Parametrica Management Ltd Purchases Shares of 10,215 Spirit Airlines, Inc. (SAVE)

Parametrica Management Ltd purchased a new stake in Spirit Airlines, Inc. (NASDAQ:SAVE) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,215 shares of the transportation company’s stock, valued at approximately $341,000.

Other large investors also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Spirit Airlines by 26.0% during the 1st quarter. Principal Financial Group Inc. now owns 11,995 shares of the transportation company’s stock worth $637,000 after buying an additional 2,473 shares during the period. Teachers Advisors LLC raised its stake in shares of Spirit Airlines by 34.7% during the 1st quarter. Teachers Advisors LLC now owns 103,922 shares of the transportation company’s stock worth $5,515,000 after buying an additional 26,798 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Spirit Airlines by 15.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,504 shares of the transportation company’s stock worth $451,000 after buying an additional 1,162 shares during the period. Legal & General Group Plc raised its stake in shares of Spirit Airlines by 464.7% during the 1st quarter. Legal & General Group Plc now owns 18,958 shares of the transportation company’s stock worth $1,006,000 after buying an additional 15,601 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Spirit Airlines by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 5,364,771 shares of the transportation company’s stock worth $284,708,000 after buying an additional 228,176 shares during the period. 97.05% of the stock is owned by institutional investors.

Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Thursday, October 26th. The transportation company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.90 by $0.04. The business 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 company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS.

Spirit Airlines declared that its Board of Directors has initiated a stock repurchase program on Thursday, October 26th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the transportation company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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SAVE has been the subject of several research analyst reports. Imperial Capital reaffirmed 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. Zacks Investment Research raised Spirit Airlines from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Morgan Stanley reaffirmed an “equal weight” rating and set a $45.00 target price (down from $46.00) on shares of Spirit Airlines in a research note on Friday, September 1st. Deutsche Bank AG downgraded Spirit Airlines from a “buy” rating to a “hold” rating and set a $38.00 target price for the company. in a research note on Friday, October 6th. Finally, Buckingham Research downgraded Spirit Airlines from a “buy” rating to a “neutral” rating in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $41.00.

In other Spirit Airlines news, Director H. Mcintyre Gardner purchased 5,000 shares of Spirit Airlines stock in a transaction dated Friday, September 15th. The stock was acquired 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 SEC, which is available through the SEC website. 0.33% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for Spirit Airlines (NASDAQ:SAVE)

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