Allegiant Travel’s (ALGT) Hold Rating Reiterated at Cowen and Company

Cowen and Company reissued their hold rating on shares of Allegiant Travel Company (NASDAQ:ALGT) in a research report sent to investors on Tuesday. They currently have a $145.00 target price on the transportation company’s stock.

Several other research analysts also recently issued reports on the company. 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. BidaskClub downgraded Allegiant Travel from a sell rating to a strong sell rating in a report on Tuesday, August 22nd. Barclays PLC reaffirmed a sell rating and set a $130.00 price objective on shares of Allegiant Travel in a report on Thursday, September 14th. ValuEngine raised Allegiant Travel from a hold rating to a buy rating in a report on Thursday, July 20th. Finally, Sidoti reaffirmed a buy rating and set a $186.00 price objective (up previously from $183.00) on shares of Allegiant Travel in a report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $144.17.

Allegiant Travel (NASDAQ:ALGT) traded up 0.94% during mid-day trading on Tuesday, hitting $139.95. The stock had a trading volume of 36,866 shares. Allegiant Travel has a 1-year low of $111.54 and a 1-year high of $182.25. The stock has a 50 day moving average of $128.97 and a 200-day moving average of $137.51. The firm has a market cap of $2.27 billion, a P/E ratio of 13.13 and a beta of 0.03.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings data on Wednesday, July 26th. The transportation company reported $2.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.96 by ($0.02). Allegiant Travel had a return on equity of 37.66% and a net margin of 12.23%. The firm had revenue of $400.60 million for the quarter, compared to analyst estimates of $399.58 million. During the same period in the prior year, the company posted $3.68 EPS. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. Analysts predict that Allegiant Travel will post $8.89 EPS for the current fiscal year.

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Allegiant Travel declared that its board has authorized a share 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 reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Hedge funds have recently bought and sold shares of the company. Marshall Wace North America L.P. acquired a new position in shares of Allegiant Travel in the 2nd quarter valued at $919,000. BNP Paribas Arbitrage SA raised its stake in Allegiant Travel by 45.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,054 shares of the transportation company’s stock worth $685,000 after buying an additional 1,591 shares during the period. Vanguard Group Inc. raised its stake in Allegiant Travel by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 1,157,458 shares of the transportation company’s stock worth $185,482,000 after buying an additional 51,487 shares during the period. BlackRock Inc. raised its stake in Allegiant Travel by 141,260.2% during the 1st 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 period. Finally, GHP Investment Advisors Inc. raised its stake in Allegiant Travel by 14.4% during the 2nd quarter. GHP Investment Advisors Inc. now owns 7,901 shares of the transportation company’s stock worth $1,071,000 after buying an additional 992 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Allegiant Travel Company Profile

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.

Analyst Recommendations for Allegiant Travel (NASDAQ:ALGT)

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