Envestnet Asset Management Inc. reduced its position in shares of Spirit Airlines Incorporated (NASDAQ:SAVE) by 74.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,473 shares of the transportation company’s stock after selling 10,182 shares during the period. Envestnet Asset Management Inc.’s holdings in Spirit Airlines were worth $131,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mountain Lake Investment Management LLC raised its position in Spirit Airlines by 113.9% in the fourth quarter. Mountain Lake Investment Management LLC now owns 385,000 shares of the transportation company’s stock worth $17,267,000 after acquiring an additional 205,000 shares during the period. Teacher Retirement System of Texas bought a new stake in Spirit Airlines in the fourth quarter worth about $263,000. Honeywell International Inc. bought a new stake in Spirit Airlines in the fourth quarter worth about $17,043,000. Millennium Management LLC raised its position in Spirit Airlines by 124.7% in the fourth quarter. Millennium Management LLC now owns 1,268,934 shares of the transportation company’s stock worth $56,912,000 after acquiring an additional 704,259 shares during the period. Finally, Schroder Investment Management Group raised its position in Spirit Airlines by 15.7% in the fourth quarter. Schroder Investment Management Group now owns 1,526,134 shares of the transportation company’s stock worth $68,447,000 after acquiring an additional 206,654 shares during the period.
SAVE has been the topic of several research reports. UBS Group initiated coverage on shares of Spirit Airlines in a research report on Monday, April 9th. They issued a “neutral” rating on the stock. Morgan Stanley lowered their price objective on shares of Spirit Airlines from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 12th. Cowen reaffirmed a “market perform” rating and issued a $40.00 price objective (down previously from $45.00) on shares of Spirit Airlines in a research report on Wednesday, April 11th. Bank of America set a $62.00 price objective on shares of Spirit Airlines and gave the stock a “buy” rating in a research report on Wednesday, April 11th. Finally, Deutsche Bank lifted their price objective on shares of Spirit Airlines from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. Spirit Airlines currently has an average rating of “Hold” and a consensus price target of $48.17.
Spirit Airlines opened at $39.61 on Monday, according to MarketBeat Ratings. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.88 and a current ratio of 1.88. Spirit Airlines Incorporated has a twelve month low of $30.32 and a twelve month high of $54.49.
Spirit Airlines (NASDAQ:SAVE) last posted its earnings results on Thursday, April 26th. The transportation company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. The firm had revenue of $704.10 million during the quarter, compared to the consensus estimate of $704.39 million. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The company’s revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the company earned $0.51 earnings per share. analysts anticipate that Spirit Airlines Incorporated will post 3.08 EPS for the current year.
Spirit Airlines 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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