Allegiant Travel Company (ALGT) Now Covered by Macquarie
Analysts at Macquarie began coverage on shares of Allegiant Travel Company (NASDAQ:ALGT) in a research report issued to clients and investors on Monday, The Fly reports. The firm set a “neutral” rating on the transportation company’s stock.
Several other research analysts have also recently issued reports on ALGT. Cowen and Company reaffirmed a “market perform” rating and issued a $157.00 price target on shares of Allegiant Travel in a report on Tuesday, May 30th. ValuEngine cut Allegiant Travel from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research raised Allegiant Travel from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 27th. Bank of America Corporation dropped their price target on Allegiant Travel from $175.00 to $165.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $141.00 price target (down previously from $144.00) on shares of Allegiant Travel in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the company’s stock. Allegiant Travel currently has an average rating of “Hold” and an average price target of $149.00.
Shares of Allegiant Travel (NASDAQ:ALGT) traded up 2.92% during midday trading on Monday, reaching $133.90. The company’s stock had a trading volume of 150,606 shares. Allegiant Travel has a 12 month low of $111.54 and a 12 month high of $182.25. The stock’s 50 day moving average is $121.52 and its 200 day moving average is $141.23. The stock has a market capitalization of $2.17 billion, a PE ratio of 12.56 and a beta of -0.01.
Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.96 by ($0.02). The company had revenue of $400.60 million during the quarter, compared to the consensus estimate of $399.58 million. Allegiant Travel had a net margin of 12.23% and a return on equity of 37.66%. Allegiant Travel’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.68 EPS. On average, analysts forecast that Allegiant Travel will post $9.15 EPS for the current fiscal year.
Allegiant Travel announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the transportation company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
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A number of large investors have recently made changes to their positions in ALGT. BlackRock Inc. raised its stake in Allegiant Travel by 141,260.2% during the 1st quarter. BlackRock Inc. now owns 1,546,481 shares of the transportation company’s stock valued at $247,824,000 after purchasing an additional 1,545,387 shares during the period. Capital Research Global Investors purchased a new position in shares of Allegiant Travel during the 3rd quarter valued at $40,082,000. Ardevora Asset Management LLP purchased a new position in shares of Allegiant Travel during the 4th quarter valued at $27,672,000. Select Equity Group L.P. purchased a new position in shares of Allegiant Travel during the 4th quarter valued at $23,950,000. Finally, Norges Bank purchased a new position in shares of Allegiant Travel during the 4th quarter valued at $20,094,000. 82.39% of the stock is currently 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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