Panagora Asset Management Inc. lifted its stake in Allegiant Travel (NASDAQ:ALGT) by 592.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,251 shares of the transportation company’s stock after purchasing an additional 1,926 shares during the period. Panagora Asset Management Inc.’s holdings in Allegiant Travel were worth $323,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Prudential Financial Inc. increased its holdings in shares of Allegiant Travel by 25.3% in the second quarter. Prudential Financial Inc. now owns 30,710 shares of the transportation company’s stock valued at $4,406,000 after purchasing an additional 6,193 shares during the last quarter. Van Hulzen Asset Management LLC purchased a new position in shares of Allegiant Travel during the second quarter worth $358,000. LSV Asset Management boosted its position in shares of Allegiant Travel by 130.7% during the second quarter. LSV Asset Management now owns 17,300 shares of the transportation company’s stock worth $2,482,000 after buying an additional 9,800 shares during the period. Commerce Bank boosted its position in shares of Allegiant Travel by 4.2% during the second quarter. Commerce Bank now owns 3,825 shares of the transportation company’s stock worth $549,000 after buying an additional 153 shares during the period. Finally, Wasatch Advisors Inc. boosted its position in shares of Allegiant Travel by 20.9% during the second quarter. Wasatch Advisors Inc. now owns 774,176 shares of the transportation company’s stock worth $111,094,000 after buying an additional 133,858 shares during the period. 80.71% of the stock is owned by hedge funds and other institutional investors.
ALGT has been the subject of several research analyst reports. Buckingham Research raised their price target on Allegiant Travel from $186.00 to $191.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. BidaskClub upgraded Allegiant Travel from a “sell” rating to a “hold” rating in a research report on Saturday, September 7th. Morgan Stanley raised their price target on Allegiant Travel from $132.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 14th. Citigroup raised their price target on Allegiant Travel from $180.00 to $182.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Finally, Sidoti raised their price target on Allegiant Travel from $178.00 to $180.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $164.00.
Allegiant Travel (NASDAQ:ALGT) last released its earnings results on Wednesday, July 24th. The transportation company reported $4.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.67 by ($0.34). The company had revenue of $491.80 million during the quarter, compared to analysts’ expectations of $504.81 million. Allegiant Travel had a net margin of 10.54% and a return on equity of 26.59%. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter last year, the business posted $3.10 earnings per share. As a group, sell-side analysts expect that Allegiant Travel will post 14.08 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 20th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.80 dividend on an annualized basis and a yield of 1.82%. Allegiant Travel’s dividend payout ratio (DPR) is presently 28.00%.
In other Allegiant Travel news, CEO Maurice J. Gallagher, Jr. sold 40,731 shares of Allegiant Travel stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $154.40, for a total transaction of $6,288,866.40. Following the completion of the sale, the chief executive officer now directly owns 2,889,421 shares of the company’s stock, valued at approximately $446,126,602.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary Ellmer sold 1,000 shares of Allegiant Travel stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $145.10, for a total value of $145,100.00. Following the sale, the director now directly owns 2,000 shares of the company’s stock, valued at $290,200. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,778 shares of company stock valued at $11,088,089. 20.90% of the stock is currently owned by company insiders.
Allegiant Travel Profile
Allegiant Travel Company, a leisure travel company, provides 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. As of February 15, 2019, it operated a fleet of 79 Airbus A320 series aircraft.
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