Spirit Aerosystems Holdings, Inc. (NYSE:SPR)‘s stock had its “in-line” rating reaffirmed by Sanford C. Bernstein in a research note issued to investors on Thursday. They presently have a $98.00 price objective on the aerospace company’s stock, up from their prior price objective of $87.00. Sanford C. Bernstein’s price objective indicates a potential upside of 22.35% from the company’s previous close.
Several other research firms also recently commented on SPR. Canaccord Genuity reissued a “buy” rating and set a $86.00 target price on shares of Spirit Aerosystems Holdings in a research report on Tuesday. Wells Fargo & Company restated a “market perform” rating and set a $85.00 price target (up from $78.00) on shares of Spirit Aerosystems Holdings in a report on Thursday. Zacks Investment Research upgraded shares of Spirit Aerosystems Holdings from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a report on Wednesday, October 11th. Citigroup Inc. restated a “buy” rating and set a $91.00 price target (up from $85.00) on shares of Spirit Aerosystems Holdings in a report on Monday, October 9th. Finally, ValuEngine cut shares of Spirit Aerosystems Holdings from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $77.70.
Spirit Aerosystems Holdings (NYSE:SPR) last announced its earnings results on Monday, October 30th. The aerospace company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. Spirit Aerosystems Holdings had a net margin of 4.97% and a return on equity of 30.82%. The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter last year, the firm earned $1.16 earnings per share. Spirit Aerosystems Holdings’s quarterly revenue was up 2.2% on a year-over-year basis.
Spirit Aerosystems Holdings declared that its board has authorized a share buyback plan on Wednesday, August 2nd that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the aerospace company to buy up to 4.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
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In other Spirit Aerosystems Holdings news, Director Charles L. Chadwell sold 6,600 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $76.49, for a total transaction of $504,834.00. Following the completion of the sale, the director now directly owns 23,828 shares of the company’s stock, valued at $1,822,603.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John A. Pilla sold 10,088 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $74.60, for a total transaction of $752,564.80. Following the sale, the senior vice president now directly owns 93,258 shares of the company’s stock, valued at $6,957,046.80. The disclosure for this sale can be found here. Insiders own 0.28% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. lifted its position in shares of Spirit Aerosystems Holdings by 9.5% during the first quarter. Nomura Asset Management Co. Ltd. now owns 1,840 shares of the aerospace company’s stock valued at $106,000 after buying an additional 160 shares during the last quarter. Nine Chapters Capital Management LLC acquired a new position in shares of Spirit Aerosystems Holdings during the third quarter valued at about $218,000. Quantitative Systematic Strategies LLC acquired a new position in shares of Spirit Aerosystems Holdings during the third quarter valued at about $227,000. Raymond James Trust N.A. acquired a new position in shares of Spirit Aerosystems Holdings during the second quarter valued at about $200,000. Finally, State of Alaska Department of Revenue increased its holdings in shares of Spirit Aerosystems Holdings by 6.7% during the second quarter. State of Alaska Department of Revenue now owns 3,539 shares of the aerospace company’s stock valued at $205,000 after acquiring an additional 222 shares in the last quarter. 98.96% of the stock is owned by institutional investors and hedge funds.
Spirit Aerosystems Holdings Company Profile
Spirit AeroSystems Holdings, Inc is a non-original equipment manufacturer (OEM), aircraft parts designer and manufacturer of commercial aero-structures. The Company is also a supplier of aero-structures. The Company operates through three segments: Fuselage Systems, Propulsion Systems and Wing Systems.
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