Bessemer Group Inc. Has $1,953,000 Stake in Allegiant Travel Company (ALGT)
Bessemer Group Inc. held its position in shares of Allegiant Travel Company (NASDAQ:ALGT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,400 shares of the transportation company’s stock at the end of the second quarter. Bessemer Group Inc.’s holdings in Allegiant Travel were worth $1,953,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. raised its position in shares of Allegiant Travel by 141,260.2% in the first 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 in the last quarter. Vanguard Group Inc. raised its stake in Allegiant Travel by 4.7% in the first quarter. Vanguard Group Inc. now owns 1,157,458 shares of the transportation company’s stock valued at $185,482,000 after buying an additional 51,487 shares during the period. FMR LLC raised its stake in Allegiant Travel by 0.6% in the first quarter. FMR LLC now owns 932,540 shares of the transportation company’s stock valued at $149,439,000 after buying an additional 6,000 shares during the period. Neuberger Berman Group LLC raised its stake in Allegiant Travel by 17.6% in the first quarter. Neuberger Berman Group LLC now owns 601,416 shares of the transportation company’s stock valued at $96,377,000 after buying an additional 90,037 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Allegiant Travel by 5.3% in the first quarter. Dimensional Fund Advisors LP now owns 383,712 shares of the transportation company’s stock valued at $61,490,000 after buying an additional 19,245 shares during the period. 85.77% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Allegiant Travel Company (NASDAQ:ALGT) opened at 122.30 on Friday. The stock has a 50 day moving average price of $137.11 and a 200 day moving average price of $151.72. The stock has a market capitalization of $1.98 billion, a P/E ratio of 11.47 and a beta of -0.05. Allegiant Travel Company has a 12 month low of $121.75 and a 12 month high of $182.25.
Allegiant Travel (NASDAQ:ALGT) last issued its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.96 by $0.02. Allegiant Travel had a net margin of 12.23% and a return on equity of 37.66%. The business had revenue of $400.60 million for the quarter, compared to analysts’ expectations of $399.58 million. During the same quarter in the prior year, the firm posted $3.68 EPS. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. On average, analysts anticipate that Allegiant Travel Company will post $9.38 EPS for the current fiscal year.
Allegiant Travel declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the transportation company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Friday, August 18th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.29%. Allegiant Travel’s payout ratio is 26.24%.
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Several analysts have weighed in on the company. BidaskClub lowered Allegiant Travel from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Cowen and Company reissued a “market perform” rating and issued a $150.00 target price (down previously from $157.00) on shares of Allegiant Travel in a report on Thursday, July 27th. Imperial Capital reissued an “in-line” rating and issued a $155.00 target price (down previously from $170.00) on shares of Allegiant Travel in a report on Thursday, April 27th. Deutsche Bank AG reissued a “hold” rating and issued a $130.00 target price (down previously from $153.00) on shares of Allegiant Travel in a report on Thursday, July 27th. Finally, Bank of America Corporation lowered Allegiant Travel from a “buy” rating to a “neutral” rating and lowered their target price for the company from $205.00 to $175.00 in a report on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $158.58.
In other Allegiant Travel news, SVP Gregory Clark Anderson sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $142.08, for a total value of $213,120.00. Following the completion of the sale, the senior vice president now owns 15,054 shares of the company’s stock, valued at $2,138,872.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 21.00% of the stock is currently owned by company insiders.
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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