Allegiant Travel Company (NASDAQ:ALGT) Stake Lowered by Wellington Management Group LLP
Wellington Management Group LLP lowered its stake in Allegiant Travel Company (NASDAQ:ALGT) by 34.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,539 shares of the transportation company’s stock after selling 12,013 shares during the period. Wellington Management Group LLP’s holdings in Allegiant Travel were worth $3,612,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the company. Neuberger Berman Group LLC increased its stake in Allegiant Travel by 17.6% in the first quarter. Neuberger Berman Group LLC now owns 601,416 shares of the transportation company’s stock valued at $96,377,000 after buying an additional 90,037 shares in the last quarter. State Street Corp increased its stake in shares of Allegiant Travel by 7.2% in the fourth quarter. State Street Corp now owns 336,382 shares of the transportation company’s stock worth $55,971,000 after buying an additional 22,621 shares during the period. Schroder Investment Management Group increased its stake in shares of Allegiant Travel by 36.3% in the first quarter. Schroder Investment Management Group now owns 274,416 shares of the transportation company’s stock worth $44,277,000 after buying an additional 73,047 shares during the period. Bank of New York Mellon Corp increased its stake 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 worth $37,370,000 after buying an additional 1,515 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Allegiant Travel by 4.1% in the first quarter. Principal Financial Group Inc. now owns 101,761 shares of the transportation company’s stock worth $16,307,000 after buying an additional 4,009 shares during the period. Hedge funds and other institutional investors own 85.77% of the company’s stock.
Allegiant Travel Company (NASDAQ ALGT) traded down 0.68% during mid-day trading on Monday, hitting $130.55. The company had a trading volume of 131,478 shares. The stock has a 50 day moving average price of $140.24 and a 200-day moving average price of $153.67. The stock has a market capitalization of $2.11 billion, a PE 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 posted its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 EPS for the quarter, missing the 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 firm had revenue of $400.60 million for the quarter, compared to analyst estimates of $399.58 million. During the same quarter last year, the firm earned $3.68 EPS. The company’s revenue was up 16.1% on a year-over-year basis. On average, analysts forecast that Allegiant Travel Company will post $9.39 earnings per share for the current year.
Allegiant Travel declared that its board has approved a stock repurchase program on Wednesday, July 26th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the transportation company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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A number of equities research analysts recently issued reports on ALGT shares. Bank of America Corporation lowered their price objective on Allegiant Travel from $175.00 to $165.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Imperial Capital lowered their price target on Allegiant Travel from $182.00 to $170.00 and set an “in-line” rating on the stock in a research report on Wednesday, April 12th. Zacks Investment Research upgraded Allegiant Travel from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a research report on Monday, July 17th. Cowen and Company restated a “market perform” rating and set a $150.00 price target (down previously from $157.00) on shares of Allegiant Travel in a research report on Thursday, July 27th. Finally, Stifel Nicolaus restated a “hold” rating and set a $173.00 price target on shares of Allegiant Travel in a research report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $158.58.
In other Allegiant Travel news, SVP Gregory Clark Anderson sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $142.08, for a total transaction of $213,120.00. Following the completion of the transaction, the senior vice president now owns 15,054 shares in the company, valued at approximately $2,138,872.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 22.00% 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. 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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