Appian Way Asset Management LP Has $2.96 Million Stake in Alaska Air Group, Inc. (NYSE:ALK)

Appian Way Asset Management LP lowered its holdings in shares of Alaska Air Group, Inc. (NYSE:ALK) by 50.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,484 shares of the transportation company’s stock after selling 67,534 shares during the quarter. Alaska Air Group accounts for about 0.7% of Appian Way Asset Management LP’s portfolio, making the stock its 26th biggest position. Appian Way Asset Management LP’s holdings in Alaska Air Group were worth $2,961,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ALK. Altshuler Shaham Ltd bought a new position in Alaska Air Group in the second quarter valued at approximately $28,000. Venturi Wealth Management LLC lifted its position in Alaska Air Group by 86.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,025 shares of the transportation company’s stock valued at $46,000 after acquiring an additional 474 shares in the last quarter. Pacifica Partners Inc. boosted its stake in Alaska Air Group by 952.4% in the 3rd quarter. Pacifica Partners Inc. now owns 1,105 shares of the transportation company’s stock worth $50,000 after purchasing an additional 1,000 shares during the period. Capital Performance Advisors LLP bought a new position in Alaska Air Group during the 3rd quarter worth about $67,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Alaska Air Group in the 2nd quarter valued at about $69,000. Institutional investors own 81.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ALK shares. Barclays upped their price objective on Alaska Air Group from $55.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Bank of America increased their price objective on Alaska Air Group from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Citigroup reduced their target price on shares of Alaska Air Group from $51.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Evercore ISI lowered their price target on shares of Alaska Air Group from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, October 3rd. Finally, TD Cowen reduced their price objective on shares of Alaska Air Group from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Alaska Air Group has a consensus rating of “Moderate Buy” and a consensus target price of $58.69.

Alaska Air Group Stock Performance

ALK opened at $52.60 on Friday. Alaska Air Group, Inc. has a 12-month low of $32.00 and a 12-month high of $54.14. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 1.20 and a beta of 1.59. The business has a 50 day moving average of $47.44 and a 200-day moving average of $41.95. The company has a quick ratio of 0.57, a current ratio of 0.60 and a debt-to-equity ratio of 0.93.

Alaska Air Group (NYSE:ALK) last released its quarterly earnings data on Thursday, October 31st. The transportation company reported $2.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.22 by $0.03. Alaska Air Group had a return on equity of 12.81% and a net margin of 2.99%. The company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same period last year, the firm posted $1.83 earnings per share. The business’s revenue was up 8.2% on a year-over-year basis. On average, equities research analysts expect that Alaska Air Group, Inc. will post 4.26 earnings per share 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.