Empowered Funds LLC Cuts Stock Holdings in Allegiant Travel Company $ALGT

Key Points

• Empowered Funds LLC reduced its Allegiant Travel position by 22% in the first quarter, selling 20,795 shares and retaining 73,587 shares worth approximately $5.96 million. Institutional investors collectively own 85.81% of the company.
• Allegiant reported quarterly EPS of $3.77, beating estimates of $3.40, while revenue rose 4.8% year over year to $732.43 million. The stock opened at $98.08, down 0.9%.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus rating and an average price target of $128.08; recent targets range as high as $145.

Empowered Funds LLC lowered its position in shares of Allegiant Travel Company (NASDAQ:ALGT - Free Report) by 22.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,587 shares of the transportation company's stock after selling 20,795 shares during the period. Empowered Funds LLC owned approximately 0.40% of Allegiant Travel worth $5,963,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. bought a new position in Allegiant Travel in the 4th quarter valued at approximately $16,405,000. Assenagon Asset Management S.A. bought a new stake in shares of Allegiant Travel in the 1st quarter worth $11,781,000. Principal Financial Group Inc. raised its stake in shares of Allegiant Travel by 151.1% in the first quarter. Principal Financial Group Inc. now owns 161,227 shares of the transportation company's stock worth $13,066,000 after purchasing an additional 97,010 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Allegiant Travel by 15.4% in the third quarter. Franklin Resources Inc. now owns 549,287 shares of the transportation company's stock worth $33,380,000 after purchasing an additional 73,360 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Allegiant Travel by 148.1% during the second quarter. Bank of America Corp DE now owns 118,896 shares of the transportation company's stock valued at $6,533,000 after purchasing an additional 70,982 shares in the last quarter. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

Allegiant Travel Stock Down 0.9%

ALGT stock opened at $98.08 on Friday. Allegiant Travel Company has a fifty-two week low of $42.56 and a fifty-two week high of $123.63. The business's 50-day moving average is $99.72 and its two-hundred day moving average is $92.07. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.87 and a current ratio of 0.91. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -49.04, a P/E/G ratio of 0.25 and a beta of 1.51.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last announced its earnings results on Thursday, April 30th. The transportation company reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.37. The business had revenue of $732.43 million for the quarter, compared to analysts' expectations of $711.01 million. Allegiant Travel had a positive return on equity of 10.07% and a negative net margin of 1.30%.The business's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the firm posted $2.11 earnings per share. As a group, analysts forecast that Allegiant Travel Company will post 7.5 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wall Street Zen raised Allegiant Travel from a "hold" rating to a "buy" rating in a research report on Saturday, July 4th. UBS Group raised Allegiant Travel from a "hold" rating to a "buy" rating in a research report on Wednesday, July 8th. Susquehanna upped their target price on shares of Allegiant Travel from $85.00 to $132.00 and gave the company a "neutral" rating in a research note on Tuesday, July 7th. Morgan Stanley raised their price target on shares of Allegiant Travel from $100.00 to $115.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Finally, Barclays began coverage on shares of Allegiant Travel in a research note on Wednesday, July 8th. They issued an "overweight" rating and a $145.00 price target for the company. Ten analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $128.08.

About Allegiant Travel

Allegiant Travel Company is a holding company that operates Allegiant Air, a low‐cost leisure airline offering scheduled and charter air service. The company focuses on connecting underserved secondary markets with popular vacation destinations across the United States. By targeting price‐sensitive leisure travelers, Allegiant Air operates a point‐to‐point network that avoids the traditional hub‐and‐spoke model, providing non‐stop flights from smaller cities to resort and entertainment hubs.

In addition to its core flight operations, Allegiant Travel Company offers packaged travel services that include hotel accommodations, rental cars and attraction tickets through its online portal.

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