Allegiant Travel Company (ALGT) Hits New 12-Month Low After Analyst Downgrade
Allegiant Travel Company (NASDAQ:ALGT)’s share price hit a new 52-week low during mid-day trading on Thursday after Morgan Stanley lowered their price target on the stock from $139.00 to $133.00. Morgan Stanley currently has an equal weight rating on the stock. Allegiant Travel traded as low as $119.25 and last traded at $119.40, with a volume of 79,709 shares. The stock had previously closed at $123.40.
Other equities analysts have also issued reports about the stock. ValuEngine upgraded shares of Allegiant Travel from a “hold” rating to a “buy” rating in a research report on Thursday, July 20th. Zacks Investment Research upgraded shares of Allegiant Travel from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research report on Monday, July 17th. Sidoti reiterated a “buy” rating and set a $186.00 target price (up from $183.00) on shares of Allegiant Travel in a research report on Wednesday, July 12th. Stifel Nicolaus reiterated a “hold” rating and set a $173.00 target price on shares of Allegiant Travel in a research report on Wednesday, April 19th. Finally, Deutsche Bank AG lowered shares of Allegiant Travel from a “buy” rating to a “hold” rating and cut their price objective for the company from $190.00 to $153.00 in a report on Wednesday, April 26th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $157.92.
In other Allegiant Travel news, SVP Gregory Clark Anderson sold 1,500 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $142.08, for a total value of $213,120.00. Following the sale, the senior vice president now directly owns 15,054 shares in the company, valued at $2,138,872.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 21.00% of the company’s stock.
Large investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Allegiant Travel by 141,260.2% in the first quarter. BlackRock Inc. now owns 1,546,481 shares of the transportation company’s stock valued at $247,824,000 after buying an additional 1,545,387 shares during the period. Capital Research Global Investors raised its stake in Allegiant Travel by 33.6% in the second quarter. Capital Research Global Investors now owns 547,178 shares of the transportation company’s stock valued at $74,197,000 after buying an additional 137,600 shares during the period. Neuberger Berman Group LLC raised its stake in Allegiant Travel by 17.6% in the first quarter. Neuberger Berman Group LLC now owns 601,416 shares of the transportation company’s stock valued at $96,377,000 after buying an additional 90,037 shares during the period. FMR LLC raised its stake in Allegiant Travel by 8.7% in the second quarter. FMR LLC now owns 1,014,073 shares of the transportation company’s stock valued at $137,508,000 after buying an additional 81,533 shares during the period. Finally, Schroder Investment Management Group raised its stake in Allegiant Travel by 36.3% in the first quarter. Schroder Investment Management Group now owns 274,416 shares of the transportation company’s stock valued at $44,277,000 after buying an additional 73,047 shares during the period. Institutional investors own 85.73% of the company’s stock.
The stock has a market cap of $1.94 billion, a P/E ratio of 11.22 and a beta of -0.05. The firm has a 50 day moving average of $135.16 and a 200-day moving average of $150.07.
Allegiant Travel (NASDAQ:ALGT) last issued its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.96 by $0.02. The firm had revenue of $400.60 million during the quarter, compared to analyst estimates of $399.58 million. Allegiant Travel had a return on equity of 37.66% and a net margin of 12.23%. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.68 EPS. Equities research analysts anticipate that Allegiant Travel Company will post $9.38 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Friday, August 18th will be given a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.27%. Allegiant Travel’s dividend payout ratio (DPR) is currently 26.24%.
Allegiant Travel declared that its Board of Directors has initiated a share buyback program on Wednesday, July 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the transportation company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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.
Receive News & Ratings for Allegiant Travel Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegiant Travel Company and related companies with MarketBeat.com's FREE daily email newsletter.