Donald Smith & CO. Inc. Buys 331,998 Shares of Allegiant Travel Company (NASDAQ:ALGT)

Key Points

• Donald Smith & CO. Inc. increased its stake in Allegiant Travel Company by 32.6% during the first quarter, owning 1,350,447 shares valued at approximately $69.75 million.
• Several institutional investors have significantly increased their holdings in Allegiant Travel, with Farther Finance Advisors LLC raising its stake by 489.1% and CWM LLC growing its stake by 400.8%.
• Allegiant Travel reported $1.23 earnings per share for the last quarter, exceeding analysts' estimates of $0.83, and noted a revenue increase of 3.5% year-over-year.

Donald Smith & CO. Inc. boosted its stake in shares of Allegiant Travel Company (NASDAQ:ALGT - Free Report) by 32.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,350,447 shares of the transportation company's stock after acquiring an additional 331,998 shares during the quarter. Allegiant Travel makes up approximately 1.7% of Donald Smith & CO. Inc.'s holdings, making the stock its 26th biggest holding. Donald Smith & CO. Inc. owned about 7.40% of Allegiant Travel worth $69,751,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ALGT. Sterling Capital Management LLC boosted its stake in Allegiant Travel by 803.6% during the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company's stock worth $47,000 after acquiring an additional 442 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Allegiant Travel by 489.1% in the first quarter. Farther Finance Advisors LLC now owns 542 shares of the transportation company's stock valued at $28,000 after purchasing an additional 450 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Allegiant Travel in the fourth quarter valued at approximately $75,000. Russell Investments Group Ltd. increased its holdings in Allegiant Travel by 1,486.7% during the fourth quarter. Russell Investments Group Ltd. now owns 1,904 shares of the transportation company's stock worth $179,000 after buying an additional 1,784 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in Allegiant Travel during the fourth quarter worth $213,000. Institutional investors own 85.81% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ALGT. Barclays decreased their price objective on shares of Allegiant Travel from $60.00 to $52.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. 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 report on Wednesday, May 7th. Morgan Stanley decreased their price objective on shares of Allegiant Travel from $85.00 to $83.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. UBS Group decreased their price objective on shares of Allegiant Travel from $59.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Finally, TD Cowen upped their price objective on shares of Allegiant Travel from $35.00 to $50.00 and gave the company a "hold" rating in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $64.33.

Allegiant Travel Stock Up 8.0%

Shares of NASDAQ ALGT traded up $4.55 during trading on Wednesday, hitting $61.31. The stock had a trading volume of 802,436 shares, compared to its average volume of 450,324. Allegiant Travel Company has a 12 month low of $36.31 and a 12 month high of $107.57. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.10 and a quick ratio of 1.07. The company has a market capitalization of $1.13 billion, a PE ratio of -3.85, a PEG ratio of 0.45 and a beta of 1.72. The firm has a fifty day moving average of $53.36 and a two-hundred day moving average of $58.87.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last posted its earnings results on Monday, August 4th. The transportation company reported $1.23 EPS for the quarter, topping the consensus estimate of $0.83 by $0.40. The firm had revenue of $689.40 million for the quarter, compared to analysts' expectations of $685.58 million. Allegiant Travel had a negative net margin of 11.10% and a positive return on equity of 5.00%. The company's quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 EPS. As a group, equities research analysts forecast that Allegiant Travel Company will post 7.7 EPS for the current fiscal year.

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.