Morgan Stanley Has $4.42 Million Position in Allegiant Travel Company (ALGT)
Morgan Stanley lowered its stake in shares of Allegiant Travel Company (NASDAQ:ALGT) by 33.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,562 shares of the transportation company’s stock after selling 13,983 shares during the period. Morgan Stanley’s holdings in Allegiant Travel were worth $4,417,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. 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 in the last quarter. Geode Capital Management LLC raised its stake in Allegiant Travel by 5.7% in the first quarter. Geode Capital Management LLC now owns 109,180 shares of the transportation company’s stock valued at $17,496,000 after buying an additional 5,890 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 in the last quarter. Menta Capital LLC purchased a new stake in Allegiant Travel during the first quarter valued at approximately $589,000. Finally, Thrivent Financial For Lutherans raised its stake in Allegiant Travel by 5.3% in the first quarter. Thrivent Financial For Lutherans now owns 7,390 shares of the transportation company’s stock valued at $1,184,000 after buying an additional 370 shares in the last quarter. Institutional investors own 85.77% of the company’s stock.
Allegiant Travel Company (NASDAQ ALGT) traded down 1.43% during trading on Friday, hitting $120.55. 115,454 shares of the stock traded hands. The company’s 50 day moving average price is $136.48 and its 200-day moving average price is $151.32. The stock has a market cap of $1.95 billion, a P/E ratio of 11.31 and a beta of -0.05. Allegiant Travel Company has a 52-week low of $120.15 and a 52-week high of $182.25.
Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 earnings per share for the quarter, missing the Zacks’ 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 company had revenue of $400.60 million for the quarter, compared to analyst estimates of $399.58 million. During the same period last year, the company earned $3.68 earnings per share. The business’s revenue for the quarter was up 16.1% compared to the same quarter last year. Equities research analysts forecast that Allegiant Travel Company will post $9.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Friday, August 18th will be paid 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 dividend yield of 2.32%. Allegiant Travel’s dividend payout ratio (DPR) is presently 26.24%.
Allegiant Travel announced that its Board of Directors has approved a share buyback plan on Wednesday, July 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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Several analysts recently commented on the stock. BidaskClub lowered shares of Allegiant Travel from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research lowered shares of Allegiant Travel from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Deutsche Bank AG restated a “hold” rating and set a $130.00 price target (down previously from $153.00) on shares of Allegiant Travel in a research report on Thursday, July 27th. Cowen and Company reiterated a “market perform” rating and issued a $150.00 target price (down previously from $157.00) on shares of Allegiant Travel in a research report on Thursday, July 27th. Finally, ValuEngine upgraded shares of Allegiant Travel from a “hold” rating to a “buy” rating in a research report on Thursday, July 20th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. Allegiant Travel currently has a consensus rating of “Hold” and a consensus target price of $158.58.
In other news, SVP Gregory Clark Anderson sold 1,500 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $142.08, for a total transaction of $213,120.00. Following the transaction, the senior vice president now directly owns 15,054 shares of the company’s stock, valued at approximately $2,138,872.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 21.00% 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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