First Trust Advisors LP Cuts Stake in Allegiant Travel Company (ALGT)
First Trust Advisors LP trimmed its position in Allegiant Travel Company (NASDAQ:ALGT) by 19.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,624 shares of the transportation company’s stock after selling 1,398 shares during the period. First Trust Advisors LP’s holdings in Allegiant Travel were worth $763,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of ALGT. Wells Fargo & Company MN lifted its holdings in shares of Allegiant Travel by 72.8% in the first quarter. Wells Fargo & Company MN now owns 22,360 shares of the transportation company’s stock valued at $3,583,000 after purchasing an additional 9,423 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Allegiant Travel by 69.0% in the first quarter. Canada Pension Plan Investment Board now owns 4,900 shares of the transportation company’s stock valued at $785,000 after purchasing an additional 2,000 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Allegiant Travel by 7.3% in the first quarter. Great West Life Assurance Co. Can now owns 17,231 shares of the transportation company’s stock valued at $2,760,000 after purchasing an additional 1,171 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Allegiant Travel by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 233,193 shares of the transportation company’s stock valued at $37,370,000 after purchasing an additional 1,515 shares in the last quarter. Finally, Karp Capital Management Corp bought a new stake in shares of Allegiant Travel in the first quarter valued at about $1,091,000. Institutional investors own 82.39% of the company’s stock.
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A number of analysts have recently commented on ALGT shares. Cowen and Company restated a “market perform” rating and issued a $157.00 price target on shares of Allegiant Travel in a report on Tuesday, May 30th. ValuEngine lowered Allegiant Travel from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded Allegiant Travel from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 27th. Bank of America Corporation cut their price target on Allegiant Travel from $175.00 to $165.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $141.00 price target (down from $144.00) on shares of Allegiant Travel in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $153.75.
Allegiant Travel Company (NASDAQ ALGT) opened at 130.10 on Friday. Allegiant Travel Company has a 12 month low of $111.54 and a 12 month high of $182.25. The firm has a market cap of $2.11 billion, a P/E ratio of 12.20 and a beta of -0.01. The firm’s 50-day moving average price is $121.52 and its 200-day moving average price is $141.23.
Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $400.60 million during the quarter, compared to the consensus estimate of $399.58 million. During the same period in the previous year, the business posted $3.68 EPS. Allegiant Travel’s revenue was up 16.1% compared to the same quarter last year. On average, equities research analysts expect that Allegiant Travel Company will post $9.17 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Friday, August 18th were given a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $2.80 annualized dividend and a yield of 2.15%. Allegiant Travel’s payout ratio is 26.24%.
Allegiant Travel announced that its board has approved a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Allegiant Travel 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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