Citigroup Inc. Begins Coverage on Allegiant Travel Co. (ALGT)
Research analysts at Citigroup Inc. initiated coverage on shares of Allegiant Travel Co. (NASDAQ:ALGT) in a research report issued on Friday. The firm set a “buy” rating on the stock.
A number of other brokerages have also issued reports on ALGT. Credit Suisse Group AG set a $133.00 target price on Allegiant Travel and gave the stock a “hold” rating in a research report on Tuesday, September 13th. Cowen and Company dropped their target price on Allegiant Travel from $165.00 to $147.00 and set a “market perform” rating on the stock in a research report on Monday, August 1st. Imperial Capital initiated coverage on Allegiant Travel in a research report on Friday, October 7th. They set an “outperform” rating and a $164.00 target price on the stock. Buckingham Research raised Allegiant Travel from a “neutral” rating to a “buy” rating and set a $168.00 target price on the stock in a research report on Friday, September 23rd. Finally, Stifel Nicolaus dropped their target price on Allegiant Travel from $200.00 to $155.00 and set a “buy” rating on the stock in a research report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. Allegiant Travel has a consensus rating of “Hold” and a consensus price target of $172.82.
Shares of Allegiant Travel (NASDAQ:ALGT) opened at 160.80 on Friday. The firm has a market capitalization of $2.64 billion, a PE ratio of 11.39 and a beta of -0.27. The firm’s 50-day moving average price is $146.85 and its 200-day moving average price is $141.56. Allegiant Travel has a 52-week low of $121.70 and a 52-week high of $204.46.
Allegiant Travel (NASDAQ:ALGT) last announced its earnings results on Wednesday, October 26th. The company reported $2.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.66 by $0.09. Allegiant Travel had a return on equity of 60.20% and a net margin of 17.57%. The business had revenue of $33.50 million for the quarter, compared to analyst estimates of $84.35 million. During the same period in the previous year, the company earned $2.62 earnings per share. The company’s revenue for the quarter was down 88.8% compared to the same quarter last year. On average, equities analysts predict that Allegiant Travel will post $13.06 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 6th. Stockholders of record on Wednesday, November 23rd will be given a dividend of $0.70 per share. The ex-dividend date is Monday, November 21st. This represents a $2.80 annualized dividend and a dividend yield of 1.74%. Allegiant Travel’s dividend payout ratio is presently 19.86%.
In other news, CFO Scott Sheldon sold 2,596 shares of the business’s stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $153.70, for a total transaction of $399,005.20. Following the completion of the transaction, the chief financial officer now directly owns 20,964 shares in the company, valued at $3,222,166.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 21.00% of the company’s stock.
Several institutional investors have recently modified their holdings of ALGT. Capital Research Global Investors acquired a new position in shares of Allegiant Travel during the third quarter valued at about $40,082,000. Investment Counselors of Maryland LLC increased its stake in Allegiant Travel by 1,674.9% in the third quarter. Investment Counselors of Maryland LLC now owns 122,909 shares of the company’s stock worth $16,233,000 after buying an additional 115,984 shares during the period. Neuberger Berman Group LLC increased its stake in Allegiant Travel by 31.1% in the second quarter. Neuberger Berman Group LLC now owns 456,264 shares of the company’s stock worth $69,124,000 after buying an additional 108,247 shares during the period. Westfield Capital Management Co. LP increased its stake in Allegiant Travel by 40.8% in the second quarter. Westfield Capital Management Co. LP now owns 326,617 shares of the company’s stock worth $49,482,000 after buying an additional 94,583 shares during the period. Finally, Schroder Investment Management Group increased its stake in Allegiant Travel by 59.9% in the second quarter. Schroder Investment Management Group now owns 199,192 shares of the company’s stock worth $30,178,000 after buying an additional 74,600 shares during the period. Institutional investors and hedge funds own 80.25% of the company’s stock.
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. Its products and services include scheduled service air transportation, air-related ancillary products and services, third-party ancillary products and services, fixed fee contract air transportation and other revenue.
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