Allegiant Travel Company (NASDAQ:ALGT) – Equities research analysts at Imperial Capital dropped their FY2017 earnings per share estimates for Allegiant Travel in a research report issued on Monday. Imperial Capital analyst M. Derchin now anticipates that the transportation company will earn $8.50 per share for the year, down from their prior forecast of $9.15. Imperial Capital also issued estimates for Allegiant Travel’s FY2018 earnings at $8.80 EPS.
Allegiant Travel (NASDAQ:ALGT) last issued its earnings results on Wednesday, October 25th. The transportation company reported $1.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.08. The business had revenue of $348.80 million for the quarter, compared to the consensus estimate of $349.79 million. Allegiant Travel had a net margin of 10.52% and a return on equity of 32.19%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.75 earnings per share. TRADEMARK VIOLATION NOTICE: “FY2017 EPS Estimates for Allegiant Travel Company Cut by Imperial Capital (ALGT)” was first posted by Community Financial News and is the sole property of of Community Financial News. If you are viewing this report on another publication, it was stolen and reposted in violation of international trademark & copyright legislation. The correct version of this report can be viewed at https://www.com-unik.info/2017/11/02/fy2017-eps-estimates-for-allegiant-travel-company-cut-by-imperial-capital-algt.html.
Other equities analysts have also recently issued reports about the company. ValuEngine upgraded Allegiant Travel from a “hold” rating to a “buy” rating in a research note on Thursday, July 20th. 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 research note on Monday, July 17th. Sidoti restated a “buy” rating and set a $186.00 price objective (up from $183.00) on shares of Allegiant Travel in a research note on Wednesday, July 12th. Citigroup Inc. dropped their price objective on Allegiant Travel from $175.00 to $168.00 and set a “buy” rating on the stock in a research note on Tuesday, September 26th. Finally, Morgan Stanley restated an “equal weight” rating and set a $141.00 price objective (down from $144.00) on shares of Allegiant Travel in a research note on Monday, July 10th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. Allegiant Travel presently has an average rating of “Hold” and an average price target of $144.17.
Allegiant Travel announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 26th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the transportation company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Wednesday, November 22nd will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Tuesday, November 21st. Allegiant Travel’s payout ratio is 30.08%.
In other Allegiant Travel news, President John Redmond bought 11,000 shares of the stock in a transaction dated Friday, October 27th. The shares were bought at an average cost of $138.28 per share, for a total transaction of $1,521,080.00. Following the purchase, the president now directly owns 92,574 shares of the company’s stock, valued at approximately $12,801,132.72. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Scott Sheldon sold 5,872 shares of Allegiant Travel stock in a transaction on Friday, October 27th. The stock was sold at an average price of $137.63, for a total value of $808,163.36. Following the sale, the chief financial officer now owns 21,202 shares in the company, valued at $2,918,031.26. The disclosure for this sale can be found here. Insiders own 21.00% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in ALGT. BlackRock Inc. increased its holdings in 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 acquiring an additional 1,545,387 shares during the last quarter. Diamond Hill Capital Management Inc. increased its holdings in Allegiant Travel by 19,391.1% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 404,441 shares of the transportation company’s stock worth $53,265,000 after acquiring an additional 402,366 shares during the last quarter. Capital Research Global Investors increased its holdings in Allegiant Travel by 33.6% in the 2nd quarter. Capital Research Global Investors now owns 547,178 shares of the transportation company’s stock worth $74,197,000 after acquiring an additional 137,600 shares during the last quarter. FMR LLC increased its holdings in Allegiant Travel by 8.7% in the 2nd quarter. FMR LLC now owns 1,014,073 shares of the transportation company’s stock worth $137,508,000 after acquiring an additional 81,533 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its holdings in Allegiant Travel by 9.4% in the 2nd quarter. TimesSquare Capital Management LLC now owns 676,292 shares of the transportation company’s stock worth $91,705,000 after acquiring an additional 58,065 shares during the last quarter. 84.61% of the stock is owned by institutional investors.
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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