Empirical Finance LLC Trims Stake in Allegiant Travel Company (ALGT)
Empirical Finance LLC trimmed its position in shares of Allegiant Travel Company (NASDAQ:ALGT) by 56.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,737 shares of the transportation company’s stock after selling 7,366 shares during the quarter. Empirical Finance LLC’s holdings in Allegiant Travel were worth $756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in the company. Pinebridge Investments L.P. lifted its holdings in shares of Allegiant Travel by 1.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 1,733 shares of the transportation company’s stock valued at $235,000 after buying an additional 18 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Allegiant Travel by 2.0% during the 2nd quarter. D.A. Davidson & CO. now owns 1,176 shares of the transportation company’s stock valued at $159,000 after buying an additional 23 shares during the last quarter. First Midwest Bank Trust Division lifted its holdings in shares of Allegiant Travel by 1.8% during the 2nd quarter. First Midwest Bank Trust Division now owns 3,659 shares of the transportation company’s stock valued at $496,000 after buying an additional 66 shares during the last quarter. Amalgamated Bank raised its stake in shares of Allegiant Travel by 4.4% in the 2nd quarter. Amalgamated Bank now owns 1,823 shares of the transportation company’s stock valued at $247,000 after acquiring an additional 77 shares in the last quarter. Finally, Texas Permanent School Fund raised its stake in shares of Allegiant Travel by 0.9% in the 2nd quarter. Texas Permanent School Fund now owns 9,596 shares of the transportation company’s stock valued at $1,301,000 after acquiring an additional 81 shares in the last quarter. Institutional investors and hedge funds own 84.49% of the company’s stock.
In other Allegiant Travel news, President John Redmond purchased 11,000 shares of the stock in a transaction on Friday, October 27th. The stock was bought 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 $12,801,132.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Scott Sheldon sold 5,872 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $137.63, for a total value of $808,163.36. Following the completion of the sale, the chief financial officer now owns 21,202 shares of the company’s stock, valued at $2,918,031.26. The disclosure for this sale can be found here. 22.00% of the stock is owned by corporate insiders.
Allegiant Travel Company (NASDAQ ALGT) traded up $0.30 during mid-day trading on Monday, hitting $132.55. The stock had a trading volume of 1,090 shares, compared to its average volume of 155,531. The company has a market capitalization of $2,126.30, a P/E ratio of 14.20 and a beta of 0.12. Allegiant Travel Company has a 12 month low of $111.54 and a 12 month high of $182.25. The company has a current ratio of 1.05, a quick ratio of 1.01 and a debt-to-equity ratio of 1.78.
Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings data on Wednesday, October 25th. The transportation company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.08. The business had revenue of $348.80 million during the quarter, compared to the consensus estimate 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 was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.75 earnings per share. analysts predict that Allegiant Travel Company will post 8.52 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Wednesday, November 22nd will be issued a $0.70 dividend. The ex-dividend date is Tuesday, November 21st. This represents a $2.80 annualized dividend and a dividend yield of 2.11%. Allegiant Travel’s dividend payout ratio (DPR) is currently 30.08%.
Allegiant Travel declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the transportation company to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
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A number of research analysts recently weighed in on the company. Cowen and Company reissued a “market perform” rating and issued a $150.00 price objective (down from $157.00) on shares of Allegiant Travel in a research note on Thursday, July 27th. Morgan Stanley dropped their price target on Allegiant Travel from $139.00 to $133.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 17th. BidaskClub downgraded Allegiant Travel from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research downgraded Allegiant Travel from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Sidoti reaffirmed a “buy” rating and issued a $186.00 price target (up from $183.00) on shares of Allegiant Travel in a research report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $144.17.
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.
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