Allegiant Travel Company (ALGT) Position Trimmed by Prudential Financial Inc.
Prudential Financial Inc. trimmed its holdings in shares of Allegiant Travel Company (NASDAQ:ALGT) by 39.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,493 shares of the transportation company’s stock after selling 16,942 shares during the period. Prudential Financial Inc. owned 0.16% of Allegiant Travel worth $3,592,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. GHP Investment Advisors Inc. increased its holdings in Allegiant Travel by 14.4% during the 2nd quarter. GHP Investment Advisors Inc. now owns 7,901 shares of the transportation company’s stock valued at $1,071,000 after purchasing an additional 992 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Allegiant Travel by 17.5% during the 2nd quarter. Victory Capital Management Inc. now owns 853 shares of the transportation company’s stock valued at $116,000 after purchasing an additional 127 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in Allegiant Travel during the 2nd quarter valued at $919,000. BNP Paribas Arbitrage SA increased its holdings in Allegiant Travel by 45.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,054 shares of the transportation company’s stock valued at $685,000 after purchasing an additional 1,591 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Allegiant Travel by 10.7% during the 2nd quarter. Legal & General Group Plc now owns 24,431 shares of the transportation company’s stock valued at $3,315,000 after purchasing an additional 2,363 shares in the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.
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A number of research firms recently weighed in on ALGT. Morgan Stanley reaffirmed an “equal weight” rating and set a $141.00 price target (down from $144.00) on shares of Allegiant Travel in a report on Monday, July 10th. Sidoti reaffirmed a “buy” rating and set a $186.00 price target (up from $183.00) on shares of Allegiant Travel in a report on Wednesday, July 12th. BidaskClub cut Allegiant Travel from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Barclays PLC reaffirmed a “sell” rating and set a $130.00 price target on shares of Allegiant Travel in a report on Thursday, September 14th. Finally, Cowen and Company reaffirmed a “market perform” rating and set a $157.00 price target on shares of Allegiant Travel in a report on Tuesday, May 30th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. Allegiant Travel currently has an average rating of “Hold” and an average target price of $153.75.
Allegiant Travel Company (NASDAQ:ALGT) opened at 130.10 on Friday. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 12.20 and a beta of -0.01. Allegiant Travel Company has a 52-week low of $111.54 and a 52-week high of $182.25. The stock has a 50 day moving average price of $121.52 and a 200 day moving average price of $141.23.
Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.96 by ($0.02). The company had revenue of $400.60 million for the quarter, compared to analyst estimates of $399.58 million. Allegiant Travel had a return on equity of 37.66% and a net margin of 12.23%. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the company posted $3.68 earnings per share. Analysts anticipate that Allegiant Travel Company will post $9.17 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Friday, August 18th were issued a $0.70 dividend. The ex-dividend date was Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.15%. Allegiant Travel’s payout ratio is 26.24%.
Allegiant Travel announced that its board has authorized a share buyback plan on Wednesday, July 26th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the transportation company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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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