Federated Hermes Inc. Invests $9.86 Million in Allegiant Travel Company (NASDAQ:ALGT)

Key Points

• Federated Hermes Inc. has invested approximately $9.86 million in Allegiant Travel Company, acquiring 190,974 shares during the first quarter.
• Wall Street analysts have varying opinions on Allegiant Travel, with a consensus rating of "Hold" and a target price of $65.11.
• Allegiant Travel's stock has recently trended down 6.8%, opening at $48.12 while the company reported a revenue increase of 6.5% year-over-year.

Federated Hermes Inc. bought a new stake in Allegiant Travel Company (NASDAQ:ALGT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 190,974 shares of the transportation company's stock, valued at approximately $9,864,000. Federated Hermes Inc. owned approximately 1.05% of Allegiant Travel as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. New York State Common Retirement Fund raised its position in Allegiant Travel by 8.5% during the first quarter. New York State Common Retirement Fund now owns 6,003 shares of the transportation company's stock valued at $310,000 after purchasing an additional 470 shares in the last quarter. New York State Teachers Retirement System boosted its position in Allegiant Travel by 8.2% during the 1st quarter. New York State Teachers Retirement System now owns 18,922 shares of the transportation company's stock valued at $977,000 after acquiring an additional 1,426 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Allegiant Travel in the 1st quarter worth approximately $597,000. Illinois Municipal Retirement Fund boosted its position in shares of Allegiant Travel by 33.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 9,826 shares of the transportation company's stock worth $508,000 after purchasing an additional 2,480 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Allegiant Travel by 1,486.7% in the 4th quarter. Russell Investments Group Ltd. now owns 1,904 shares of the transportation company's stock worth $179,000 after acquiring an additional 1,784 shares during the last quarter. 85.81% of the stock is owned by institutional investors.

Allegiant Travel Stock Performance

Shares of ALGT stock traded down $0.09 during mid-day trading on Wednesday, hitting $48.78. The stock had a trading volume of 327,813 shares, compared to its average volume of 443,507. Allegiant Travel Company has a fifty-two week low of $36.08 and a fifty-two week high of $107.57. The firm has a market cap of $890.24 million, a PE ratio of -3.06, a PEG ratio of 0.40 and a beta of 1.72. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.90 and a quick ratio of 0.87. The company's 50-day simple moving average is $53.89 and its 200-day simple moving average is $60.70.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The transportation company reported $1.23 EPS for the quarter, beating the consensus estimate of $0.83 by $0.40. Allegiant Travel had a negative net margin of 11.10% and a positive return on equity of 4.88%. The firm had revenue of $689.40 million during the quarter, compared to analysts' expectations of $685.58 million. During the same quarter last year, the business earned $0.75 earnings per share. The business's revenue for the quarter was up 3.5% compared to the same quarter last year. Sell-side analysts anticipate that Allegiant Travel Company will post 7.7 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ALGT. UBS Group dropped their target price on shares of Allegiant Travel from $59.00 to $52.00 and set a "neutral" rating for the company in a report on Wednesday. Bank of America reduced their price objective on shares of Allegiant Travel from $50.00 to $45.00 and set an "underperform" rating on the stock in a research report on Tuesday, July 8th. Morgan Stanley reduced their target price on shares of Allegiant Travel from $85.00 to $83.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. TD Cowen raised their target price on shares of Allegiant Travel from $35.00 to $50.00 and gave the company a "hold" rating in a research note on Monday, May 12th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $80.00 price objective (down from $90.00) on shares of Allegiant Travel in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $64.33.

Allegiant Travel 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.