Ironwood Investment Management LLC lifted its holdings in Spirit Airlines, Inc. (NASDAQ:SAVE) by 5.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,014 shares of the transportation company’s stock after acquiring an additional 1,839 shares during the period. Ironwood Investment Management LLC owned 0.05% of Spirit Airlines worth $1,237,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SAVE. Principal Financial Group Inc. boosted its stake in shares of Spirit Airlines by 26.0% in the first quarter. Principal Financial Group Inc. now owns 11,995 shares of the transportation company’s stock worth $637,000 after acquiring an additional 2,473 shares during the period. Teachers Advisors LLC lifted its position in shares of Spirit Airlines by 34.7% in the first 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 in the last quarter. PNC Financial Services Group Inc. raised its position in Spirit Airlines by 15.8% during the first quarter. PNC Financial Services Group Inc. now owns 8,504 shares of the transportation company’s stock valued at $451,000 after purchasing an additional 1,162 shares during the period. Legal & General Group Plc raised its position in Spirit Airlines by 464.7% during the first quarter. Legal & General Group Plc now owns 18,958 shares of the transportation company’s stock valued at $1,006,000 after purchasing an additional 15,601 shares during the period. Finally, Morgan Stanley raised its position in Spirit Airlines by 11.6% during the first quarter. Morgan Stanley now owns 111,781 shares of the transportation company’s stock valued at $5,932,000 after purchasing an additional 11,622 shares during the period. 95.44% of the stock is owned by hedge funds and other institutional investors.
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In other news, Director H. Mcintyre Gardner bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were purchased at an average price of $33.78 per share, for a total transaction of $168,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is currently owned by company insiders.
A number of equities research analysts have issued reports on SAVE shares. Deutsche Bank AG restated a “buy” rating and set a $54.00 price objective (down from $69.00) on shares of Spirit Airlines in a research report on Sunday, July 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $56.00 price target (down from $60.00) on shares of Spirit Airlines in a report on Tuesday, July 25th. Zacks Investment Research cut Spirit Airlines from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Stifel Nicolaus reissued a “buy” rating and issued a $55.00 price objective (down previously from $75.00) on shares of Spirit Airlines in a research note on Sunday, July 30th. Finally, Buckingham Research increased their target price on Spirit Airlines from $31.00 to $37.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Three investment 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. Spirit Airlines currently has an average rating of “Hold” and an average target price of $41.00.
Spirit Airlines, Inc. (NASDAQ SAVE) traded up $0.20 during mid-day trading on Monday, hitting $36.34. 91,933 shares of the stock traded hands, compared to its average volume of 2,106,724. The firm has a market capitalization of $2,506.45, a price-to-earnings ratio of 10.75, a PEG ratio of 1.47 and a beta of 0.71. Spirit Airlines, Inc. has a twelve month low of $30.32 and a twelve month high of $60.40. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77.
Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.04. Spirit Airlines had a net margin of 8.55% and a return on equity of 15.86%. The firm had revenue of $687.20 million for the quarter, compared to analyst estimates of $686.13 million. During the same quarter last year, the business earned $1.24 earnings per share. Spirit Airlines’s revenue was up 10.6% compared to the same quarter last year. sell-side analysts expect that Spirit Airlines, Inc. will post 3.08 EPS for the current year.
Spirit Airlines declared that its Board of Directors has authorized a stock buyback program on Thursday, October 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the transportation company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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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