Spirit Airlines, Inc. (NASDAQ:SAVE) announced its earnings results 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, Bloomberg Earnings reports. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The business had revenue of $687.20 million during the quarter, compared to analyst estimates of $686.13 million. During the same quarter in the previous year, the business earned $1.24 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year.
Spirit Airlines (NASDAQ:SAVE) opened at $35.82 on Friday. The stock has a market capitalization of $2,424.59, a price-to-earnings ratio of 10.40, a PEG ratio of 1.42 and a beta of 0.71. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Spirit Airlines has a 12-month low of $30.32 and a 12-month high of $60.40.
In related news, Director H. Mcintyre Gardner acquired 5,000 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average cost of $33.78 per share, with a total value of $168,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.33% of the stock is owned by insiders.
An institutional investor recently raised its position in Spirit Airlines stock. The Manufacturers Life Insurance Company lifted its position in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) by 7.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,160 shares of the transportation company’s stock after acquiring an additional 141 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Spirit Airlines were worth $112,000 as of its most recent SEC filing. Institutional investors and hedge funds own 95.44% of the company’s stock.
Several research analysts have issued reports on SAVE shares. Cowen and Company restated a “market perform” rating and set a $59.00 target price on shares of Spirit Airlines in a research report on Tuesday, July 18th. BidaskClub downgraded shares of Spirit Airlines from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $56.00 price target (down previously from $60.00) on shares of Spirit Airlines in a research note on Tuesday, July 25th. Bank of America Corporation downgraded shares of Spirit Airlines from a “buy” rating to a “neutral” rating and decreased their price target for the company from $68.00 to $44.00 in a research note on Friday, July 28th. Finally, Citigroup Inc. raised shares of Spirit Airlines from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $65.00 to $52.00 in a research note on Friday, July 28th. 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 stock currently has an average rating of “Hold” and an average target price of $41.00.
Spirit Airlines declared that its Board of Directors has initiated a share repurchase program on Thursday, October 26th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the transportation company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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About Spirit Airlines
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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