State Street Corp lifted its position in shares of Allegiant Travel Company (NASDAQ:ALGT) by 2.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 354,060 shares of the transportation company’s stock after acquiring an additional 8,300 shares during the quarter. State Street Corp owned 2.19% of Allegiant Travel worth $48,013,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in ALGT. Bank of Montreal Can lifted its holdings 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 valued at $112,000 after purchasing an additional 186 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Allegiant Travel by 17.5% in the second quarter. Victory Capital Management Inc. now owns 853 shares of the transportation company’s stock valued at $116,000 after purchasing an additional 127 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Allegiant Travel during the first quarter valued at approximately $146,000. Riverhead Capital Management LLC lifted its stake in shares of Allegiant Travel by 119.8% during the second quarter. Riverhead Capital Management LLC now owns 1,099 shares of the transportation company’s stock valued at $149,000 after buying an additional 599 shares during the period. Finally, Flinton Capital Management LLC lifted its stake in shares of Allegiant Travel by 81.8% during the second quarter. Flinton Capital Management LLC now owns 1,120 shares of the transportation company’s stock valued at $152,000 after buying an additional 504 shares during the period. 84.74% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Allegiant Travel Company (NASDAQ:ALGT) opened at $127.70 on Monday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.05 and a quick ratio of 1.01. Allegiant Travel Company has a twelve month low of $111.54 and a twelve month high of $182.25. The firm has a market cap of $2,053.15, a PE ratio of 13.72, a P/E/G ratio of 5.30 and a beta of 0.12.
Allegiant Travel (NASDAQ:ALGT) last released its earnings results on Wednesday, October 25th. The transportation company reported $1.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.08. The firm had revenue of $348.80 million for the quarter, compared to analysts’ expectations of $349.79 million. Allegiant Travel had a net margin of 10.52% and a return on equity of 32.19%. Allegiant Travel’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the company earned $2.75 EPS. analysts expect that Allegiant Travel Company will post 8.52 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Wednesday, November 22nd will be paid a $0.70 dividend. The ex-dividend date is Tuesday, November 21st. This represents a $2.80 annualized dividend and a dividend yield of 2.19%. Allegiant Travel’s dividend payout ratio is currently 30.08%.
Allegiant Travel declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 26th that allows the company to buyback $100.00 million in outstanding 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 typically an indication that the company’s board believes its shares are undervalued.
In related news, President John Redmond purchased 11,000 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was acquired 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 owns 92,574 shares in the company, valued at approximately $12,801,132.72. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Scott Sheldon sold 5,872 shares of the firm’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 owns 21,202 shares of the company’s stock, valued at $2,918,031.26. The disclosure for this sale can be found here. Insiders own 22.00% of the company’s stock.
Several brokerages recently issued reports on ALGT. BidaskClub downgraded shares of Allegiant Travel from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Barclays PLC reaffirmed a “sell” rating and set a $130.00 price target on shares of Allegiant Travel in a research report on Thursday, September 14th. ValuEngine raised shares of Allegiant Travel from a “hold” rating to a “buy” rating in a research report on Thursday, July 20th. Bank of America Corporation reaffirmed a “neutral” rating and set a $145.00 price target (down previously from $150.00) on shares of Allegiant Travel in a research report on Tuesday, October 10th. Finally, Cowen and Company reissued a “hold” rating and issued a $145.00 price objective on shares of Allegiant Travel in a research report on Tuesday, October 17th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $144.17.
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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