The Allegiant Travel’s (NASDAQ:ALGT) Neutral Rating Reiterated at Bank of America Corporation

The Allegiant Travel’s (NASDAQ:ALGT) Neutral Rating Reiterated at Bank of America Corporation

Bank of America Corporation restated their neutral rating on shares of Allegiant Travel Company (NASDAQ:ALGT) in a report released on Tuesday, October 10th. They currently have a $145.00 price objective on the transportation company’s stock, down from their prior price objective of $150.00.

Other research analysts also recently issued research reports about the stock. ValuEngine upgraded shares of Allegiant Travel from a hold rating to a buy rating in a research report on Thursday, July 20th. Zacks Investment Research upgraded shares of Allegiant Travel from a hold rating to a buy rating and set a $159.00 price target on the stock in a research report on Monday, July 17th. Sidoti reiterated 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. Citigroup Inc. decreased their price target on shares of Allegiant Travel from $175.00 to $168.00 and set a buy rating on the stock in a research report on Tuesday, September 26th. Finally, Morgan Stanley restated an equal weight rating and set a $141.00 price objective (down from $144.00) on shares of Allegiant Travel in a research report on Monday, July 10th. Three investment 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 a consensus rating of Hold and a consensus target price of $144.17.

Shares of Allegiant Travel (ALGT) opened at 140.30 on Tuesday. Allegiant Travel has a 52 week low of $111.54 and a 52 week high of $182.25. The firm has a market capitalization of $2.27 billion, a PE ratio of 13.16 and a beta of 0.03. The company’s 50 day moving average price is $129.61 and its 200-day moving average price is $137.37.

Allegiant Travel (NASDAQ:ALGT) last posted its quarterly earnings results on Wednesday, July 26th. The transportation company reported $2.94 EPS for the quarter, missing the Zacks’ consensus estimate of $2.96 by ($0.02). Allegiant Travel had a net margin of 12.23% and a return on equity of 37.66%. The firm had revenue of $400.60 million for the quarter, compared to analysts’ expectations of $399.58 million. During the same quarter in the previous year, the company earned $3.68 EPS. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. On average, equities research analysts expect that Allegiant Travel will post $8.89 EPS for the current fiscal year.

Allegiant Travel announced that its board has initiated a stock buyback program on Wednesday, July 26th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the transportation company to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings 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 valued at $247,824,000 after buying an additional 1,545,387 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Allegiant Travel by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 1,177,526 shares of the transportation company’s stock valued at $159,672,000 after buying an additional 20,068 shares in the last quarter. FMR LLC lifted its holdings in Allegiant Travel by 8.7% during the 2nd quarter. FMR LLC now owns 1,014,073 shares of the transportation company’s stock valued at $137,508,000 after buying an additional 81,533 shares in the last quarter. TimesSquare Capital Management LLC lifted its holdings in Allegiant Travel by 9.4% during the 2nd quarter. TimesSquare Capital Management LLC now owns 676,292 shares of the transportation company’s stock valued at $91,705,000 after buying an additional 58,065 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in Allegiant Travel by 1.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 611,579 shares of the transportation company’s stock valued at $82,930,000 after buying an additional 10,163 shares in the last quarter. Institutional investors own 82.36% 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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