Cubist Systematic Strategies LLC acquired a new position in shares of Allegiant Travel Company (NASDAQ:ALGT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,975 shares of the transportation company’s stock, valued at approximately $675,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGT. BlackRock Inc. boosted its stake in Allegiant Travel by 141,260.2% during the first quarter. BlackRock Inc. now owns 1,546,481 shares of the transportation company’s stock worth $247,824,000 after buying an additional 1,545,387 shares during the last quarter. Capital Research Global Investors raised its position in Allegiant Travel by 33.6% in the second quarter. Capital Research Global Investors now owns 547,178 shares of the transportation company’s stock valued at $74,197,000 after purchasing an additional 137,600 shares during the period. FMR LLC raised its position in Allegiant Travel by 8.7% in the second quarter. FMR LLC now owns 1,014,073 shares of the transportation company’s stock valued at $137,508,000 after purchasing an additional 81,533 shares during the period. TimesSquare Capital Management LLC raised its position in Allegiant Travel by 9.4% in the second quarter. TimesSquare Capital Management LLC now owns 676,292 shares of the transportation company’s stock valued at $91,705,000 after purchasing an additional 58,065 shares during the period. Finally, Investment Counselors of Maryland LLC raised its position in Allegiant Travel by 68.5% in the second quarter. Investment Counselors of Maryland LLC now owns 131,049 shares of the transportation company’s stock valued at $17,770,000 after purchasing an additional 53,255 shares during the period. 82.41% of the stock is currently owned by institutional investors.
ALGT has been the topic of a number of research analyst reports. Bank of America Corporation reduced their target price 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. Morgan Stanley reiterated an “equal weight” rating and issued a $141.00 price objective (down previously from $144.00) on shares of Allegiant Travel in a report on Monday, July 10th. Sidoti reiterated a “buy” rating and issued a $186.00 price objective (up previously from $183.00) on shares of Allegiant Travel in a report on Wednesday, July 12th. Zacks Investment Research upgraded Allegiant Travel from a “hold” rating to a “buy” rating and set a $159.00 price objective on the stock in a report on Monday, July 17th. Finally, ValuEngine upgraded Allegiant Travel from a “hold” rating to a “buy” rating in a report on Thursday, July 20th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $144.17.
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Allegiant Travel Company (NASDAQ ALGT) traded down 1.45% on Friday, hitting $139.30. The stock had a trading volume of 187,291 shares. The stock has a market cap of $2.26 billion, a P/E ratio of 13.07 and a beta of 0.03. Allegiant Travel Company has a one year low of $111.54 and a one year high of $182.25. The company’s 50-day moving average is $131.14 and its 200-day moving average is $136.86.
Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings results on Wednesday, October 25th. The transportation company reported $1.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.08. Allegiant Travel had a net margin of 10.52% and a return on equity of 32.11%. The business had revenue of $348.80 million for the quarter, compared to analysts’ expectations of $349.79 million. During the same period in the prior year, the firm earned $2.75 earnings per share. Allegiant Travel’s revenue was up 4.6% compared to the same quarter last year. On average, analysts anticipate that Allegiant Travel Company will post $8.80 earnings per share for the current fiscal year.
Allegiant Travel declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to purchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Wednesday, November 22nd will be paid a $0.70 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $2.80 dividend on an annualized basis and a yield of 2.01%. Allegiant Travel’s payout ratio is presently 30.08%.
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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