Summit Global Investments Makes New Investment in Allegiant Travel Company $ALGT

Summit Global Investments purchased a new position in Allegiant Travel Company (NASDAQ:ALGT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,829 shares of the transportation company’s stock, valued at approximately $518,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Allegiant Travel during the 2nd quarter valued at about $416,591,000. Donald Smith & CO. Inc. acquired a new position in shares of Allegiant Travel during the 2nd quarter worth approximately $175,636,000. Bank of New York Mellon Corp acquired a new position in shares of Allegiant Travel during the 2nd quarter worth approximately $33,013,000. U S Global Investors Inc. grew its position in shares of Allegiant Travel by 10.6% in the third quarter. U S Global Investors Inc. now owns 384,198 shares of the transportation company’s stock valued at $29,118,000 after purchasing an additional 36,953 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of Allegiant Travel in the second quarter valued at approximately $26,232,000. 85.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Barclays reduced their price objective on Allegiant Travel from $145.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, September 11th. Melius Research raised Allegiant Travel from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research note on Tuesday, July 7th. Susquehanna reduced their price target on Allegiant Travel from $110.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, October 7th. UBS Group raised shares of Allegiant Travel from a “neutral” rating to a “buy” rating and lowered their price target for the company from $111.00 to $107.00 in a research report on Sunday, September 13th. Finally, Wall Street Zen lowered shares of Allegiant Travel from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $123.38.

Allegiant Travel Stock Up 7.3%

ALGT stock opened at $76.58 on Tuesday. The firm has a market cap of $2.09 billion, a PE ratio of 54.31, a PEG ratio of 0.25 and a beta of 1.55. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.80 and a current ratio of 0.83. The firm’s 50 day moving average price is $75.44 and its 200-day moving average price is $87.61. Allegiant Travel Company has a one year low of $57.11 and a one year high of $123.63.

Allegiant Travel (NASDAQ:ALGT) last released its quarterly earnings data on Tuesday, August 4th. The transportation company reported $2.19 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.92. The firm had revenue of $943.49 million for the quarter, compared to analysts’ expectations of $982.70 million. Allegiant Travel had a return on equity of 10.83% and a net margin of 0.90%. The firm’s quarterly revenue was up 36.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.23 earnings per share. On average, equities research analysts anticipate that Allegiant Travel Company will post 5.59 EPS for the current year.

Allegiant Travel Company Profile

Allegiant Travel Company is a leisure-focused travel company headquartered in Las Vegas, Nevada. Its principal operating subsidiary, Allegiant Air, is a low-cost airline that provides scheduled and charter passenger service, primarily connecting smaller and mid-sized U.S. cities with popular vacation destinations.

Allegiant Air’s business model emphasizes nonstop routes, low base fares and optional services such as seat selection, baggage, priority boarding and other travel-related amenities.