BidaskClub cut shares of Allegiant Travel Company (NASDAQ:ALGT) from a hold rating to a sell rating in a report published on Tuesday.
Several other brokerages have also weighed in on ALGT. Bank of America Corporation reduced their price objective on Allegiant Travel from $175.00 to $165.00 and set a neutral rating for the company in a report on Friday, June 30th. Imperial Capital reduced their price objective on Allegiant Travel from $182.00 to $170.00 and set an in-line rating for the company in a report on Wednesday, April 12th. Zacks Investment Research raised Allegiant Travel from a hold rating to a buy rating and set a $159.00 price objective for the company in a report on Monday, July 17th. Cowen and Company reissued a market perform rating and set a $150.00 price objective (down from $157.00) on shares of Allegiant Travel in a report on Thursday, July 27th. Finally, Stifel Nicolaus reissued a hold rating and set a $173.00 price objective on shares of Allegiant Travel in a report on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $158.58.
Shares of Allegiant Travel (ALGT) opened at 131.45 on Tuesday. The company has a 50-day moving average price of $140.24 and a 200 day moving average price of $153.67. Allegiant Travel has a 1-year low of $121.70 and a 1-year high of $182.25. The company has a market capitalization of $2.13 billion, a P/E ratio of 12.33 and a beta of -0.05.
Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings data on Wednesday, July 26th. The transportation company reported $2.94 earnings per share for the quarter, missing the consensus estimate of $2.96 by $0.02. Allegiant Travel had a net margin of 12.23% and a return on equity of 37.66%. The firm had revenue of $400.60 million for the quarter, compared to the consensus estimate of $399.58 million. During the same period last year, the company posted $3.68 earnings per share. Allegiant Travel’s revenue for the quarter was up 16.1% on a year-over-year basis. Equities research analysts anticipate that Allegiant Travel will post $9.39 EPS for the current year.
Allegiant Travel announced that its Board of Directors has initiated a share buyback program on Wednesday, July 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
In related news, SVP Gregory Clark Anderson sold 1,500 shares of the stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $142.08, for a total value of $213,120.00. Following the sale, the senior vice president now owns 15,054 shares in the company, valued at $2,138,872.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 21.00% of the company’s stock.
Several large investors have recently modified their holdings of the company. Bank of Montreal Can increased its stake in shares of Allegiant Travel by 28.9% in the second quarter. Bank of Montreal Can now owns 829 shares of the transportation company’s stock worth $112,000 after buying an additional 186 shares during the period. Neuburgh Advisers LLC increased its stake in shares of Allegiant Travel by 10.0% in the first quarter. Neuburgh Advisers LLC now owns 748 shares of the transportation company’s stock worth $120,000 after buying an additional 68 shares during the period. James Investment Research Inc. acquired a new stake in shares of Allegiant Travel during the first quarter worth about $140,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Allegiant Travel during the first quarter worth about $146,000. Finally, Americafirst Capital Management LLC acquired a new stake in shares of Allegiant Travel during the first quarter worth about $180,000. Institutional investors own 82.55% of the company’s stock.
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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