J P Morgan Chase & Co Lowers Spirit Airlines, Inc. (SAVE) to Underweight

Spirit Airlines, Inc. (NASDAQ:SAVE) was downgraded by stock analysts at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday. They currently have a $39.00 price target on the transportation company’s stock. J P Morgan Chase & Co’s price target suggests a potential upside of 5.15% from the stock’s current price.

Several other equities analysts have also recently commented on SAVE. Imperial Capital reiterated an “in-line” rating and set a $36.00 target price (up from $32.00) on shares of Spirit Airlines in a research note on Friday, October 27th. Cowen and Company raised their price objective on Spirit Airlines from $37.00 to $40.00 and gave the stock a “market perform” rating in a research note on Friday, October 27th. Citigroup Inc. raised their price objective on Spirit Airlines from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Buckingham Research raised their price objective on Spirit Airlines from $31.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Finally, TheStreet cut Spirit Airlines from a “b-” rating to a “c+” rating in a research note on Monday, August 7th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. Spirit Airlines has a consensus rating of “Hold” and an average price target of $41.00.

Shares of Spirit Airlines (SAVE) opened at 37.09 on Wednesday. The stock has a market cap of $2.57 billion, a P/E ratio of 10.75 and a beta of 0.66. The stock’s 50 day moving average is $34.46 and its 200 day moving average is $45.07. Spirit Airlines has a 12 month low of $30.32 and a 12 month high of $60.40.

Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.04. The company had revenue of $687.20 million during the quarter, compared to analysts’ expectations of $686.13 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.24 EPS. Analysts predict that Spirit Airlines will post $3.04 earnings per share for the current fiscal year.

Spirit Airlines declared that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

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In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 5,000 shares of the stock in a transaction dated Friday, September 15th. The shares were bought at an average cost of $33.78 per share, with a total value of $168,900.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Camarda Financial Advisors LLC grew its holdings in Spirit Airlines by 0.3% during the second quarter. Camarda Financial Advisors LLC now owns 32,224 shares of the transportation company’s stock worth $1,664,000 after acquiring an additional 101 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Spirit Airlines by 7.0% during the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after acquiring an additional 141 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Spirit Airlines by 0.3% during the first quarter. Public Employees Retirement System of Ohio now owns 96,711 shares of the transportation company’s stock worth $5,132,000 after acquiring an additional 246 shares during the period. Aperio Group LLC grew its holdings in Spirit Airlines by 4.6% during the second quarter. Aperio Group LLC now owns 7,260 shares of the transportation company’s stock worth $375,000 after acquiring an additional 322 shares during the period. Finally, Amalgamated Bank grew its holdings in Spirit Airlines by 3.4% during the first quarter. Amalgamated Bank now owns 10,252 shares of the transportation company’s stock worth $544,000 after acquiring an additional 333 shares during the period. 97.05% of the stock is currently owned by hedge funds and other institutional investors.

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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