Principal Financial Group Inc. Acquires 1,915 Shares of Allegiant Travel Company (NASDAQ:ALGT)

Principal Financial Group Inc. raised its stake in shares of Allegiant Travel Company (NASDAQ:ALGT) by 2.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,503 shares of the transportation company’s stock after purchasing an additional 1,915 shares during the quarter. Principal Financial Group Inc. owned 0.40% of Allegiant Travel worth $3,745,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of ALGT. New York State Teachers Retirement System boosted its holdings in Allegiant Travel by 8.2% during the first quarter. New York State Teachers Retirement System now owns 18,922 shares of the transportation company’s stock worth $977,000 after buying an additional 1,426 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Allegiant Travel during the 1st quarter worth approximately $597,000. Russell Investments Group Ltd. boosted its stake in shares of Allegiant Travel by 1,486.7% during 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 period. Illinois Municipal Retirement Fund boosted its stake in Allegiant Travel by 33.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 9,826 shares of the transportation company’s stock valued at $508,000 after purchasing an additional 2,480 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Allegiant Travel during the 4th quarter valued at $383,000. 85.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ALGT has been the subject of a number of recent research reports. Evercore ISI raised Allegiant Travel from an “in-line” rating to an “outperform” rating and set a $75.00 target price for the company in a report on Tuesday, July 1st. TD Cowen boosted their target price on Allegiant Travel from $35.00 to $50.00 and gave the company a “hold” rating in a research note on Monday, May 12th. Barclays reduced their target price on Allegiant Travel from $60.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, May 8th. Raymond James Financial reissued a “strong-buy” rating and issued a $80.00 target price (down previously from $90.00) on shares of Allegiant Travel in a research note on Wednesday, May 7th. Finally, Bank of America lowered their price target on Allegiant Travel from $50.00 to $45.00 and set an “underperform” rating for the company in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Allegiant Travel currently has a consensus rating of “Hold” and an average target price of $65.11.

Allegiant Travel Stock Down 0.4%

ALGT stock opened at $52.30 on Friday. Allegiant Travel Company has a 12 month low of $36.09 and a 12 month high of $107.57. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.57. The firm has a 50-day moving average of $54.98 and a two-hundred day moving average of $65.22. The company has a market cap of $954.48 million, a price-to-earnings ratio of -4.52, a PEG ratio of 0.43 and a beta of 1.71.

Allegiant Travel (NASDAQ:ALGT) last announced its quarterly earnings results on Tuesday, May 6th. The transportation company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.54 by $0.27. The firm had revenue of $699.07 million for the quarter, compared to analyst estimates of $700.00 million. Allegiant Travel had a negative net margin of 8.11% and a positive return on equity of 5.46%. Allegiant Travel’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. As a group, analysts forecast that Allegiant Travel Company will post 7.7 earnings per share 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.