Spirit Airlines, Inc. (NASDAQ:SAVE) had its price objective increased by Cowen and Company from $37.00 to $40.00 in a research report issued to clients and investors on Friday, October 27th, Marketbeat.com reports. The brokerage presently has a “market perform” rating on the transportation company’s stock. Cowen and Company’s price objective would indicate a potential upside of 11.67% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on the stock. Imperial Capital reaffirmed an “in-line” rating and issued a $36.00 target price (up from $32.00) on shares of Spirit Airlines in a research note on Friday, October 27th. Morgan Stanley raised their target price on shares of Spirit Airlines from $38.00 to $39.00 and gave the company an “equal weight” rating in a research note on Monday, October 23rd. Stifel Nicolaus lowered their target price on shares of Spirit Airlines from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, October 17th. Deutsche Bank AG downgraded shares of Spirit Airlines from a “buy” rating to a “hold” rating and set a $38.00 target price on the stock. in a research note on Friday, October 6th. Finally, Macquarie began coverage on shares of Spirit Airlines in a research note on Monday, September 25th. They issued a “neutral” rating and a $33.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $41.00.
Spirit Airlines (NASDAQ SAVE) traded up $0.87 during mid-day trading on Friday, hitting $35.82. 1,238,700 shares of the stock were exchanged, compared to its average volume of 1,426,265. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.88 and a quick ratio of 1.88. Spirit Airlines has a one year low of $30.32 and a one year high of $60.40. The company has a market capitalization of $2,424.59, a price-to-earnings ratio of 10.40, a P/E/G ratio of 1.42 and a beta of 0.71.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04. The company had revenue of $687.20 million during the quarter, compared to analyst estimates of $686.13 million. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. Spirit Airlines’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $1.24 earnings per share. analysts anticipate that Spirit Airlines will post 3.08 EPS for the current fiscal year.
Spirit Airlines declared that its Board of Directors has approved a stock repurchase program on Thursday, October 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the transportation company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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In other news, Director H. Mcintyre Gardner bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were bought at an average cost of $33.78 per share, with a total value of $168,900.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its stake in shares of Spirit Airlines by 26.0% in the first quarter. Principal Financial Group Inc. now owns 11,995 shares of the transportation company’s stock worth $637,000 after buying an additional 2,473 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Spirit Airlines by 0.3% in the first quarter. Public Employees Retirement System of Ohio now owns 96,711 shares of the transportation company’s stock worth $5,132,000 after buying an additional 246 shares during the period. Heartland Advisors Inc. increased its stake in shares of Spirit Airlines by 70.9% in the second quarter. Heartland Advisors Inc. now owns 140,822 shares of the transportation company’s stock worth $7,273,000 after buying an additional 58,405 shares during the period. Franklin Resources Inc. increased its stake in shares of Spirit Airlines by 4.0% in the second quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock worth $109,927,000 after buying an additional 82,438 shares during the period. Finally, Clinton Group Inc. purchased a new position in shares of Spirit Airlines in the second quarter worth $813,000. 95.44% of the stock is currently 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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