Principal Financial Group Inc. Lowers Position in Alaska Air Group, Inc. (NYSE:ALK)

Principal Financial Group Inc. cut its holdings in shares of Alaska Air Group, Inc. (NYSE:ALK) by 52.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 295,780 shares of the transportation company’s stock after selling 331,905 shares during the quarter. Principal Financial Group Inc. owned about 0.24% of Alaska Air Group worth $14,558,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Maryland State Retirement & Pension System lifted its stake in Alaska Air Group by 0.3% during the 4th quarter. Maryland State Retirement & Pension System now owns 49,905 shares of the transportation company’s stock worth $3,231,000 after acquiring an additional 147 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in Alaska Air Group by 6.6% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,381 shares of the transportation company’s stock worth $348,000 after acquiring an additional 332 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in Alaska Air Group by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 55,170 shares of the transportation company’s stock worth $3,572,000 after acquiring an additional 340 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Alaska Air Group by 61.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 955 shares of the transportation company’s stock worth $62,000 after acquiring an additional 364 shares in the last quarter. Finally, Hancock Whitney Corp lifted its stake in Alaska Air Group by 5.8% during the 4th quarter. Hancock Whitney Corp now owns 6,848 shares of the transportation company’s stock worth $443,000 after acquiring an additional 376 shares in the last quarter. 81.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Emily Halverson sold 2,946 shares of the firm’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $51.34, for a total transaction of $151,247.64. Following the transaction, the vice president owned 8,253 shares in the company, valued at $423,709.02. This trade represents a 26.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Andrew R. Harrison sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $53.51, for a total value of $401,325.00. Following the transaction, the executive vice president owned 26,530 shares in the company, valued at $1,419,620.30. This represents a 22.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,479 shares of company stock worth $554,228 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ALK. TD Cowen increased their price target on Alaska Air Group from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, April 25th. Barclays increased their price target on Alaska Air Group from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday. Susquehanna reduced 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. Bank of America reduced their price target on Alaska Air Group from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, April 3rd. Finally, UBS Group assumed coverage on Alaska Air Group in a report on Monday, July 7th. They issued a “neutral” rating and a $49.00 price objective on the stock. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Alaska Air Group currently has an average rating of “Moderate Buy” and an average target price of $66.83.

Alaska Air Group Trading Down 3.0%

ALK opened at $52.55 on Friday. Alaska Air Group, Inc. has a one year low of $32.62 and a one year high of $78.08. The company has a market cap of $6.45 billion, a P/E ratio of 19.11, a PEG ratio of 0.55 and a beta of 1.41. 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 business’s 50-day simple moving average is $50.65 and its 200-day simple moving average is $56.80.

Alaska Air Group (NYSE:ALK) last released its quarterly earnings results 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). The firm had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $3.19 billion. Alaska Air Group had a return on equity of 15.01% and a net margin of 2.86%. The company’s quarterly revenue was up 40.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.92) EPS. As a group, equities research analysts expect that Alaska Air Group, Inc. will post 6.03 EPS for the current fiscal year.

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.