Allegiant Travel Company (NASDAQ:ALGT) President John Redmond acquired 11,000 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was purchased at an average cost of $138.28 per share, for a total transaction of $1,521,080.00. Following the completion of the acquisition, the president now directly owns 92,574 shares of the company’s stock, valued at approximately $12,801,132.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Allegiant Travel (NASDAQ:ALGT) last issued its quarterly earnings results on Wednesday, October 25th. The transportation company reported $1.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.08. The firm had revenue of $348.80 million for the quarter, compared to analysts’ expectations of $349.79 million. Allegiant Travel had a return on equity of 32.19% and a net margin of 10.52%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.75 EPS.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Wednesday, November 22nd will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.05%. The ex-dividend date is Tuesday, November 21st. Allegiant Travel’s dividend payout ratio (DPR) is presently 30.08%.
Allegiant Travel declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 26th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the transportation company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
ALGT has been the topic of a number of research reports. ValuEngine raised Allegiant Travel from a “hold” rating to a “buy” rating in a report on Thursday, July 20th. Zacks Investment Research raised 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. Sidoti reissued a “buy” rating and issued a $186.00 price objective (up from $183.00) on shares of Allegiant Travel in a report on Wednesday, July 12th. Citigroup Inc. cut their price objective on Allegiant Travel from $175.00 to $168.00 and set a “buy” rating on the stock in a report on Tuesday, September 26th. Finally, Morgan Stanley reissued 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. Three analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $144.17.
A number of hedge funds have recently modified their holdings of the stock. Parametrica Management Ltd acquired a new position in Allegiant Travel in the 3rd quarter valued at about $456,000. Victory Capital Management Inc. increased its position in Allegiant Travel by 517.5% in the 3rd quarter. Victory Capital Management Inc. now owns 5,267 shares of the transportation company’s stock valued at $694,000 after acquiring an additional 4,414 shares during the period. Crossmark Global Holdings Inc. acquired a new position in Allegiant Travel in the 3rd quarter valued at about $351,000. Nationwide Fund Advisors increased its position in Allegiant Travel by 3.4% in the 3rd quarter. Nationwide Fund Advisors now owns 85,083 shares of the transportation company’s stock valued at $11,205,000 after acquiring an additional 2,832 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its position 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 valued at $53,265,000 after acquiring an additional 402,366 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.
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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