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.

COPYRIGHT VIOLATION WARNING: This news story was posted by American Banking News and is the sole property of of American Banking News. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The correct version of this news story can be read at https://www.americanbankingnews.com/2017/07/27/allegiant-travel-algt-approves-stock-buyback-program.html.

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.

Receive News & Ratings for Allegiant Travel Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegiant Travel Company and related companies with MarketBeat.com's FREE daily email newsletter.