Cowen and Company restated their hold rating on shares of Spirit Airlines, Inc. (NASDAQ:SAVE) in a research note issued to investors on Tuesday, October 17th. Cowen and Company currently has a $37.00 price target on the transportation company’s stock.
Other research analysts have also recently issued research reports about the stock. Citigroup Inc. upgraded shares of Spirit Airlines from a neutral rating to a buy rating and dropped their price objective for the stock from $65.00 to $52.00 in a research report on Friday, July 28th. Stifel Nicolaus restated a buy rating and issued a $55.00 price objective (down previously from $75.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Deutsche Bank AG restated a buy rating and issued a $54.00 price objective (down previously from $69.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Bank of America Corporation dropped their price objective on shares of Spirit Airlines from $75.00 to $68.00 and set a buy rating for the company in a research report on Friday, June 30th. Finally, TheStreet cut shares of Spirit Airlines from a b- rating to a c+ rating in a research report on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $40.82.
Spirit Airlines (NASDAQ SAVE) opened at 36.94 on Tuesday. Spirit Airlines has a 12-month low of $30.32 and a 12-month high of $60.40. The company has a market cap of $2.56 billion, a P/E ratio of 10.71 and a beta of 0.66. The firm’s 50-day moving average price is $34.05 and its 200-day moving average price is $45.53.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings data on Thursday, October 26th. The transportation company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.04. Spirit Airlines had a net margin of 8.55% and a return on equity of 16.21%. The firm had revenue of $687.20 million during the quarter, compared to analysts’ expectations of $686.13 million. During the same quarter in the previous year, the company posted $1.24 EPS. Spirit Airlines’s revenue was up 10.6% on a year-over-year basis. Analysts expect that Spirit Airlines will post $2.99 EPS for the current year.
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Spirit Airlines declared that its Board of Directors has initiated a stock repurchase plan on Thursday, October 26th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the transportation company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
In other news, Director H. Mcintyre Gardner purchased 5,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was bought at an average price of $33.78 per share, with a total value of $168,900.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.33% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Spirit Airlines by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 5,438,753 shares of the transportation company’s stock valued at $280,912,000 after buying an additional 73,982 shares during the period. BlackRock Inc. boosted its stake in Spirit Airlines by 7,002.6% in the 1st quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock worth $142,838,000 after purchasing an additional 2,653,575 shares during the period. Franklin Resources Inc. boosted its stake in Spirit Airlines by 4.0% in the 2nd quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock worth $109,927,000 after purchasing an additional 82,438 shares during the period. Dimensional Fund Advisors LP boosted its stake in Spirit Airlines by 16.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,621,926 shares of the transportation company’s stock worth $86,073,000 after purchasing an additional 234,734 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its stake in Spirit Airlines by 44.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 720,000 shares of the transportation company’s stock worth $24,055,000 after purchasing an additional 220,000 shares during the period. 97.07% of the stock is owned by institutional investors.
Spirit Airlines Company Profile
Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.
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