American Century Companies Inc., a prominent investment management firm, has announced an increase in its stake in Allegiant Travel during the first quarter of this year. According to the company’s recent filing with the Securities and Exchange Commission (SEC), American Century Companies Inc. purchased an additional 30,787 shares, resulting in a 19.3% growth in its ownership. The total number of shares owned by the firm now stands at 190,167, valued at approximately $16,984,000.
This move by American Century Companies Inc. reflects their confidence in Allegiant Travel’s future prospects and highlights their positive outlook on the transportation industry as a whole. By increasing their stake, they are signaling their belief that Allegiant Travel will continue to perform well and generate profitable returns for its shareholders.
Allegiant Travel, listed on NASDAQ under the ticker symbol ALGT, recently released its earnings report for the second quarter on August 2nd. The transportation company surpassed analysts’ expectations by reporting earnings per share (EPS) of $4.35 for the quarter, surpassing consensus estimates by $0.72. This impressive performance demonstrates Allegiant Travel’s ability to deliver strong financial results while exceeding market projections.
Furthermore, Allegiant Travel showed robust revenue growth during this period. The company reported revenue of $683.81 million for the quarter, exhibiting an 8.6% increase compared to the same period last year. These figures exceeded analyst estimates of $662.10 million and reflect Allegiant Travel’s ability to attract more customers and expand its market share.
Additionally, Allegiant Travel exhibited commendable profitability metrics in its earnings report. The company achieved a return on equity (ROE) of 7.46% and a net margin of 5.87%, indicating efficient use of shareholders’ equity and a healthy bottom line.
Looking ahead, research analysts have high expectations for Allegiant Travel’s performance for the rest of the year. It is projected that the company will post earnings per share of 10.5 for the current year, demonstrating sustained growth and continued success in the industry.
American Century Companies Inc.’s increased stake in Allegiant Travel aligns with the positive sentiment surrounding the transportation company’s recent financial performance. This investment further solidifies Allegiant Travel’s status as a promising player in the travel sector and highlights its potential for future growth.
Disclaimer: The information provided in this article is based on publicly available sources and does not constitute financial advice or investment recommendations. It is important to conduct further research and consult with a professional financial advisor before making any investment decisions.
[bs_slider_forecast ticker=”ALGT”]
Allegiant Travel Attracts Strong Interest from Institutional Investors and Hedge Funds
September 2, 2023 – Allegiant Travel, a transportation company, has seen modifications in its holdings by various hedge funds and institutional investors. Envestnet Asset Management Inc. has increased its holdings in shares of Allegiant Travel by 29.1% in the first quarter, now owning 6,603 shares. Rhumbline Advisers also grew its position by 3.6% during the same period, owning 52,958 shares. Diamond Hill Capital Management Inc. raised its stake by 7.6%, now owning 789,856 shares. Capula Management Ltd and Great Lakes Advisors LLC have also acquired new stakes in Allegiant Travel during the first quarter.
These changes reflect a strong interest from institutional investors and hedge funds in Allegiant Travel’s stock which amounts to 81.23% ownership of the company’s stock.
Several research analysts have recently shared their opinions on ALGT shares as well. Evercore ISI dropped their price target on the stock from $125.00 to $110.00 and provided an “in-line” rating on Monday. StockNews.com assumed coverage on Allegiant Travel with a “hold” rating on Thursday, August 17th.
Barclays boosted their target price for the stock from $105.00 to $122.00 in a research note released on Thursday, July 13th. Deutsche Bank Aktiengesellschaft upgraded Allegiant Travel from a “hold” rating to a “buy” rating and raised their price objective from $110.00 to $145.00 in a research report published on Thursday, June 15th.
Lastly, Raymond James upped their price objective for shares of Allegiant Travel to $145.00 and gave the stock an “outperform” rating on Thursday, August 3rd.
Director Gary Ellmer recently sold 2,000 shares of the company’s stock at an average price of $104.76, amounting to a total transaction of $209,520.00. After the sale, Ellmer now owns 10,490 shares in the company worth approximately $1,098,932.40.
Allegiant Travel’s shares opened at $88.84 on Friday. The company has traded between a 12-month low of $62.94 and a 12-month high of $130.93. It has a quick ratio of 1.10, a current ratio of 1.13, and a debt-to-equity ratio of 1.37.
With a market capitalization of $1.64 billion and a price-to-earnings ratio of 10.86, Allegiant Travel holds promising potential for investors in the transportation industry.
Disclaimer: The information provided in this article is based on publicly available sources and should not be considered financial advice or recommendations to buy or sell any securities mentioned herein. Investors should conduct their own research before making investment decisions.
