Morgan Stanley Trims Allegiant Travel (NASDAQ:ALGT) Target Price to $87.00

Allegiant Travel (NASDAQ:ALGTFree Report) had its price target reduced by Morgan Stanley from $95.00 to $87.00 in a research note released on Monday, Benzinga reports. They currently have an equal weight rating on the transportation company’s stock.

Other research analysts also recently issued research reports about the stock. Susquehanna decreased their price target on shares of Allegiant Travel from $76.00 to $65.00 and set a neutral rating for the company in a research note on Tuesday, April 9th. TD Cowen reduced their price objective on shares of Allegiant Travel from $65.00 to $60.00 and set a hold rating for the company in a research report on Wednesday, May 15th. Deutsche Bank Aktiengesellschaft downgraded shares of Allegiant Travel from a buy rating to a hold rating and reduced their price objective for the stock from $75.00 to $53.00 in a research report on Monday. Barclays reduced their price objective on shares of Allegiant Travel from $60.00 to $55.00 and set an equal weight rating for the company in a research report on Thursday, May 9th. Finally, UBS Group began coverage on shares of Allegiant Travel in a research report on Wednesday, March 20th. They set a sell rating and a $58.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $73.50.

Read Our Latest Report on Allegiant Travel

Allegiant Travel Stock Up 4.9 %

Shares of Allegiant Travel stock opened at $47.31 on Monday. Allegiant Travel has a 52-week low of $43.91 and a 52-week high of $130.93. The company has a 50 day moving average of $51.76 and a 200 day moving average of $65.52. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $862.46 million, a P/E ratio of 14.97, a P/E/G ratio of 1.22 and a beta of 1.66.

Allegiant Travel (NASDAQ:ALGTGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The transportation company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.06. Allegiant Travel had a net margin of 2.26% and a return on equity of 0.50%. The company had revenue of $656.70 million during the quarter, compared to the consensus estimate of $645.23 million. During the same quarter in the previous year, the firm earned $3.04 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, research analysts forecast that Allegiant Travel will post 3.62 EPS for the current fiscal year.

Allegiant Travel Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were given a $0.60 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $2.40 annualized dividend and a yield of 5.07%. Allegiant Travel’s dividend payout ratio (DPR) is 75.95%.

Insider Activity at Allegiant Travel

In related news, CMO Scott Wayne Deangelo sold 19,687 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $53.68, for a total value of $1,056,798.16. Following the completion of the sale, the chief marketing officer now owns 64,812 shares in the company, valued at approximately $3,479,108.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Allegiant Travel news, CMO Scott Wayne Deangelo sold 19,687 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $53.68, for a total value of $1,056,798.16. Following the transaction, the chief marketing officer now directly owns 64,812 shares of the company’s stock, valued at approximately $3,479,108.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Keny Frank Wilper sold 1,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $51.00, for a total transaction of $51,000.00. Following the completion of the transaction, the chief operating officer now directly owns 9,422 shares in the company, valued at $480,522. The disclosure for this sale can be found here. Insiders sold a total of 26,037 shares of company stock worth $1,395,948 in the last 90 days. 17.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Allegiant Travel

Several institutional investors have recently bought and sold shares of ALGT. International Assets Investment Management LLC acquired a new position in Allegiant Travel in the 4th quarter valued at $141,350,000. Donald Smith & CO. Inc. grew its stake in shares of Allegiant Travel by 106.7% during the 1st quarter. Donald Smith & CO. Inc. now owns 309,781 shares of the transportation company’s stock worth $23,299,000 after purchasing an additional 159,892 shares during the period. U S Global Investors Inc. grew its stake in shares of Allegiant Travel by 23.4% during the 4th quarter. U S Global Investors Inc. now owns 647,055 shares of the transportation company’s stock worth $53,453,000 after purchasing an additional 122,844 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Allegiant Travel by 14.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 798,573 shares of the transportation company’s stock worth $65,972,000 after purchasing an additional 98,662 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in shares of Allegiant Travel during the 4th quarter worth $7,187,000. 85.81% of the stock is owned by institutional investors and hedge funds.

About Allegiant Travel

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Allegiant Travel Company, a leisure travel company, provides travel services and products to residents of under-served cities in the United States. The company offers scheduled air transportation on limited-frequency, nonstop flights between under-served cities and leisure destinations. As of February 1, 2024, it operated a fleet of 126 Airbus A320 series aircraft.

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