Allegiant Air (ALGT) Trading Down 8.6% Following Analyst Downgrade

Shares of Allegiant Air (NASDAQ:ALGT) were down 8.6% during trading on Friday after Zacks Investment Research downgraded the stock from a hold rating to a sell rating. The company traded as low as $149.50 and last traded at $151.05. Approximately 1,139,765 shares were traded during trading, an increase of 576% from the average daily volume of 168,509 shares. The stock had previously closed at $165.25.

A number of other research firms have also recently weighed in on ALGT. ValuEngine raised Allegiant Air from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Morgan Stanley cut their price target on Allegiant Air from $158.00 to $157.00 and set an “equal weight” rating for the company in a report on Monday, February 5th. BidaskClub raised Allegiant Air from a “hold” rating to a “buy” rating in a report on Thursday, February 15th. Imperial Capital reissued an “in-line” rating and issued a $165.00 price target (up from $150.00) on shares of Allegiant Air in a report on Thursday, February 1st. Finally, Stifel Nicolaus raised Allegiant Air from a “hold” rating to a “buy” rating and boosted their price target for the stock from $150.00 to $200.00 in a report on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $164.36.

In related news, SVP Gregory Clark Anderson sold 1,650 shares of the company’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $178.25, for a total value of $294,112.50. Following the completion of the transaction, the senior vice president now directly owns 15,935 shares in the company, valued at $2,840,413.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Maurice J. Gallagher, Jr. sold 12,645 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $163.40, for a total value of $2,066,193.00. Following the completion of the transaction, the chief executive officer now owns 2,977,169 shares of the company’s stock, valued at $486,469,414.60. The disclosure for this sale can be found here. Insiders sold 196,597 shares of company stock valued at $32,838,900 over the last quarter. Insiders own 21.00% of the company’s stock.



Institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its stake in Allegiant Air by 21.9% in the fourth quarter. Wells Fargo & Company MN now owns 20,613 shares of the transportation company’s stock valued at $3,189,000 after purchasing an additional 3,704 shares during the last quarter. RK Asset Management LLC increased its stake in Allegiant Air by 1.8% in the fourth quarter. RK Asset Management LLC now owns 43,982 shares of the transportation company’s stock valued at $6,806,000 after purchasing an additional 767 shares during the last quarter. BlackRock Inc. increased its stake in Allegiant Air by 5.3% in the fourth quarter. BlackRock Inc. now owns 1,582,211 shares of the transportation company’s stock valued at $244,846,000 after purchasing an additional 79,072 shares during the last quarter. Midas Management Corp increased its stake in Allegiant Air by 29.8% in the fourth quarter. Midas Management Corp now owns 20,100 shares of the transportation company’s stock valued at $3,111,000 after purchasing an additional 4,618 shares during the last quarter. Finally, Uncommon Cents Investing LLC acquired a new position in Allegiant Air in the fourth quarter valued at $670,000. Hedge funds and other institutional investors own 90.41% of the company’s stock.

The company has a market cap of $2,632.52, a P/E ratio of 16.03, a price-to-earnings-growth ratio of 0.53 and a beta of 0.07. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 1.73.

Allegiant Air (NASDAQ:ALGT) last announced its quarterly earnings results on Wednesday, January 31st. The transportation company reported $2.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.93. The company had revenue of $378.56 million during the quarter, compared to analyst estimates of $377.25 million. Allegiant Air had a return on equity of 31.47% and a net margin of 12.96%. The firm’s revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.48 earnings per share. research analysts expect that Allegiant Air will post 10.82 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 16th. Shareholders of record on Friday, March 2nd were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, March 1st. This represents a $2.80 annualized dividend and a yield of 1.85%. Allegiant Air’s dividend payout ratio is presently 29.32%.

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Allegiant Air Company Profile

Allegiant Travel Company, a leisure travel company, focuses on the provision of 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.

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