State of Michigan Retirement System Takes Position in Alaska Air Group, Inc. (NYSE:ALK)

State of Michigan Retirement System bought a new position in Alaska Air Group, Inc. (NYSE:ALK - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 29,500 shares of the transportation company's stock, valued at approximately $1,452,000.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in Alaska Air Group by 2,046.4% in the 4th quarter. Brighton Jones LLC now owns 96,932 shares of the transportation company's stock worth $6,276,000 after purchasing an additional 92,416 shares in the last quarter. Atria Investments Inc purchased a new stake in Alaska Air Group in the 4th quarter worth $225,000. Proficio Capital Partners LLC purchased a new stake in Alaska Air Group in the 4th quarter worth $4,675,000. PNC Financial Services Group Inc. lifted its stake in Alaska Air Group by 9.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 12,850 shares of the transportation company's stock worth $832,000 after purchasing an additional 1,098 shares in the last quarter. Finally, HighTower Advisors LLC lifted its stake in Alaska Air Group by 20.6% in the 4th quarter. HighTower Advisors LLC now owns 12,773 shares of the transportation company's stock worth $827,000 after purchasing an additional 2,186 shares in the last quarter. Institutional investors own 81.90% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Barclays upped their target price on shares of Alaska Air Group from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. TD Cowen upped their price target on shares of Alaska Air Group from $54.00 to $62.00 and gave the company a "buy" rating in a report on Friday, April 25th. Citigroup cut their price target on shares of Alaska Air Group from $83.00 to $81.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. UBS Group started coverage on shares of Alaska Air Group in a report on Monday, July 7th. They set a "neutral" rating and a $49.00 price target on the stock. Finally, Susquehanna cut their price target on shares of Alaska Air Group from $95.00 to $55.00 and set a "positive" rating on the stock in a report on Monday, April 7th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $66.83.

Insider Buying and Selling at Alaska Air Group

In other news, EVP Andrew R. Harrison sold 7,500 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $53.51, for a total transaction of $401,325.00. Following the completion of the transaction, the executive vice president owned 26,530 shares of the company's stock, valued at approximately $1,419,620.30. The trade was a 22.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Emily Halverson sold 2,946 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $51.34, for a total transaction of $151,247.64. Following the completion of the sale, the vice president 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 10,479 shares of company stock valued at $554,228. 0.92% of the stock is owned by insiders.

Alaska Air Group Trading Up 0.8%

NYSE ALK opened at $52.94 on Tuesday. Alaska Air Group, Inc. has a one year low of $32.62 and a one year high of $78.08. The company's 50 day moving average price is $50.65 and its 200 day moving average price is $56.72. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.52 and a current ratio of 0.56. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 0.56 and a beta of 1.41.

Alaska Air Group (NYSE:ALK - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The transportation company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.72) by ($0.05). Alaska Air Group had a net margin of 2.86% and a return on equity of 15.01%. The firm had revenue of $3.14 billion for the quarter, compared to analysts' expectations of $3.19 billion. During the same quarter in the prior year, the business earned ($0.92) EPS. The company's revenue for the quarter was up 40.5% on a year-over-year basis. On average, sell-side analysts predict that Alaska Air Group, Inc. will post 6.03 EPS for the current 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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