Bank of New York Mellon Corp Reduces Holdings in Allegiant Travel Company (NASDAQ:ALGT)

Bank of New York Mellon Corp trimmed its holdings in Allegiant Travel Company (NASDAQ:ALGT - Free Report) by 4.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 131,589 shares of the transportation company's stock after selling 5,451 shares during the period. Bank of New York Mellon Corp owned approximately 0.72% of Allegiant Travel worth $6,797,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. acquired a new position in Allegiant Travel during the fourth quarter worth $26,067,000. Voloridge Investment Management LLC acquired a new position in Allegiant Travel during the fourth quarter worth $16,713,000. Mesirow Institutional Investment Management Inc. acquired a new position in Allegiant Travel during the fourth quarter worth $13,830,000. T. Rowe Price Investment Management Inc. lifted its stake in Allegiant Travel by 16.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 928,641 shares of the transportation company's stock worth $87,404,000 after purchasing an additional 131,561 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in Allegiant Travel during the fourth quarter worth $11,862,000. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALGT has been the topic of several analyst reports. Susquehanna reduced their price objective on Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Morgan Stanley reduced their price objective on Allegiant Travel from $85.00 to $83.00 and set an "equal weight" rating on the stock in a research note on Monday, July 7th. Raymond James Financial reiterated a "strong-buy" rating and issued a $80.00 price objective (down from $90.00) on shares of Allegiant Travel in a research note on Wednesday, May 7th. Bank of America reduced their price objective on Allegiant Travel from $50.00 to $45.00 and set an "underperform" rating on the stock in a research note on Tuesday, July 8th. Finally, TD Cowen increased their price objective on Allegiant Travel from $35.00 to $50.00 and gave the company a "hold" rating in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $65.11.

Allegiant Travel Stock Up 0.6%

NASDAQ:ALGT traded up $0.28 during trading hours on Friday, hitting $50.63. The company's stock had a trading volume of 405,096 shares, compared to its average volume of 438,845. The stock has a market capitalization of $924.00 million, a P/E ratio of -4.38, a price-to-earnings-growth ratio of 0.45 and a beta of 1.71. The stock has a fifty day moving average of $54.51 and a 200-day moving average of $63.75. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.57. Allegiant Travel Company has a 52-week low of $36.08 and a 52-week high of $107.57.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The transportation company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.27. The company had revenue of $699.07 million for the quarter, compared to analyst estimates of $700.00 million. Allegiant Travel had a positive return on equity of 5.46% and a negative net margin of 8.11%. The business's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 earnings per share. On average, equities analysts forecast that Allegiant Travel Company will post 7.7 earnings per share for the current year.

Allegiant Travel Company Profile

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.