Alaska Air Group, Inc. (NYSE:ALK) Shares Purchased by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies L.P. significantly increased its stake in Alaska Air Group by 600.4% in the first quarter, acquiring an additional 33,020 shares to total 38,520 shares worth approximately $1.9 million.
• Alaska Air Group reported quarterly earnings surpassing analysts' expectations, with $1.78 earnings per share and revenue of $3.70 billion, reflecting a 27.9% year-over-year growth.
• Hedge funds collectively own 81.90% of Alaska Air Group's stock, indicating significant institutional interest in the transportation company.

Levin Capital Strategies L.P. increased its stake in shares of Alaska Air Group, Inc. (NYSE:ALK - Free Report) by 600.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,520 shares of the transportation company's stock after purchasing an additional 33,020 shares during the period. Levin Capital Strategies L.P.'s holdings in Alaska Air Group were worth $1,896,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Plan Group Financial LLC boosted its position in Alaska Air Group by 43.2% during the first quarter. Plan Group Financial LLC now owns 11,650 shares of the transportation company's stock worth $573,000 after acquiring an additional 3,514 shares during the last quarter. Capstone Financial Advisors Inc. lifted its stake in Alaska Air Group by 47.8% in the 1st quarter. Capstone Financial Advisors Inc. now owns 19,540 shares of the transportation company's stock worth $962,000 after purchasing an additional 6,316 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Alaska Air Group by 107.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 26,648 shares of the transportation company's stock worth $1,312,000 after purchasing an additional 13,798 shares during the last quarter. Jefferies Financial Group Inc. grew its position in shares of Alaska Air Group by 1,156.1% in the first quarter. Jefferies Financial Group Inc. now owns 43,460 shares of the transportation company's stock valued at $2,139,000 after purchasing an additional 40,000 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Alaska Air Group by 1.0% in the first quarter. US Bancorp DE now owns 21,982 shares of the transportation company's stock valued at $1,082,000 after purchasing an additional 210 shares during the last quarter. 81.90% of the stock is owned by hedge funds and other institutional investors.

Alaska Air Group Trading Down 1.3%

Shares of ALK traded down $0.73 during midday trading on Thursday, hitting $53.28. 1,618,186 shares of the stock were exchanged, compared to its average volume of 2,793,907. Alaska Air Group, Inc. has a 52-week low of $33.74 and a 52-week high of $78.08. 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 stock has a fifty day simple moving average of $51.01 and a 200 day simple moving average of $55.15. The firm has a market cap of $6.54 billion, a P/E ratio of 21.66, a P/E/G ratio of 0.59 and a beta of 1.45.

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, beating analysts' consensus estimates of $1.56 by $0.22. The company had revenue of $3.70 billion during the quarter, compared to analysts' expectations of $3.65 billion. Alaska Air Group had a return on equity of 12.62% and a net margin of 2.33%. Alaska Air Group's revenue for the quarter was up 27.9% on a year-over-year basis. During the same period last year, the business posted $2.55 EPS. On average, research analysts anticipate that Alaska Air Group, Inc. will post 6.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALK. TD Cowen boosted their price objective on Alaska Air Group from $54.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, April 25th. Barclays upped their price objective on shares of Alaska Air Group from $55.00 to $60.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Susquehanna reiterated a "positive" rating and issued a $60.00 target price (up from $50.00) on shares of Alaska Air Group in a report on Tuesday. Finally, UBS Group raised their price target on shares of Alaska Air Group from $49.00 to $56.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $67.83.

Insider Buying and Selling

In other Alaska Air Group news, EVP Andrew R. Harrison sold 7,600 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $53.22, for a total value of $404,472.00. Following the completion of the transaction, the executive vice president owned 18,930 shares in the company, valued at $1,007,454.60. The trade was a 28.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Emily Halverson sold 2,946 shares of Alaska Air Group stock in a transaction 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 transaction, 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 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. 1.00% of the stock is owned by company insiders.

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.