Allegiant Travel Company (NASDAQ:ALGT) Receives Consensus Recommendation of “Hold” from Brokerages
Allegiant Travel Company (NASDAQ:ALGT) has been given an average rating of “Hold” by the seventeen ratings firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $158.55.
A number of equities analysts have weighed in on the company. BidaskClub lowered Allegiant Travel from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research lowered Allegiant Travel from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Deutsche Bank AG reissued a “hold” rating and issued a $130.00 target price (down previously from $153.00) on shares of Allegiant Travel in a research report on Thursday, July 27th. Cowen and Company reissued a “market perform” rating and issued a $150.00 target price (down previously from $157.00) on shares of Allegiant Travel in a research report on Thursday, July 27th. Finally, ValuEngine raised Allegiant Travel from a “hold” rating to a “buy” rating in a research report on Thursday, July 20th.
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Shares of Allegiant Travel (NASDAQ ALGT) traded down 0.38% during mid-day trading on Tuesday, hitting $130.05. 113,467 shares of the stock traded hands. The company’s 50-day moving average price is $139.00 and its 200 day moving average price is $153.15. The company has a market capitalization of $2.11 billion, a PE ratio of 12.20 and a beta of -0.05. Allegiant Travel has a 1-year low of $123.74 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 (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.96 by $0.02. The firm had revenue of $400.60 million during the quarter, compared to the consensus estimate of $399.58 million. Allegiant Travel had a return on equity of 37.66% and a net margin of 12.23%. The business’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.68 EPS. Equities research analysts forecast that Allegiant Travel will post $9.39 EPS for the current fiscal year.
Allegiant Travel announced that its board has approved a stock buyback plan on Wednesday, July 26th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the transportation company to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Friday, August 18th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Wednesday, August 16th. Allegiant Travel’s payout ratio is currently 26.24%.
In other news, SVP Gregory Clark Anderson sold 1,500 shares of the company’s stock in a transaction dated 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 owns 15,054 shares of the company’s stock, valued at approximately $2,138,872.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 22.00% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Allegiant Travel by 141,260.2% in the first quarter. BlackRock Inc. now owns 1,546,481 shares of the transportation company’s stock valued at $247,824,000 after buying an additional 1,545,387 shares in the last quarter. Vanguard Group Inc. raised its stake in Allegiant Travel by 4.7% in the first quarter. Vanguard Group Inc. now owns 1,157,458 shares of the transportation company’s stock valued at $185,482,000 after buying an additional 51,487 shares in the last quarter. FMR LLC raised its stake in Allegiant Travel by 0.6% in the first quarter. FMR LLC now owns 932,540 shares of the transportation company’s stock valued at $149,439,000 after buying an additional 6,000 shares in the last quarter. Neuberger Berman Group LLC raised its stake in Allegiant Travel by 1.7% in the second quarter. Neuberger Berman Group LLC now owns 611,579 shares of the transportation company’s stock valued at $82,930,000 after buying an additional 10,163 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Allegiant Travel by 5.3% in the first quarter. Dimensional Fund Advisors LP now owns 383,712 shares of the transportation company’s stock valued at $61,490,000 after buying an additional 19,245 shares in the last quarter. 85.77% of the stock is owned by institutional investors.
About Allegiant Travel
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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