9%

Shares of Alaska Air Group stock opened at $51.40 on Friday. The business's 50 day simple moving average is $50.89 and its 200 day simple moving average is $55.44. Alaska Air Group, Inc. has a 52-week low of $32.62 and a 52-week high of $78.08. The firm has a market cap of $6.31 billion, a PE ratio of 20.89, a P/E/G ratio of 0.56 and a beta of 1.45. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.49 and a current ratio of 0.52.

Alaska Air Group (NYSE:ALK - Get Free Report) last announced its earnings results 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 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 analyst estimates of $3.65 billion. During the same quarter last year, the firm earned $2.55 EPS. Alaska Air Group's revenue for the quarter was up 27.9% compared to the same quarter last year. On average, analysts predict that Alaska Air Group, Inc. will post 6.03 earnings per share 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.

Want to see what other hedge funds are holding ALK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alaska Air Group, Inc. (NYSE:ALK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.