Cambridge Investment Research Advisors Inc. grew its position in Spirit Airlines, Inc. (NASDAQ:SAVE) by 87.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,292 shares of the transportation company’s stock after purchasing an additional 23,007 shares during the period. Cambridge Investment Research Advisors Inc. owned approximately 0.07% of Spirit Airlines worth $1,647,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings 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 valued at $637,000 after purchasing an additional 2,473 shares in the last quarter. Heartland Advisors Inc. lifted its holdings in shares of Spirit Airlines by 70.9% in the second quarter. Heartland Advisors Inc. now owns 140,822 shares of the transportation company’s stock valued at $7,273,000 after purchasing an additional 58,405 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Spirit Airlines by 4.0% in the second quarter. Franklin Resources Inc. now owns 2,128,314 shares of the transportation company’s stock valued at $109,927,000 after purchasing an additional 82,438 shares in the last quarter. Clinton Group Inc. bought a new stake in shares of Spirit Airlines in the second quarter valued at about $813,000. Finally, Boston Partners lifted its holdings in shares of Spirit Airlines by 154.9% in the second quarter. Boston Partners now owns 163,100 shares of the transportation company’s stock valued at $8,424,000 after purchasing an additional 99,120 shares in the last quarter.
A number of brokerages have recently commented on SAVE. Zacks Investment Research upgraded Spirit Airlines from a “sell” rating to a “hold” rating in a report on Friday, November 10th. J P Morgan Chase & Co lowered Spirit Airlines from a “neutral” rating to an “underweight” rating and set a $39.00 price target on the stock. in a report on Wednesday, November 1st. Buckingham Research boosted their price target on Spirit Airlines from $31.00 to $37.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Citigroup Inc. boosted their price target on Spirit Airlines from $48.00 to $50.00 and gave the company a “buy” rating in a report on Friday, October 27th. Finally, Cowen and Company boosted their price target on Spirit Airlines from $37.00 to $40.00 and gave the company a “market perform” rating in a report on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $41.00.
Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings data on Thursday, October 26th. The transportation company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.04. The firm had revenue of $687.20 million for the quarter, compared to analyst estimates 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 for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.24 earnings per share. equities research analysts forecast that Spirit Airlines, Inc. will post 3.08 EPS for the current fiscal year.
Spirit Airlines declared that its board has approved a stock repurchase plan on Thursday, October 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the transportation company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
In other Spirit Airlines news, Director H. Mcintyre Gardner acquired 5,000 shares of the company’s stock in a transaction 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is owned by corporate 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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