Empirical Finance LLC cut its stake in Allegiant Travel Company (NASDAQ:ALGT) by 1.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,103 shares of the transportation company’s stock after selling 179 shares during the quarter. Empirical Finance LLC owned approximately 0.08% of Allegiant Travel worth $1,777,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of ALGT. Wells Fargo & Company MN raised its position 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 during the period. Canada Pension Plan Investment Board raised its position 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 during the period. Great West Life Assurance Co. Can raised its position 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 during the period. First Trust Advisors LP raised its position in shares of Allegiant Travel by 168.4% in the first quarter. First Trust Advisors LP now owns 7,022 shares of the transportation company’s stock valued at $1,125,000 after purchasing an additional 4,406 shares during the period. Finally, Bank of New York Mellon Corp raised its position 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 during the period. 82.39% of the stock is currently owned by institutional investors.
Allegiant Travel Company (NASDAQ ALGT) traded up 0.13% during trading on Tuesday, reaching $117.50. 43,092 shares of the company’s stock traded hands. The company’s 50 day moving average is $124.32 and its 200-day moving average is $143.65. Allegiant Travel Company has a 52-week low of $111.54 and a 52-week high of $182.25. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 11.02 and a beta of -0.01.
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 company had revenue of $400.60 million for the quarter, compared to the consensus estimate of $399.58 million. During the same quarter in the prior year, the company earned $3.68 earnings per share. The company’s quarterly revenue was up 16.1% on a year-over-year basis. On average, analysts anticipate that Allegiant Travel Company will post $9.19 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Friday, August 18th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Wednesday, August 16th. Allegiant Travel’s dividend payout ratio is presently 26.24%.
Allegiant Travel declared that its board has authorized a stock buyback program on Wednesday, July 26th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the transportation company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
ALGT has been the topic of several research analyst reports. Cowen and Company reissued a “market perform” rating and issued a $157.00 price objective on shares of Allegiant Travel in a research report on Tuesday, May 30th. ValuEngine lowered shares of Allegiant Travel from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research raised shares of Allegiant Travel from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Bank of America Corporation dropped their price objective on shares of Allegiant Travel from $175.00 to $165.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $141.00 price objective (down from $144.00) on shares of Allegiant Travel in a research report on Monday, July 10th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $156.75.
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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