Bank of New York Mellon Corp Has $30.24 Million Holdings in Allegiant Travel Company (ALGT)
Bank of New York Mellon Corp cut its stake in shares of Allegiant Travel Company (NASDAQ:ALGT) by 4.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 223,023 shares of the transportation company’s stock after selling 10,170 shares during the period. Bank of New York Mellon Corp owned approximately 1.38% of Allegiant Travel worth $30,242,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in Allegiant Travel during the 2nd quarter valued at approximately $339,000. Schwab Charles Investment Management Inc. raised its stake in Allegiant Travel by 8.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 79,170 shares of the transportation company’s stock valued at $10,736,000 after acquiring an additional 5,991 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Allegiant Travel by 22.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,000 shares of the transportation company’s stock valued at $814,000 after acquiring an additional 1,100 shares during the last quarter. Trexquant Investment LP purchased a new stake in Allegiant Travel during the 2nd quarter valued at approximately $212,000. Finally, Sei Investments Co. raised its stake in Allegiant Travel by 4.1% during the 2nd quarter. Sei Investments Co. now owns 39,011 shares of the transportation company’s stock valued at $5,290,000 after acquiring an additional 1,535 shares during the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on ALGT shares. Bank of America Corporation cut their target price on Allegiant Travel from $175.00 to $165.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. ValuEngine downgraded Allegiant Travel from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Morgan Stanley cut their target price on Allegiant Travel from $139.00 to $133.00 and set an “equal weight” rating for the company in a research note on Thursday, August 17th. Zacks Investment Research raised Allegiant Travel from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a research note on Monday, July 17th. Finally, Cowen and Company reissued a “market perform” rating and set a $150.00 target price (down from $157.00) on shares of Allegiant Travel in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. Allegiant Travel has an average rating of “Hold” and an average price target of $156.75.
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Shares of Allegiant Travel Company (ALGT) opened at 117.35 on Tuesday. Allegiant Travel Company has a 12-month low of $111.54 and a 12-month high of $182.25. The firm has a market cap of $1.90 billion, a PE ratio of 11.01 and a beta of -0.01. The company has a 50 day moving average price of $124.32 and a 200-day moving average price of $143.65.
Allegiant Travel (NASDAQ:ALGT) last announced its earnings results on Wednesday, July 26th. The transportation company reported $2.94 EPS for the quarter, missing the Thomson Reuters’ 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 the consensus estimate of $399.58 million. During the same period in the previous year, the firm earned $3.68 EPS. Allegiant Travel’s revenue for the quarter was up 16.1% on a year-over-year basis. Analysts expect that Allegiant Travel Company will post $9.22 EPS for the current year.
Allegiant Travel announced that its Board of Directors has approved a stock buyback program on Wednesday, July 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the transportation company to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Friday, August 18th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $2.80 annualized dividend and a yield of 2.39%. Allegiant Travel’s payout ratio is 26.24%.
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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