OppenheimerFunds Inc. lifted its stake in Spirit Airlines Incorporated (NASDAQ:SAVE) by 10.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,455,076 shares of the transportation company’s stock after acquiring an additional 503,894 shares during the period. OppenheimerFunds Inc. owned 0.08% of Spirit Airlines worth $244,660,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in shares of Spirit Airlines by 3.1% in the 3rd quarter. Wells Fargo & Company MN now owns 2,861,241 shares of the transportation company’s stock worth $95,593,000 after acquiring an additional 86,449 shares in the last quarter. BlackRock Inc. raised its position in shares of Spirit Airlines by 2.6% in the 4th quarter. BlackRock Inc. now owns 2,674,471 shares of the transportation company’s stock worth $119,952,000 after acquiring an additional 68,566 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Spirit Airlines by 637.4% in the 4th quarter. UBS Asset Management Americas Inc. now owns 2,036,785 shares of the transportation company’s stock worth $91,350,000 after acquiring an additional 1,760,564 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Spirit Airlines by 29.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,930,412 shares of the transportation company’s stock worth $64,495,000 after acquiring an additional 436,012 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Spirit Airlines by 8.8% in the 3rd quarter. Mackenzie Financial Corp now owns 1,774,332 shares of the transportation company’s stock worth $59,280,000 after acquiring an additional 143,817 shares in the last quarter.
Spirit Airlines Incorporated (NASDAQ:SAVE) opened at $39.91 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. The stock has a market capitalization of $2,770.00, a PE ratio of 4.47, a P/E/G ratio of 1.82 and a beta of 0.60. Spirit Airlines Incorporated has a 1 year low of $30.32 and a 1 year high of $60.28.
Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Tuesday, February 6th. The transportation company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The business had revenue of $667.00 million for the quarter, compared to the consensus estimate of $666.12 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 EPS. equities analysts predict that Spirit Airlines Incorporated will post 3.08 earnings per share for the current fiscal year.
Spirit Airlines announced that its board has authorized a stock buyback plan on Thursday, October 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
SAVE has been the subject of several recent research reports. Imperial Capital reissued an “in-line” rating and issued a $36.00 price target (up from $32.00) on shares of Spirit Airlines in a research report on Friday, October 27th. JPMorgan Chase & Co. lowered Spirit Airlines from a “neutral” rating to an “underweight” rating and set a $39.00 target price on the stock. in a research report on Wednesday, November 1st. Zacks Investment Research raised Spirit Airlines from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Buckingham Research upped their target price on Spirit Airlines from $31.00 to $37.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Finally, Citigroup upped their target price on Spirit Airlines from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Spirit Airlines presently has a consensus rating of “Hold” and an average price target of $47.33.
In other Spirit Airlines news, VP John A. Bendoraitis sold 2,340 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $42.92, for a total transaction of $100,432.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.33% of the stock is currently owned by insiders.
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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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