Spirit Airlines, Inc. (NASDAQ:SAVE) – Investment analysts at Imperial Capital cut their Q4 2017 EPS estimates for Spirit Airlines in a research report issued on Friday. Imperial Capital analyst M. Derchin now forecasts that the transportation company will post earnings of $0.50 per share for the quarter, down from their prior estimate of $0.58. Imperial Capital has a “In-Line” rating and a $36.00 price objective on the stock. Imperial Capital also issued estimates for Spirit Airlines’ Q3 2018 earnings at $1.07 EPS, Q4 2018 earnings at $0.57 EPS and FY2018 earnings at $2.75 EPS.
Spirit Airlines (NASDAQ:SAVE) last posted its earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.04. 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 analysts’ expectations of $686.13 million. During the same period in the prior year, the business earned $1.24 EPS. Spirit Airlines’s revenue for the quarter was up 10.6% compared to the same quarter last year.
Several other research firms also recently commented on SAVE. Deutsche Bank AG restated a “buy” rating and set a $54.00 price objective (down previously from $69.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Morgan Stanley restated an “equal weight” rating and set a $56.00 price objective (down previously from $60.00) on shares of Spirit Airlines in a report on Tuesday, July 25th. Zacks Investment Research downgraded Spirit Airlines from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Stifel Nicolaus restated a “buy” rating and set a $55.00 price objective (down previously from $75.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Finally, Buckingham Research boosted their price objective on Spirit Airlines from $31.00 to $37.00 and gave the company a “neutral” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. Spirit Airlines presently has a consensus rating of “Hold” and a consensus price target of $40.82.
Spirit Airlines (NASDAQ SAVE) traded down 0.38% during mid-day trading on Monday, reaching $36.78. The company had a trading volume of 181,965 shares. The firm’s 50-day moving average is $34.39 and its 200-day moving average is $45.13. The firm has a market capitalization of $2.55 billion, a P/E ratio of 10.66 and a beta of 0.66. Spirit Airlines has a one year low of $30.32 and a one year high of $60.40.
A number of hedge funds have recently bought and sold shares of SAVE. The Manufacturers Life Insurance Company boosted its position in Spirit Airlines by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after purchasing an additional 141 shares during the last quarter. Advisor Group Inc. boosted its position in Spirit Airlines by 18.8% in the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after purchasing an additional 344 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Spirit Airlines in the third quarter worth $142,000. Intact Investment Management Inc. purchased a new position in Spirit Airlines in the second quarter worth $238,000. Finally, Harbor Advisors LLC boosted its position in Spirit Airlines by 60.0% in the third quarter. Harbor Advisors LLC now owns 8,000 shares of the transportation company’s stock worth $267,000 after purchasing an additional 3,000 shares during the last quarter. 97.05% of the stock is currently owned by institutional investors and hedge funds.
In related 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 acquired at an average price of $33.78 per share, for a total transaction of $168,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.33% of the company’s stock.
Spirit Airlines declared that its board has authorized a stock buyback program on Thursday, October 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the transportation company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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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