Buckingham Research Downgrades Allegiant Travel (ALGT) to Neutral

Allegiant Travel (NASDAQ:ALGT) was downgraded by Buckingham Research from a “buy” rating to a “neutral” rating in a report released on Monday.

A number of other research firms have also recently commented on ALGT. Zacks Investment Research cut Allegiant Travel from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. ValuEngine cut Allegiant Travel from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Morgan Stanley lowered their price target on Allegiant Travel from $139.00 to $133.00 and set an “equal weight” rating on the stock in a report on Thursday, August 17th. Citigroup lowered their price target on Allegiant Travel from $175.00 to $168.00 and set a “buy” rating on the stock in a report on Tuesday, September 26th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $135.00 price target (down from $150.00) on shares of Allegiant Travel in a report on Friday, September 22nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Allegiant Travel presently has an average rating of “Hold” and an average target price of $146.45.

Allegiant Travel (NASDAQ:ALGT) opened at $149.95 on Monday. The stock has a market capitalization of $2,440.63, a P/E ratio of 16.31, a P/E/G ratio of 6.26 and a beta of 0.16. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.01 and a current ratio of 1.05. Allegiant Travel has a 52 week low of $111.54 and a 52 week high of $182.25.

Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings data on Wednesday, October 25th. The transportation company reported $1.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.08. The company had revenue of $348.80 million during the quarter, compared to the consensus estimate of $349.79 million. Allegiant Travel had a return on equity of 32.19% and a net margin of 10.52%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.75 EPS. research analysts predict that Allegiant Travel will post 8.57 earnings per share for the current year.

In other news, CFO Scott Sheldon sold 5,872 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $137.63, for a total transaction of $808,163.36. Following the sale, the chief financial officer now directly owns 21,202 shares of the company’s stock, valued at approximately $2,918,031.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President John Redmond acquired 11,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were purchased at an average cost of $138.28 per share, for a total transaction of $1,521,080.00. Following the completion of the acquisition, the president now directly owns 92,574 shares in the company, valued at $12,801,132.72. The disclosure for this purchase can be found here. 22.00% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of ALGT. Diamond Hill Capital Management Inc. raised its holdings 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 worth $53,265,000 after acquiring an additional 402,366 shares in the last quarter. Royce & Associates LP raised its holdings in shares of Allegiant Travel by 1,515.5% during the 3rd quarter. Royce & Associates LP now owns 197,103 shares of the transportation company’s stock worth $25,958,000 after acquiring an additional 184,902 shares in the last quarter. Capital Research Global Investors raised its holdings 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 worth $74,197,000 after acquiring an additional 137,600 shares in the last quarter. FMR LLC raised its holdings 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 worth $137,508,000 after acquiring an additional 81,533 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of Allegiant Travel by 96.3% during the 3rd quarter. New York State Common Retirement Fund now owns 127,441 shares of the transportation company’s stock worth $16,784,000 after acquiring an additional 62,520 shares in the last quarter. 86.22% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Allegiant Travel (NASDAQ:ALGT)

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