Allegiant Travel (ALGT) Approves Stock Buyback Program
Allegiant Travel (NASDAQ:ALGT) declared that its board has approved a stock repurchase program, which permits the company to buyback $100.00 million in shares on Wednesday, July 26th, EventVestor reports. This buyback authorization permits the transportation company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Allegiant Travel (NASDAQ ALGT) traded down 6.28% during mid-day trading on Thursday, reaching $134.20. The company’s stock had a trading volume of 170,897 shares. The stock’s 50 day moving average price is $141.33 and its 200 day moving average price is $155.17. The stock has a market capitalization of $2.20 billion, a P/E ratio of 11.77 and a beta of -0.04. Allegiant Travel has a 1-year low of $121.70 and a 1-year high of $182.25.
Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.96 by $0.02. Allegiant Travel had a return on equity of 41.46% and a net margin of 13.61%. The business had revenue of $400.60 million for the quarter, compared to analysts’ expectations of $399.58 million. During the same period last year, the company posted $3.68 earnings per share. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. Analysts expect that Allegiant Travel will post $9.77 EPS for the current fiscal year.
ALGT has been the subject of several research analyst reports. Sidoti restated a “buy” rating and set a $186.00 price target (up from $183.00) on shares of Allegiant Travel in a research report on Wednesday, July 12th. Zacks Investment Research upgraded Allegiant Travel from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a research report on Monday, July 17th. ValuEngine upgraded Allegiant Travel from a “hold” rating to a “buy” rating in a research report on Thursday, July 20th. Morgan Stanley restated an “equal weight” rating and set a $141.00 price target (down from $144.00) on shares of Allegiant Travel in a research report on Monday, July 10th. Finally, Stifel Nicolaus restated a “hold” rating and set a $173.00 price target on shares of Allegiant Travel in a research report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. Allegiant Travel currently has a consensus rating of “Hold” and an average price target of $160.50.
In related news, SVP Gregory Clark Anderson sold 1,500 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $142.08, for a total transaction of $213,120.00. Following the completion of the sale, the senior vice president now directly owns 15,054 shares of the company’s stock, valued at approximately $2,138,872.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 21.00% of the stock is currently owned by corporate insiders.
Allegiant Travel Company Profile
Allegiant Travel Company is a leisure travel company. The Company is focused on providing travel services and products to residents of under-served cities in the United States. It also provides air transportation under fixed fee flying arrangements. The Company’s products and services include scheduled service air transportation, air-related ancillary products and services, third-party ancillary products and services and fixed fee contract air transportation.
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