BlackRock Inc. Purchases 1,545,387 Shares of Allegiant Travel Company (NASDAQ:ALGT)
BlackRock Inc. boosted its position in Allegiant Travel Company (NASDAQ:ALGT) by 141,260.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,546,481 shares of the transportation company’s stock after buying an additional 1,545,387 shares during the period. BlackRock Inc.’s holdings in Allegiant Travel were worth $247,824,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in ALGT. State of Alaska Department of Revenue boosted its stake in Allegiant Travel by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 1,460 shares of the transportation company’s stock worth $233,000 after buying an additional 40 shares during the period. Neuburgh Advisers LLC boosted its stake in Allegiant Travel by 10.0% in the first quarter. Neuburgh Advisers LLC now owns 748 shares of the transportation company’s stock worth $120,000 after buying an additional 68 shares during the period. Louisiana State Employees Retirement System boosted its stake in Allegiant Travel by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 5,400 shares of the transportation company’s stock worth $865,000 after buying an additional 100 shares during the period. Arizona State Retirement System boosted its stake in Allegiant Travel by 1.5% in the first quarter. Arizona State Retirement System now owns 6,831 shares of the transportation company’s stock worth $1,095,000 after buying an additional 100 shares during the period. Finally, Legal & General Group Plc boosted its stake in Allegiant Travel by 0.5% in the first quarter. Legal & General Group Plc now owns 22,068 shares of the transportation company’s stock worth $3,537,000 after buying an additional 111 shares during the period. 85.77% of the stock is currently owned by institutional investors and hedge funds.
Shares of Allegiant Travel Company (ALGT) traded down 0.68% during midday trading on Monday, hitting $130.55. 131,478 shares of the stock traded hands. The stock has a 50 day moving average of $140.24 and a 200 day moving average of $153.67. The company has a market capitalization of $2.11 billion, a P/E ratio of 12.25 and a beta of -0.05. Allegiant Travel Company has a 1-year low of $121.70 and a 1-year high of $182.25.
Allegiant Travel (NASDAQ:ALGT) last issued its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 EPS for the quarter, missing the Zacks’ consensus estimate of $2.96 by $0.02. Allegiant Travel had a return on equity of 37.66% and a net margin of 12.23%. The company had revenue of $400.60 million during the quarter, compared to the consensus estimate of $399.58 million. During the same quarter in the previous year, the business posted $3.68 EPS. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. Equities research analysts predict that Allegiant Travel Company will post $9.39 earnings per share for the current fiscal year.
Allegiant Travel announced that its Board of Directors has authorized a share buyback program on Wednesday, July 26th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the transportation company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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ALGT has been the topic of several research analyst reports. Zacks Investment Research cut shares of Allegiant Travel from a “hold” rating to a “sell” rating in a research note on Friday, April 14th. Sidoti reissued a “buy” rating and set a $186.00 target price (up previously from $183.00) on shares of Allegiant Travel in a research note on Wednesday, July 12th. Cowen and Company reissued a “market perform” rating and set a $157.00 target price on shares of Allegiant Travel in a research note on Tuesday, May 30th. Deutsche Bank AG cut shares of Allegiant Travel from a “buy” rating to a “hold” rating and lowered their target price for the company from $190.00 to $153.00 in a research note on Wednesday, April 26th. Finally, Imperial Capital lowered their target price on shares of Allegiant Travel from $155.00 to $148.00 and set an “in-line” rating on the stock in a research note on Tuesday, May 9th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. Allegiant Travel currently has a consensus rating of “Hold” and a consensus target price of $158.58.
In related news, SVP Gregory Clark Anderson sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The stock was 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 of the company’s stock, valued at $2,138,872.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 22.00% 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. 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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