Franklin Resources Inc. Cuts Stake in Allegiant Travel Company (ALGT)
Franklin Resources Inc. reduced its position in Allegiant Travel Company (NASDAQ:ALGT) by 12.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 617,473 shares of the transportation company’s stock after selling 88,008 shares during the quarter. Franklin Resources Inc. owned 3.81% of Allegiant Travel worth $83,729,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Allegiant Travel by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 1,157,458 shares of the transportation company’s stock worth $185,482,000 after purchasing an additional 51,487 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Allegiant Travel by 141,260.2% in the 1st quarter. BlackRock Inc. now owns 1,546,481 shares of the transportation company’s stock worth $247,824,000 after purchasing an additional 1,545,387 shares in the last quarter. GHP Investment Advisors Inc. boosted its holdings in shares of Allegiant Travel by 14.4% in the 2nd quarter. GHP Investment Advisors Inc. now owns 7,901 shares of the transportation company’s stock worth $1,071,000 after purchasing an additional 992 shares in the last quarter. FMR LLC boosted its holdings in shares of Allegiant Travel by 0.6% in the 1st quarter. FMR LLC now owns 932,540 shares of the transportation company’s stock worth $149,439,000 after purchasing an additional 6,000 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Allegiant Travel by 1.6% in the 1st quarter. Ameriprise Financial Inc. now owns 74,254 shares of the transportation company’s stock worth $11,898,000 after purchasing an additional 1,135 shares in the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.
Allegiant Travel Company (NASDAQ:ALGT) opened at 118.65 on Wednesday. The firm’s 50-day moving average price is $124.12 and its 200-day moving average price is $143.46. Allegiant Travel Company has a 52-week low of $111.54 and a 52-week high of $182.25. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 11.13 and a beta of -0.01.
Allegiant Travel (NASDAQ:ALGT) last announced its earnings results on Wednesday, July 26th. The transportation company reported $2.94 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.96 by ($0.02). Allegiant Travel had a net margin of 12.23% and a return on equity of 37.66%. The business had revenue of $400.60 million for the quarter, compared to analysts’ expectations of $399.58 million. During the same quarter last year, the firm earned $3.68 EPS. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. On average, equities analysts anticipate that Allegiant Travel Company will post $9.19 EPS for the current year.
Allegiant Travel announced that its board has authorized a stock buyback plan on Wednesday, July 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the transportation company to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Friday, August 18th were given a dividend of $0.70 per share. The ex-dividend date was Wednesday, August 16th. This represents a $2.80 annualized dividend and a dividend yield of 2.36%. Allegiant Travel’s dividend payout ratio (DPR) is presently 26.24%.
A number of equities analysts have recently issued reports on ALGT shares. Cowen and Company reiterated a “market perform” rating and issued a $157.00 price objective on shares of Allegiant Travel in a report on Tuesday, May 30th. ValuEngine cut Allegiant Travel from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded Allegiant Travel from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 27th. Bank of America Corporation cut their price objective on Allegiant Travel from $175.00 to $165.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $141.00 price objective (down from $144.00) on shares of Allegiant Travel in a report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $156.75.
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Allegiant Travel 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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