Zacks Investment Research upgraded shares of Allegiant Air (NASDAQ:ALGT) from a sell rating to a hold rating in a research report report published on Wednesday.
According to Zacks, “Shares of Allegiant have performed miserably over the past month. Notably, the stock has declined more than 19% in the past month. Adding to its woes, CBS News' report, "60 Minutes", painted a gloomy picture of the airlines, alleging that it was facing a number of safety-related issues. The damaging television program aired on Apr 15. Apart from the safety-related issues, the high labor and fuel costs represent further concerns. We expect high costs to hurt Allegiant's bottom line in the first quarter of 2018. Detailed results should be out on Apr 25. We are, however, impressed by the company’s efforts to reward shareholders through share buybacks and dividend payments. Efforts to modernize its fleet also encourage us.”
A number of other equities analysts have also weighed in on the company. Morgan Stanley lowered their target price on Allegiant Air from $171.00 to $169.00 and set an equal weight rating on the stock in a research note on Thursday, April 12th. BidaskClub lowered Allegiant Air from a buy rating to a hold rating in a research note on Thursday, April 12th. ValuEngine lowered Allegiant Air from a buy rating to a hold rating in a research note on Monday, April 9th. Imperial Capital reiterated an in-line rating and set a $165.00 target price (up previously from $150.00) on shares of Allegiant Air in a research note on Thursday, February 1st. Finally, Wolfe Research raised Allegiant Air from a market perform rating to an outperform rating in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. Allegiant Air has an average rating of Hold and an average target price of $164.36.
Shares of NASDAQ ALGT opened at $144.30 on Wednesday. The company has a market cap of $2,304.76, a PE ratio of 15.04, a PEG ratio of 0.47 and a beta of 0.07. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.95 and a current ratio of 0.98. Allegiant Air has a 1-year low of $111.54 and a 1-year high of $181.45.
Allegiant Air (NASDAQ:ALGT) last announced its earnings results on Wednesday, January 31st. The transportation company reported $2.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.93. The company had revenue of $378.56 million for the quarter, compared to analyst estimates of $377.25 million. Allegiant Air had a return on equity of 31.47% and a net margin of 12.96%. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 earnings per share. equities research analysts predict that Allegiant Air will post 10.84 earnings per share for the current year.
In related news, CEO Maurice J. Gallagher, Jr. sold 12,645 shares of the stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $163.40, for a total transaction of $2,066,193.00. Following the sale, the chief executive officer now owns 2,977,169 shares of the company’s stock, valued at $486,469,414.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Gregory Clark Anderson sold 1,650 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $178.25, for a total value of $294,112.50. Following the sale, the senior vice president now directly owns 15,935 shares in the company, valued at approximately $2,840,413.75. The disclosure for this sale can be found here. Insiders have sold 14,415 shares of company stock worth $2,381,714 in the last three months. 21.00% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of Allegiant Air by 47.0% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,258 shares of the transportation company’s stock valued at $166,000 after purchasing an additional 402 shares in the last quarter. Elkfork Partners LLC acquired a new stake in shares of Allegiant Air in the 4th quarter valued at $184,000. Shelton Capital Management acquired a new stake in shares of Allegiant Air in the 4th quarter valued at $202,000. Teacher Retirement System of Texas acquired a new stake in shares of Allegiant Air in the 4th quarter valued at $216,000. Finally, McKinley Carter Wealth Services Inc. acquired a new stake in shares of Allegiant Air in the 4th quarter valued at $233,000. 90.40% of the stock is currently owned by hedge funds and other institutional investors.
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Allegiant Air Company Profile
Allegiant Travel Company, a leisure travel company, focuses on the provision of travel services and products to residents of under-served cities in the United States. The company offers scheduled air transportation on limited frequency nonstop flights between under-served cities and leisure destinations.
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