First Eagle Investment Management LLC Purchases 40,500 Shares of Allegiant Travel (NASDAQ:ALGT)

First Eagle Investment Management LLC grew its position in Allegiant Travel (NASDAQ:ALGT) by 39.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,013 shares of the transportation company’s stock after buying an additional 40,500 shares during the quarter. First Eagle Investment Management LLC owned 0.79% of Allegiant Travel worth $7,234,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALGT. Donald Smith & CO. Inc. raised its position in Allegiant Travel by 166.7% during the second quarter. Donald Smith & CO. Inc. now owns 826,326 shares of the transportation company’s stock valued at $41,506,000 after purchasing an additional 516,545 shares in the last quarter. Dimensional Fund Advisors LP lifted its position 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 buying an additional 98,662 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Allegiant Travel in the 2nd quarter valued at approximately $4,263,000. Franklin Resources Inc. boosted its position in Allegiant Travel by 15.4% in the fourth quarter. Franklin Resources Inc. now owns 620,180 shares of the transportation company’s stock valued at $51,233,000 after buying an additional 82,813 shares in the last quarter. Finally, Interval Partners LP bought a new stake in Allegiant Travel during the 1st quarter worth $5,641,000. Institutional investors own 85.81% of the company’s stock.

Allegiant Travel Price Performance

Allegiant Travel stock opened at $43.06 on Friday. The stock has a market cap of $785.07 million, a P/E ratio of 13.63, a P/E/G ratio of 5.50 and a beta of 1.64. The company has a quick ratio of 0.71, a current ratio of 0.74 and a debt-to-equity ratio of 1.30. The company’s 50 day moving average price is $44.12 and its two-hundred day moving average price is $53.50. Allegiant Travel has a 52 week low of $36.08 and a 52 week high of $85.91.

Allegiant Travel (NASDAQ:ALGT) last issued its earnings results on Wednesday, July 31st. The transportation company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.93. The firm had revenue of $666.28 million for the quarter, compared to analyst estimates of $657.74 million. Allegiant Travel had a positive return on equity of 3.48% and a negative net margin of 0.57%. The business’s revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.35 earnings per share. On average, equities analysts predict that Allegiant Travel will post 0.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Barclays decreased their price target on shares of Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. TD Cowen decreased their price objective on Allegiant Travel from $39.00 to $33.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Susquehanna cut their price objective on Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft cut shares of Allegiant Travel from a “buy” rating to a “hold” rating and cut their price target for the company from $75.00 to $53.00 in a research report on Monday, July 8th. Finally, Morgan Stanley dropped their price target on Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Allegiant Travel has an average rating of “Hold” and a consensus target price of $59.50.

Insider Buying and Selling

In other Allegiant Travel news, Director Gary Ellmer sold 1,000 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $45.00, for a total value of $45,000.00. Following the transaction, the director now directly owns 7,490 shares in the company, valued at approximately $337,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 17.50% of the stock is currently owned by insiders.

About Allegiant Travel

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.