Franklin Resources Inc. grew its position in shares of Spirit Airlines, Inc. (NASDAQ:SAVE) by 4.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,128,314 shares of the transportation company’s stock after buying an additional 82,438 shares during the quarter. Franklin Resources Inc. owned approximately 3.07% of Spirit Airlines worth $109,927,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Intact Investment Management Inc. acquired a new stake in shares of Spirit Airlines during the 2nd quarter valued at about $238,000. Oppenheimer Asset Management Inc. acquired a new stake in Spirit Airlines in the 1st quarter worth approximately $346,000. Karp Capital Management Corp acquired a new stake in Spirit Airlines in the 1st quarter worth approximately $368,000. New Jersey Better Educational Savings Trust acquired a new stake in Spirit Airlines in the 2nd quarter worth approximately $362,000. Finally, Airain ltd acquired a new stake in Spirit Airlines in the 1st quarter worth approximately $374,000. Institutional investors and hedge funds own 97.00% of the company’s stock.
Spirit Airlines, Inc. (NASDAQ SAVE) opened at 34.63 on Tuesday. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 10.04 and a beta of 0.62. The stock’s 50 day moving average price is $37.77 and its 200-day moving average price is $49.64. Spirit Airlines, Inc. has a one year low of $30.32 and a one year high of $60.40.
Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.03. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The firm had revenue of $701.68 million during the quarter, compared to analyst estimates of $702.29 million. During the same period last year, the business earned $1.11 earnings per share. The business’s revenue was up 20.1% on a year-over-year basis. On average, equities research analysts expect that Spirit Airlines, Inc. will post $3.34 EPS for the current fiscal year.
Several research firms recently weighed in on SAVE. Bank of America Corporation lowered Spirit Airlines from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $68.00 to $44.00 in a report on Friday, July 28th. Cowen and Company restated a “market perform” rating and issued a $59.00 target price on shares of Spirit Airlines in a report on Tuesday, July 18th. Morgan Stanley restated an “equal weight” rating and issued a $60.00 target price (down from $61.00) on shares of Spirit Airlines in a report on Thursday, July 13th. Stifel Nicolaus restated a “buy” rating and issued a $55.00 target price (down from $75.00) on shares of Spirit Airlines in a report on Sunday, July 30th. Finally, Zacks Investment Research lowered Spirit Airlines from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $51.63.
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Spirit Airlines Company 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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