Spirit Airlines (NASDAQ:SAVE) to Repurchase $100.00 million in Outstanding Shares

Spirit Airlines (NASDAQ:SAVE) announced that its board has approved a share buyback program, which permits the company to buyback $100.00 million in outstanding shares on Thursday, October 26th, EventVestor reports. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Shares of Spirit Airlines (SAVE) traded up $0.87 during midday trading on Friday, hitting $35.82. 1,238,700 shares of the stock traded hands, compared to its average volume of 1,426,265. Spirit Airlines has a one year low of $30.32 and a one year high of $60.40. The stock has a market cap of $2,424.59, a PE ratio of 10.40, a PEG ratio of 1.42 and a beta of 0.71. 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 (NASDAQ:SAVE) last announced its quarterly earnings data on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.04. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The company had revenue of $687.20 million during the quarter, compared to analysts’ expectations of $686.13 million. During the same period in the previous year, the company earned $1.24 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. sell-side analysts forecast that Spirit Airlines will post 3.08 earnings per share for the current fiscal year.

A number of equities analysts recently issued reports on SAVE shares. Zacks Investment Research raised Spirit Airlines from a “sell” rating to a “hold” rating in a report on Friday. TheStreet downgraded shares of Spirit Airlines from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. Imperial Capital reiterated an “in-line” rating and set a $36.00 price target (up from $32.00) on shares of Spirit Airlines in a research report on Friday, October 27th. Stifel Nicolaus reiterated a “buy” rating and set a $55.00 price target on shares of Spirit Airlines in a research report on Thursday, September 28th. Finally, Morgan Stanley reduced their price target on shares of Spirit Airlines from $54.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, August 17th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $41.00.

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In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was purchased at an average cost of $33.78 per share, with a total value of $168,900.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.33% of the stock is currently owned by corporate insiders.

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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