Norges Bank Invests $19.85 Million in Alaska Air Group, Inc. (NYSE:ALK)

Norges Bank acquired a new stake in Alaska Air Group, Inc. (NYSE:ALK) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 306,522 shares of the transportation company’s stock, valued at approximately $19,847,000.

A number of other hedge funds also recently added to or reduced their stakes in ALK. Avior Wealth Management LLC raised its holdings in shares of Alaska Air Group by 44.8% in the 4th quarter. Avior Wealth Management LLC now owns 588 shares of the transportation company’s stock valued at $38,000 after purchasing an additional 182 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Alaska Air Group in the fourth quarter worth approximately $52,000. EverSource Wealth Advisors LLC lifted its holdings in Alaska Air Group by 61.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 955 shares of the transportation company’s stock worth $62,000 after buying an additional 364 shares during the period. Pacific Center for Financial Services bought a new stake in Alaska Air Group during the 3rd quarter valued at $45,000. Finally, Quarry LP increased its holdings in shares of Alaska Air Group by 259.3% in the 3rd quarter. Quarry LP now owns 1,175 shares of the transportation company’s stock valued at $53,000 after acquiring an additional 848 shares during the period. 81.90% of the stock is owned by hedge funds and other institutional investors.

Alaska Air Group Stock Down 3.4 %

Shares of ALK stock opened at $44.39 on Monday. Alaska Air Group, Inc. has a fifty-two week low of $32.62 and a fifty-two week high of $78.08. The firm has a market capitalization of $5.45 billion, a PE ratio of 14.55, a P/E/G ratio of 0.43 and a beta of 1.37. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.58 and a current ratio of 0.61. The stock’s 50-day simple moving average is $64.04 and its 200-day simple moving average is $57.93.

Alaska Air Group (NYSE:ALK) last issued its quarterly earnings results on Wednesday, January 22nd. The transportation company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.52. Alaska Air Group had a net margin of 3.37% and a return on equity of 14.66%. Equities analysts expect that Alaska Air Group, Inc. will post 6.03 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Andrea L. Schneider sold 1,830 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $73.32, for a total transaction of $134,175.60. Following the sale, the senior vice president now directly owns 20,286 shares of the company’s stock, valued at $1,487,369.52. This trade represents a 8.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph A. Sprague sold 9,500 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $68.90, for a total value of $654,550.00. Following the completion of the transaction, the chief executive officer now directly owns 9,840 shares of the company’s stock, valued at $677,976. The trade was a 49.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 154,725 shares of company stock valued at $11,217,263 over the last 90 days. Insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALK. The Goldman Sachs Group upped their price objective on Alaska Air Group from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. UBS Group lowered their price target on shares of Alaska Air Group from $87.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Bank of America reduced their price objective on shares of Alaska Air Group from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday. TD Cowen increased their target price on shares of Alaska Air Group from $85.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Finally, JPMorgan Chase & Co. raised their price objective on Alaska Air Group from $85.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.23.

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.