Wolfe Research Downgrades Allegiant Travel Co. (ALGT) to Market Perform
Allegiant Travel Co. (NASDAQ:ALGT) was downgraded by stock analysts at Wolfe Research from an “outperform” rating to a “market perform” rating in a research note issued on Monday.
A number of other equities analysts have also commented on ALGT. Citigroup Inc. assumed coverage on shares of Allegiant Travel in a research report on Friday, November 18th. They issued a “buy” rating and a $185.00 price target on the stock. Imperial Capital dropped their target price on shares of Allegiant Travel from $164.00 to $160.00 and set an “outperform” rating on the stock in a research report on Friday, October 28th. Buckingham Research raised shares of 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. Stifel Nicolaus dropped their target price on shares of Allegiant Travel from $200.00 to $155.00 and set a “buy” rating on the stock in a research report on Wednesday, August 3rd. Finally, Credit Suisse Group AG set a $133.00 target price on shares of Allegiant Travel and gave the stock a “hold” rating in a research report on Tuesday, September 13th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $176.83.
Shares of Allegiant Travel (NASDAQ:ALGT) opened at 166.05 on Monday. The firm has a market cap of $2.72 billion, a PE ratio of 11.76 and a beta of -0.27. The company has a 50 day moving average of $149.55 and a 200-day moving average of $141.57. Allegiant Travel has a 12-month low of $121.70 and a 12-month high of $196.11.
Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings results on Wednesday, October 26th. The company reported $2.75 EPS for the quarter, beating the Zacks’ consensus estimate of $2.66 by $0.09. Allegiant Travel had a net margin of 17.57% and a return on equity of 60.20%. The company had revenue of $33.50 million for the quarter, compared to analyst estimates of $84.35 million. During the same quarter last year, the firm posted $2.62 earnings per share. The company’s quarterly revenue was down 88.8% compared to the same quarter last year. Equities research analysts forecast that Allegiant Travel will post $13.06 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Investors 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 yield of 1.69%. Allegiant Travel’s dividend payout ratio (DPR) is 19.86%.
In related news, CFO Scott Sheldon sold 2,596 shares of the company’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $153.70, for a total transaction of $399,005.20. Following the transaction, the chief financial officer now owns 20,964 shares in the company, valued at approximately $3,222,166.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 21.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of ALGT. Fuller & Thaler Asset Management Inc. bought a new position in shares of Allegiant Travel during the third quarter valued at about $120,000. BlackRock Inc. increased its position in shares of Allegiant Travel by 157.9% in the first quarter. BlackRock Inc. now owns 820 shares of the company’s stock valued at $146,000 after buying an additional 502 shares during the period. Pacer Advisors Inc. bought a new position in shares of Allegiant Travel during the second quarter valued at about $148,000. Bank of Montreal Can bought a new position in shares of Allegiant Travel during the second quarter valued at about $151,000. Finally, Barclays PLC bought a new position in shares of Allegiant Travel during the second quarter valued at about $155,000. Institutional investors and hedge funds own 80.38% of the company’s stock.
About Allegiant Travel
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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