Imperial Capital Weighs in on Allegiant Travel Company’s FY2017 Earnings (ALGT)
Allegiant Travel Company (NASDAQ:ALGT) – Equities researchers at Imperial Capital reduced their FY2017 EPS estimates for Allegiant Travel in a research report issued on Monday. Imperial Capital analyst M. Derchin now forecasts that the transportation company will earn $8.50 per share for the year, down from their previous forecast of $9.15. Imperial Capital also issued estimates for Allegiant Travel’s FY2018 earnings at $8.80 EPS.
Several other research analysts have also weighed in on the stock. Cowen and Company reissued a “market perform” rating and set a $150.00 price objective (down previously from $157.00) on shares of Allegiant Travel in a research note on Thursday, July 27th. Morgan Stanley cut their price target on shares of Allegiant Travel from $139.00 to $133.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 17th. Sidoti reaffirmed a “buy” rating and issued a $186.00 price target (up previously from $183.00) on shares of Allegiant Travel in a research note on Wednesday, July 12th. BidaskClub downgraded shares of Allegiant Travel from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Zacks Investment Research downgraded shares of Allegiant Travel from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. Allegiant Travel currently has an average rating of “Hold” and an average target price of $144.17.
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Allegiant Travel (ALGT) opened at 138.40 on Tuesday. The company has a market cap of $2.24 billion, a PE ratio of 12.98 and a beta of 0.02. The firm has a 50-day moving average of $133.14 and a 200 day moving average of $136.39. Allegiant Travel has a 52-week low of $111.54 and a 52-week high of $182.25.
Allegiant Travel (NASDAQ:ALGT) last posted its earnings results on Wednesday, October 25th. The transportation company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.31 by $0.08. Allegiant Travel had a net margin of 10.52% and a return on equity of 32.11%. The firm had revenue of $348.80 million during the quarter, compared to analysts’ expectations of $349.79 million. During the same quarter in the prior year, the firm earned $2.75 EPS. Allegiant Travel’s quarterly revenue was up 4.6% on a year-over-year basis.
Several institutional investors and hedge funds have recently modified their holdings of ALGT. BlackRock Inc. lifted 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 acquiring an additional 1,545,387 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Allegiant Travel by 19,391.1% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 404,441 shares of the transportation company’s stock valued at $53,265,000 after purchasing an additional 402,366 shares during the last quarter. Capital Research Global Investors increased its position in shares of Allegiant Travel by 33.6% during the 2nd quarter. Capital Research Global Investors now owns 547,178 shares of the transportation company’s stock valued at $74,197,000 after purchasing an additional 137,600 shares during the last quarter. FMR LLC increased its position in shares of Allegiant Travel by 8.7% during the 2nd quarter. FMR LLC now owns 1,014,073 shares of the transportation company’s stock valued at $137,508,000 after purchasing an additional 81,533 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its position in shares of Allegiant Travel by 9.4% during the 2nd quarter. TimesSquare Capital Management LLC now owns 676,292 shares of the transportation company’s stock valued at $91,705,000 after purchasing an additional 58,065 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.
Allegiant Travel announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 26th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the transportation company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Wednesday, November 22nd will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Tuesday, November 21st. Allegiant Travel’s dividend payout ratio is currently 30.08%.
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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