Allegiant Travel Company (NASDAQ:ALGT) Shares Down 7.9% Following Weak Earnings

Allegiant Travel Company (NASDAQ:ALGT) dropped 7.9% on Thursday following a dissappointing earnings announcement. The company traded as low as $126.20 and last traded at $131.85, with a volume of 564,994 shares. The stock had previously closed at $143.20.

The transportation company reported $2.94 EPS for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $400.60 million during the quarter, compared to the consensus estimate of $399.58 million. During the same period in the previous year, the firm earned $3.68 EPS. The business’s revenue was up 16.1% on a year-over-year basis.

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 issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Wednesday, August 16th. Allegiant Travel’s payout ratio is currently 26.24%.

Allegiant Travel announced that its Board of Directors has approved 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 reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

ALGT has been the subject of several research analyst reports. Imperial Capital cut their price objective on Allegiant Travel from $182.00 to $170.00 and set an “in-line” rating for the company in a report on Wednesday, April 12th. Zacks Investment Research lowered Allegiant Travel from a “hold” rating to a “sell” rating in a report on Friday, April 14th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $173.00 price objective on shares of Allegiant Travel in a report on Wednesday, April 19th. Cowen and Company cut their price target on Allegiant Travel from $162.00 to $157.00 and set a “market perform” rating for the company in a report on Wednesday, April 26th. Finally, Deutsche Bank AG lowered Allegiant Travel from a “buy” rating to a “hold” rating and cut their price target for the company from $190.00 to $153.00 in a report on Wednesday, April 26th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $158.58.

In other 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 transaction, the senior vice president now directly owns 15,054 shares in the company, valued at $2,138,872.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 22.00% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board increased its position in shares of Allegiant Travel by 69.0% in the first quarter. Canada Pension Plan Investment Board now owns 4,900 shares of the transportation company’s stock valued at $785,000 after buying an additional 2,000 shares during the last quarter. Adams Diversified Equity Fund Inc. increased its position in shares of Allegiant Travel by 3.2% in the first quarter. Adams Diversified Equity Fund Inc. now owns 6,500 shares of the transportation company’s stock valued at $1,042,000 after buying an additional 200 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Allegiant Travel by 72.8% in the first quarter. Wells Fargo & Company MN now owns 22,360 shares of the transportation company’s stock valued at $3,583,000 after buying an additional 9,423 shares during the last quarter. First Midwest Bank Trust Division increased its position in shares of Allegiant Travel by 4.2% in the first quarter. First Midwest Bank Trust Division now owns 3,593 shares of the transportation company’s stock valued at $576,000 after buying an additional 144 shares during the last quarter. Finally, Profit Investment Management LLC increased its stake in Allegiant Travel by 10.3% in the first quarter. Profit Investment Management LLC now owns 7,496 shares of the transportation company’s stock worth $1,201,000 after buying an additional 702 shares in the last quarter. Institutional investors and hedge funds own 85.77% of the company’s stock.

The company has a 50 day moving average price of $139.00 and a 200-day moving average price of $153.15. The stock has a market cap of $2.11 billion, a P/E ratio of 12.20 and a beta of -0.05.

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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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